12. Sales with condition to repurchase, to be deemed mortgages.

(1) Where under a sale deed in respect of immovable property there is provision to repurchase the property within any stipulated period on payment of any specified amount and such period has not expired at the commencement of this Act, then, notwithstanding any law or contract to the contrary, the transaction shall be deemed to be a mortgage and the provisions of section 11 shall apply thereto. (2) In a case falling under sub-section (1), the consideration for the sale shall be deemed to be the mortgage amount.