Parashuramappa - husband and father of the plaintiffs, respectively, during his lifetime had by a registered deed of mortgage dated 19.08.1992 created a usufructuary mortgage in respect of the suit schedule property in favour of the original defendant - B.Rajappa for a sum of Rs.50,000/- on condition that the said sum of Rs.50,000/- would carry no interest and that the property, possession of which delivered to the defendant would be recovered by paying the said sum of Rs.50,000/- within a period of three years. It is the case of the plaintiffs that their husband and father, respectively, namely Parashuramappa passed away leaving behind him, his legal heirs. Despite the plaintiffs requesting defendant to receive the sum of Rs.50,000/- and to re-deliver the property by redeeming the mortgage, defendant did not come forward, constraining the plaintiffs to issue a notice dated 02.07.2008 calling upon the defendant to redeem the mortgage by receiving the loan amount of Rs.50,000/-. Since there was no response by the defendant, the plaintiffs filed the above suit for redemption.