Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
Possession before Foreclosure
|
Lien state: Cannot take possession
Title state: M'EE entitled to possess upon demand at any time * Usually M'EE uses receivership to avoid liability of possession (strict duty account for rents, manage carefully, tort liab) |
|
|
Redemption in Equity
|
* any time PRIOR TO FC SALE (all states)
1. M'OR has right to free land from mtg if pay off amount due + interest 2. If acceleration clause, must pay full balance. 3. M'OR cannot waive rightto redeem in mtg "clogging equity of redemption" |
|
|
Statutory Redemption
|
(only 1/2 of states)
1. M'OR (maybe jr lienors) can redeem during fixed period (6mo-1yr) AFTER FC sale. 2. Pay FC sale price, rather than amount of original debt |
|
|
Unmarketable Title & Zoning
|
1. Zoning restrictions do not affect m'ibility
2. EXISTING violation of zoning ordinance does |
|
|
Nuisance (4 types)
|
sic utere tuo ut alienum non laedas
1. Public – interference with rights of public 2. Private – invasion of private interest in land 3. Nuisance per se – nuisance in itself (whorehouse) 4. Nuisance per accidens – nuisance b/c of circumstances, use in area or zoning |
|
|
Ways to Extinguish Tenant's Duty to Pay Rent
SCREEM F |
1. Surrender
2. Constructive Eviction (must vacate) 3. Release 4. Eminent Domain 5. Expired (term of lease) 6. Merger (T buys FSA) 7. Frustration of Purpose |
|
|
Elements to transfer title by Adverse Possession
|
C.O.N.O.H.E.
Continuous, open, notorious, hostile, exclusive |
|
|
Variations of AP
|
1) Portion of prop if AP satisfies elements for a portion, AP will get title only to that portion.
2) Constructive AP: If written instrument (usually fraudulent or forged deed) and other elements satisfied entire area can be titled to AP. * Mistaken Boundary Rule: possession of property under mistake of location of boundary line can be AP if other elements present. * Disability: disability gives you 5 years to bring action after DB removed. DB must be in effect when entry takes place. can’t tack disabilities together, i.e. minority and insanity |
|
|
Joint-tenancy (J/T)
|
Right of survivorship
Identical fractions of interest = equal split Termination of j/t Conveyance will destroy j/t # of j/t will Lease - split rule Mortgage - title state destroys j/t - lien state |
