Section 58 of Transfer of property Act defines simple mortgage to be a transaction where, without delivery of possession of the mortgaged property, the mortgagor bind himself personally to pay the mortgage money and agrees expressly or impliedly that in the event of his failing to pay, according to the contract, the mortgagee shall have right to cause the mortgaged property to be sold and the proceeds of the sale to be applied so far as may be necessary in payment of mortgage money. ---------------- --------------- |
