Where without delivering possession of mortgaged property the mortgagee personally binds himself to ...........

Transfer of Property Act Mortgage

Where without delivering possession of mortgaged property the mortgagee personally binds himself to pay the mortgage money, the transaction is called:

Simple mortgage.

Usufructuary mortgage.

Mortgage by conditional sale.

Anomalous mortgage.

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Explanation:

Simple mortgage.

According to Section 58(b) Simple mortgage.—Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly, that, in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.