74.
The answer is: B
Explanation
The correct option is B: English mortgage.
In an English mortgage, the mortgagor transfers the property to the mortgagee absolutely, subject to a condition that the mortgagee will re-transfer it to the mortgagor upon payment of the mortgage-money on a certain date. If the mortgagor fails to pay the mortgage-money on the stipulated date, the mortgagee has the right to foreclose the property, which means to terminate the mortgagor's right of redemption. Foreclosure is not a permissible remedy for other types of mortgages, as explained below:
In a simple mortgage, the mortgagor does not deliver possession of the property to the mortgagee, but binds himself personally to pay the mortgage-money and agrees that in case of default, the mortgagee will have a right to cause the property to be sold. The remedy available to the mortgagee in this case is to sell the property and recover his dues from the sale proceeds.
In a mortgage by way of deposit of title deeds, also known as equitable mortgage, the mortgagor delivers the title deeds of the property to the mortgagee with an intention to create a security for a debt. There is no transfer of interest or possession in this type of mortgage. The remedy available to the mortgagee in this case is to file a suit for sale of the property and recover his dues from the sale proceeds.
In a usufructuary mortgage, the mortgagor delivers possession of the property to the mortgagee, who is entitled to retain such possession until payment of the mortgage-money and receive rents and profits accruing from the property. There is no personal liability of the mortgagor in this type of mortgage. The remedy available to the mortgagee in this case is to retain possession and enjoy the usufruct until he is satisfied.
In a mortgage by conditional sale, the mortgagor ostensibly sells the property to the mortgagee on condition that on default of payment of the mortgage-money on a certain date, the sale shall become absolute, or that on such payment being made, the sale shall become void, or that on such payment being made, the buyer shall transfer the property to the seller. The remedy available to the mortgagee in this case is to sue for a decree that the mortgagor be absolutely debarred of his right to redeem, or for a decree that such right be extinguished.