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
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