The correct answer is (b), 6.
Section 58 of the Transfer of Property Act, 1882, deals with the different types of mortgages. The six types of mortgages are:
- Simple mortgage
- Mortgage by deposit of title deeds
- Mortgage by conditional sale
- Mortgage by assignment of lease
- Mortgage by sub-mortgage
- Mortgage by deposit of moneys
A simple mortgage is a mortgage where the mortgagor (the person who gives the mortgage) transfers the title to the property to the mortgagee (the person who receives the mortgage) but retains possession of the property. The mortgagee has a right to sell the property if the mortgagor does not repay the debt.
A mortgage by deposit of title deeds is a mortgage where the mortgagor deposits the title deeds to the property with the mortgagee. The mortgagee does not have a right to sell the property unless the mortgagor defaults on the loan.
A mortgage by conditional sale is a mortgage where the mortgagor sells the property to the mortgagee on the condition that the mortgagee will re-sell the property to the mortgagor on repayment of the debt.
A mortgage by assignment of lease is a mortgage where the mortgagor assigns the lease to the mortgagee. The mortgagee has a right to take possession of the property if the mortgagor does not repay the debt.
A mortgage by sub-mortgage is a mortgage where the mortgagor mortgages the property to a third party (the sub-mortgagee) without the permission of the original mortgagee (the mortgagee). The sub-mortgagee has a right to sell the property if the mortgagor does not repay the debt.
A mortgage by deposit of moneys is a mortgage where the mortgagor deposits money with the mortgagee. The mortgagee has a right to sell the property if the mortgagor does not repay the debt.