Milsome,  L.  E.,  2  Eq.  573.
Mortgage  or  conditional  Sale.]  A  mortgage  is  distin-  Distinctions
guishable  from  a  conditional  sale,  or  sale  with  the  option  of  ''^'''*^°-
repurchase  at  a  future  time,  in  which  case  there  is  no  right
of  redemption  {Perry  v.  Meddowcroft,  4  Bea.  197),  only  a
right  of  repurchase,  which  must  be  strictly  exercised.  Bar-
rett V.  Sabine,  1  Ver.  268.  If  the  transaction  is  to  be  treated
as  a  mortgage,  the  rights  must  be  mutual  and  reciprocal,  and
the  mortgagee  must  have  all  the  remedies  a  mortgagee  is
entitled  to  {Goodman  v.  Grierson,  2  Ba.  &  Be.  274;  and  see
Lincoln  v.  Wright,  4  D.  &  J.  16  ;  Alderson  v.  White,  2  D.
s  s2


628


Mortgages.
Sale  or  mortgage
under  foi-m  of


Unfair  advantage.
Option  of  re-pur-
chase, wlio  enti-
tled to  purcliaae-
money.
&  J.  97) ;  and  there  must  be  an  existing  mortgage  debt.
Williams  v.  Owen,  5  M.  &  Cr.  303.
The  question  in  cases  of  this  description  always  is,  whether
the  transaction  is  a  bona  fide  sale  with  a  contract  of  repur-
chase, or  a  mortgage  under  the  form  of  a  sale.  lb. ;  see  Shaw
V.  Jeffery,  13  Moo.  P.  C.  432.  And  it  is  a  circumstance  to
be  considered  by  whom  the  expenses  of  the  transaction  are  to
be  paid,  as  in  mortgages  they  are  paid  by  the  mortgagor,
but  on  a  purchase,  those  of  the  conveyance  by  the  purchaser.
