Under the Transfer of Property Act, 1882, where the mortgagor delivers possession of the mortgaged…
Section 58(d) describes a usufructuary mortgage: possession is delivered or agreed to be delivered, the mortgagee retains it until payment and receives rents and profits for…
Choose your answer
Under the Transfer of Property Act, 1882, where the mortgagor delivers possession of the mortgaged property to the mortgagee authorizing him to retain such possession until payment of the mortgage money and to receive the rent and profits accruing therefrom, such a mortgage is called:
Answer and explanation
Correct answer A
Section 58(d) describes a usufructuary mortgage: possession is delivered or agreed to be delivered, the mortgagee retains it until payment and receives rents and profits for appropriation towards interest, principal or both as agreed. A simple mortgage does not transfer possession; an English mortgage involves absolute transfer subject to retransfer.
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