Multiple choice

A mortgage where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money is known as

  1. simple mortgage

  2. usufructuary mortgage

  3. english mortgage

  4. anomalous mortgage

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A Correct answer
Explanation

Simple mortgage is 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.

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