Chapter IV — OF MORTGAGES OF IMMOVEABLE PROPERTY AND CHARGES
Simple mortgage
(b) Where, without delivering possession of the mortgaged property, the mortgagor binds himqwself 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, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.
- Throughout this Act, except otherwise provided, the words “Bangladesh”, “Government” and “Tk.” were substituted, for the words “Pakistan”, “Central Government” or “Provincial Government” and “Rs.” respectively by section 3 and 2nd Schedule of the Bangladesh Laws (Revision And Declaration) Act, 1973 (Act No. VIII of 1973).