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Under section 58 of the Transfer of Property Act, 1882, the mortgagor binds themself to repay the…

Section 58(e) defines an English mortgage by a promise to repay on a certain date and an absolute transfer to the mortgagee subject to retransfer on payment as agreed.

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Under section 58 of the Transfer of Property Act, 1882, the mortgagor binds themself to repay the mortgage money on a specified date and transfers the property absolutely to the mortgagee, subject to retransfer on payment as agreed. What kind of mortgage is this?

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Answer and explanation

Correct answer B

Section 58(e) defines an English mortgage by a promise to repay on a certain date and an absolute transfer to the mortgagee subject to retransfer on payment as agreed.

Option feedback

Option A

A mortgage by conditional sale involves an ostensible sale subject to a condition of the kind set out in section 58(c).

Option B

The personal promise to repay on a certain date and absolute transfer subject to retransfer fit section 58(e).

Option C

An anomalous mortgage falls outside the named statutory forms. This transaction fits the English mortgage form.

Option D

The deposit-of-title-deeds form requires delivery of title documents with intent to create a security, subject to the statutory locality requirement.

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