37A. [ Saving as to mortgage by conditional sale.-] [Sec. 37A Inserted by W.B. Act 21 of 1965.]
In the case where any loan is secured by a mortgage and the mortgagor ostensibly sells the mortgaged property on any of the conditions specified in sub-section (c) of section 58 of the Transfer of Property Act, 1882, then, notwithstanding anything to the contrary contained in the proviso to the said sub-section, the transaction shall always be deemed to be a mortgage by conditional sale and the mortgagee a mortgagee by conditional sale for the purposes of the said sub-section.
