In case of simple mortgage, the possession of the mortgaged property is not delivered to the mortgagee. The mortgagor binds himself personal...
In case of simple mortgage, the possession of the mortgaged property is not delivered to the mortgagee. The mortgagor binds himself personally to pay the mortgage money and agrees that in the event of his failing to pay according to his contract, the mortgagee will have a right to sell the mortgaged property and the proceeds of sale can be used to repay the mortgage money.
