The mortgage, "where the mortgagor binds himself to repay the mortgagemoney on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will re-transfer it to the mortgagor upon payment of the mortgage-money as agreed", is called:
A. Anomalous mortgage
B. Mortgage by conditional sale
C. English mortgage
D. Usufructuary mortgage
Answer: Option B
This Question Belongs to Law >> Transfer Of Property Act
When property transferred absolutely, it is English Mortgage. When it is an ostensible sale, it is Mortgage by conditional sale. Additonally, repayment on a specific date is another essential of English Mortgage. Correct answer, hence, is C.