New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    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.

    Practice Next