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;
5 Cards in this Set
- Front
- Back
|
Does NY follow lien or title theory
|
Lien
|
|
|
Does a mortgage need SOLF
|
Yes - bc it is an interest in property.
1) Writing 2) Signed, by mortgager |
|
|
Equitable mortgages - What the heck is an equitable mortgage?
|
Certain transactions in land that do not satisfy the requirements of legal mortgages may still be enforcable to the debtor's promise.
|
|
|
Two examples where equitable mortgages were and were not found
|
A. D owed C 1200. D told C, I need another 100. Debtor gave deed to land for C to inspect and said: if it is OK, I'll have my lawyer draft up the papers. C gave the money, but D died later. No equitable mortgage bc no SOF or part performance.
B. C lends D land and takes a mortgage in the land that both parties intended to include a part of the land not described in the mortgage, equiable mortgage found. C. C lends D 1000. D promoised to convey a mortgage on blackacre. Debtor defaults before this. Creditor repossesses land. Held, equitable mortagage. |
|
|
Obligations secured by a mortgage
|
Existing Obligations - pre-existing debts and debts of one other than the mortgager. Note - mortgage does not imply a covenant for the payment.
FUTURE advances - |
