GMGT 2060 Lecture 53: Lecture Notes All P 263

• School: University of Manitoba
• Department: General Management
• Course: GMGT 2060
• Professor: Alok Dua

Document Summary

1446: primary form of secure transaction: mortgage, mortgage is an instrument that uses land as a security for debt, foreclosure the lender has the right to basically sell your house. In past the lender could take back the house, and then sue him for the debt too. Equity of redemption: courts of chancery recognized the unfairness and allowed the debtor to reclaim the property, even after default, by paying money owing plus any expenses involved. If they failed to pay, an order would be forever made to foreclose the property: in mb we have land titles system (torrens). The certificate of title when a mortgage is granted remains in the name of the mortgagor. The mortgage is a registered encumbrance against it. Rights bestowed to mortgagee under common law survive to some extent.