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Which type of mortgage under section 58 of the Transfer of Property Act, 1882 is defined by the…

In a usufructuary mortgage, the mortgagor delivers possession or expressly or impliedly binds themselves to do so. The mortgagee is authorized to retain possession until…

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Which type of mortgage under section 58 of the Transfer of Property Act, 1882 is defined by the mortgagor delivering possession, or binding themselves to deliver it, and allowing the mortgagee to receive the rents and profits on the statutory terms?

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Correct answer C

In a usufructuary mortgage, the mortgagor delivers possession or expressly or impliedly binds themselves to do so. The mortgagee is authorized to retain possession until payment and appropriate rents and profits in accordance with section 58(d).

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Option A

An English mortgage is defined by personal liability to repay on a specified date and an absolute transfer subject to retransfer on payment.

Option B

A mortgage by conditional sale is defined by an ostensible sale coupled with a qualifying condition in the sale document.

Option C

Section 58(d) describes delivery or an undertaking to deliver possession, and authorizes the mortgagee to retain possession and receive rents and profits on the stated terms.

Option D

An anomalous mortgage may involve possession depending on its terms. It is not defined by the specific possession-and-profits arrangement in section 58(d).

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