Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

14 Cards in this Set

  • Front
  • Back
General Warranty Deed (5) Covenants for title
1) covenant of seisin
2) covenant of right to convey
3) covenant against encumbrances
4) covenant for quiet enjoyment
5) covenant of warranty
Covenant Against Encumbrances
A covenant assuring that there are no encumbrances such as easements, liens, mortgages, against the title
Covenant of Warranty
A covenant where the grantor agrees to defend the grantee against claims of title by a 3rd Party and to compensate the grantee for any loss sustained by the claim to superior title
Annex of a chattel to realty
When a tenant for life or for years annexes a chattel to realty, whether for trade - agriculture - domestic - or ornamental purposes - the courts have generally presumed that the tenant does not intend to make a permanent annexation and have allowed the tenant to remove the chattel (which is called a "fixture) at or before the end of the tenancy if removal can be effected without causing sunstantial injury to the realty or substantial destruction to the fixture itself.
If chattel was annexed by a life tenant, his personal rep may remove it w/ in a reasonable time after termination of the life estate by the life tenants death.
What constitutes a sufficient memorandum in a land sale contract?
SOF requires land slae contracts to be in writing - the Memo should contain the following:
1) an identification of the parties
2) a sufficient description of the land to be conveyed
3) the purchase price
4) the promises on both sides
Redemption by the mortgagor
Nullifies the foreclosure sale in the sense that it ends the purchasers title and restores title in the redemptioner -
Redemption ny the mortgagor is final - the effect is to nullify the foreclosure sale
The MUST be a statutory right to redemption - the borrowers right to redeem or pay off the debt during the statutory period after the foreclosure decree
Deed absolute intended for security
Will be construed as a mortgage - in order to preserve the equity of redemption various rules were formulated to prevent mortgagees from limiting or "clogging" the equity of redemption "once a mortgage always a mortgage" - a mortgage cannot circumscribe the mortgagor's right to redeem by disguising the transaction as an out right conveyance.
What may a mortgagor of land in possession to do his land?
May do such acts on the mortgaged property that are 'usual and proper' in the course of good husbandry - he may remodel structures on his property and sever fixtures in a prudent and reasonable manner
Is injunction a remedy for removal of fixtures?
Yes, injunction will normally be granted if removing the severed property would leave adequate security for the morgagee
Trustee's obligation
Trustee is obligated to adhere to the terms of the trust instrument w/ respect to the preservation, enhancement, and distribution of the trust res to the beneficiaries
Breach of fiduciary duty
Breached by self-dealing - can amount to a tort, such as fraud, and it is possible to claim damages on the basis of fiduciaries misconduct - the remedy would be a constructive trust or an equitable lien
What is a lien?
A charge against property that makes the property stand as security for a debt owed - a creditor is entitled at a proper time to have the property sold and the proceeds used for payment of the debt
Establishing a boundary line by agreement
In general the law tends to uphold informal relationships b/t abutting owners that fix the boundaries b/t them
1) Must be shown either that the parties were uncertain or unaware of the correct location, or that a dispute as to the true location existed b/t them
2)Most court require the taking and relinquishing of possession by the parties to the agreed line
3)Possession seves an evidentiary purpose and is roughly analgous to the part performance doctrine in land sale of contracts.
Mortgages - Pre Payment Penalty Clause
Prepayment penalty clause provision contained in a mortgage instrument is enforceable - the rationale is that a lender will lose anticipated interest in the event that the mortgage principal is prepaid b/f the due date