Where possession of mortgaged property is not delivered to the mortgagee, it is called

Section 58(b) defines a simple mortgage as one where, "without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money" and agrees that the property may be sold if he fails to pay.

In a usufructuary mortgage possession is delivered to the mortgagee, and the English mortgage and mortgage by conditional sale are defined by other features, an absolute transfer and an ostensible sale.