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11 Cards in this Set
- Front
- Back
Mortgage
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Security right over asset (charge)
--> normally redeemed on transfer |
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Charge?
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Is equal to a 3000 year lease because freehold ownership greater --> however on default ability to sell freehold
Equity blocked transfer to freehold on one transgression so multiple transgressions = foreclosure Closer to pure security interest |
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Foreclosure
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Missed 2 m interest payment
OR Mortgage allows demand of repayment upon default, repayment not completed within 3 months |
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Lender's Duties re: Sale
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Difference in what is owed due to either mortgagee or mortgageor
Downsview Nominees v First City Corp. Lendor must: 1. Act in good faith 2. Reasonable care to obtain market price |
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Foreclosure
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Lifting of mortgage block...rider allowed:
-Lender ordered to return house to borrower if borrower repays Lender seeks to foreclose --> court order sale |
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Robertson v Norris
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Lender should possess rider one
1. seeks possession: pay borrower benefits as has interest |
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Cheltenham & Gloucester Building Society v Norgan
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Lender should possess rider two:
Refuse possession of borrower seems likely to pay debt over alloted time...this case assumes the house in question is the dwelling house |
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Quennell v Maltby
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Lender wished to take possession of mortgaged land
Reasons nothing to with lack of repayment Court did not allow |
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Collateral Advantages
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Law of mortgages applicable --> particular collateral advantage contravenes non of its principles
Advantage must end not later than the date repaid Biggs v Hoddinott Security must be reddemable |
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Reeve v Lisle
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Does not form part of the mortgage agreement --> seperate documents
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Creation of mortgage
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1. Deed and registration
2. Looks like mortgage, it is Effectiveness against disponees 1. Only registered but does not occur in practice |