usufructuary mortgage Where the mortgagor delivers possession or expressly or by implication binds himself to delivery possession of the mortgaged property to the mortgagee, and authorizes him to retain possession until payment, of the mortgage money and to receive the rents and profits accruing from the property or any part of such rents and profits and appropriate the same in lieu of interest, and partly in payment of the mortgage money, the transaction is called a usufructuary mortgage and the mortgagee an unufructuary mortagee.