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11 Cards in this Set

  • Front
  • Back
Mortgage
Security right over asset (charge)
--> normally redeemed on transfer
Charge?
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
Foreclosure
Missed 2 m interest payment

OR

Mortgage allows demand of repayment upon default, repayment not completed within 3 months
Lender's Duties re: Sale
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
Foreclosure
Lifting of mortgage block...rider allowed:

-Lender ordered to return house to borrower if borrower repays

Lender seeks to foreclose --> court order sale
Robertson v Norris
Lender should possess rider one

1. seeks possession: pay borrower benefits as has interest
Cheltenham & Gloucester Building Society v Norgan
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
Quennell v Maltby
Lender wished to take possession of mortgaged land

Reasons nothing to with lack of repayment

Court did not allow
Collateral Advantages
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
Reeve v Lisle
Does not form part of the mortgage agreement --> seperate documents
Creation of mortgage
1. Deed and registration
2. Looks like mortgage, it is

Effectiveness against disponees

1. Only registered but does not occur in practice