Question

With reference to the Transfer of Property Act, 1882. Where the mortgagor binds himself to repay the mortgage money on a certain date and transfer the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will transfer it to the mortgagor upon payment of mortgage money as agreed."

This type of mortgage is called as _________.

A Equitable mortgage Correct Answer Incorrect Answer
B English Mortgage Correct Answer Incorrect Answer
C Mortgage by conditional sale Correct Answer Incorrect Answer
D Simple mortgage Correct Answer Incorrect Answer

Solution

As per Transfer of Property Acy, 1882,   S. 58 (e) English mortgage .—Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will re-transfer it to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage.

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