English mortgage vrs simple mortgage

Company Secretary

Dear Respected members,

what is the difference between simple mortgage & english mortgage. can a simple mortgage which has been registered can be equated with english mortgage ? these are the contentions raised by bank that when a simple mortagage is registered it partakes the nature of english mortgage. i contested that  even a simple mortgage needs to be registered and registration does not chnages the nature of mortgage. 

Request your views 

 
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Hello Bijay,

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.

English Mortgage

Where the mortgagor binds himself to repay the mortgage money 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, the transaction is called an English mortgage.

 
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