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Sam Ling (23)

The Law of Property - Chapter 24 - The Law of Mortgages

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Administrative Studies
ADMS 2610
Sam Ling

Part 5The Law of Property ADMS 2610LingSession 12 Chapter 24The Law of MortgagesOverviewIntroductionHistorical DevelopmentNature of Mortgages o Legal vs Equitable o Equity of redemptionPriorities Between MortgagesRights and Duties of the PartiesSpecial ClausesDischarge of MortgageAssignmentSaleDefault Foreclosure and SaleIntroductionMortgage o An agreement made between a debtor and a creditor in which the title to property of the debtor is transferred to the creditor as security for payment of the debt o Old method of securing payment of indebtednessContains terms of mortgageConditions of discharge o Transfer title of property to the creditor o Found true form in registry systemsCharge o A secured claim similar to mortgage registered against real property under the Land Titles system o Does not transfer property to the creditorHistorical DevelopmentHistorically o Land an important form of wealth o Pledged as security for debt o Originally means of securing debt by transferring an interest in land
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