58.“Mortgage”, “mortgagor”, “mortgagee”, “mortgage-money” and “mortgage-deed” defined
IV Of Mortgages of Immoveable Property and ChargesVerified
(a) A is the transfer of an interest in specific immoveable property for the purpose of securing the payment of advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability.
The transferor is called a , the transferee a ; the principal and interest of which payment is secured for the time being arc called the -, and the instrument (if any) by which the transfer is effected is called a -.
(b) Simple .-- Where, without delivering possession of the d property, the binds himself personally to pay the -, and agrees, expressly or impliedly, that, in the event of his failing to pay according to his contract, the shall have a right to cause the d property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the -, the transaction is called a simple and the a simple .
(c) by conditional sale.-- Where the ostensibly sells the d property--
on condition that on default of payment of the - on a certain date the sale shall become absolute, or
on condition that on such payment being made the sale shall become void, or
on condition that on such payment being made the buyer shall transfer the property to the seller,
the transaction is called a by conditional sale and the a by conditional sale:
1[Provided that no such transaction shall be deemed to be a , unless the condition is embodied in the document which effects or purports to effect the sale.]
(d) Usufructuary .-- Where the delivers possession 2[or expressly or by implication binds himself to deliver possession] of the d property to the , and authorises him to retain such possession until payment of the -, and to receive the rents and profits accruing from the property 3[or any part of such rents and profits and to appropriate the same] in lieu of interest, or in payment of the -, or partly in lieu of interest 4[or] partly in payment of the -, the transaction is called an usufructuary and the an usufructuary .
(e) English .-- Where the binds himself to repay the - on a certain date, and transfers the d property absolutely to the , but subject to a proviso that he will re-transfer it to the upon payment of the - as agreed, the transaction is called an English .
5[(f) by deposit of title-s.-- Where a person in any of the following towns, namely, the towns of Calcutta, Madras 6[and Bombay], 7*** and in any other town which the 8[State Government concerned] may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immoveable property, with intent to create a security thereon, the transaction is called a by deposit of title-s.
(g) Anomalous .-- A which is not a simple , a by conditional sale, an usufructuary , an English or a by deposit of title-s within the meaning of this section is called an anomalous .]
