Section 60 of the Transfer of Property Act, 1882, does not refer to the exinction of the equity of redemption by operation of law. The statement is

Solution (By Examveda Team)

Equity of Redemption:
The Equity of Redemption is a legal right that allows a mortgagor (borrower) to reclaim their property after repaying the mortgage debt. This right exists even after the mortgagee (lender) has taken possession of the property but before the property is sold or foreclosed.

Correct Answer: Option C – True
Section 60 of the Transfer of Property Act, 1882 deals with the Right of Redemption. It states that the mortgagor has the right to redeem the mortgaged property after repaying the entire mortgage amount. However, this section does not recognize the extinction of the equity of redemption by mere operation of law unless there is an express agreement or foreclosure by court order.

Explanation:
   1.   Section 60 gives the mortgagor an absolute right to redeem the property unless it is extinguished through a valid legal process.
   2.   The equity of redemption cannot be taken away by any contractual term in the mortgage agreement, as it is a statutory right.
   3.   The extinction of equity of redemption occurs only in cases such as foreclosure (legal proceedings) or a valid sale of the mortgaged property.
   4.   Since Section 60 does not allow the extinction of equity of redemption merely by the passage of time or by operation of law, the given statement is true.

Thus, the correct answer is Option C: True.