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      Question

      Where the mortgagor ostensibly sells the mortgaged

      property, on condition that on default of payment of the mortgage-money on a certain date the sale shall become absolute, this is called
      A Usufructuary mortgage Correct Answer Incorrect Answer
      B Simple mortgage Correct Answer Incorrect Answer
      C Mortgage by conditional sale Correct Answer Incorrect Answer
      D Anomalous mortgage Correct Answer Incorrect Answer
      E Absolute sale Correct Answer Incorrect Answer

      Solution

      Section 58 of Transfer of Property Act Mortgage by conditional sale.—Where the mortgagor ostensibly sells the mortgaged property— on condition that on default of payment of the mortgage-money on a certain date the sale shall become absolute, or on condition that on such payment being made the sale shall become void, or on condition that on such payment being made the buyer shall transfer the property to the seller, the transaction is called a mortgage by conditional sale and the mortgagee a mortgagee by conditional sale.

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