Transfer of Property Act–Section 58 (c)–Mortgage by conditional sale–A transaction shall not be deemed to be a mortgage unless condition for reconveyance is contained in document which purports to effect the sale. — Distinction between mortgage by conditional sale and a sale with a condition of repurchase–In a mortgage, debt subsists and a right to redeem remains with debtor, but a sale with condition of re-purchase is not a lending and borrowing arrangement–if condition for re-transfer is not embodied in document which effects or purports to effect a sale, transaction shall not be regarded as a mortgage. — A mortgage by conditional sale must be evidenced by one document whereas a sale with a condition of retransfer may be evidenced by more than one document–A sale with a condition of retransfer, is not mortgage–It is not a partial transfer–By reason of such a transfer, all rights have been transferred reserving only a personal right to purchaser and such a personal right would be lost, unless the same is exercised within stipulated time. (Para 23 to 25)
