108. Importance of substance of the transaction.

The court examines the substance of the transaction, and the mortgagor is entitled to redeem1 notwithstanding that no right to redeem is expressly reserved2, or that such a right has been omitted through fraud, mistake or some unfair advantage taken by the mortgagee3. Oral evidence is admissible to show that a proviso for redemption was omitted through fraud4.

There are two routes by which the legal nature of the transaction can be ascertained: the external route is to show by extrinsic evidence that a written agreement is a sham intended to mask the true agreement