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 _________.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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