Thursday, December 24, 2015

English Mortgage

"English Mortgage"

Sec.58 (e) of the Transfer of Property Act, 1882

"Where the mortgagor binds himself to repay the mortgage-money on a certain date, and transfer 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, the transaction is called an English mortgage."

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