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ADMS 2610 (409)


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York University
Administrative Studies
ADMS 2610
Robert Levine

ADMS2610 Session 12 Chapter 24 (pg. 462-476) Law of Mortgages What is a Mortgage? - An agreement made between a debtor and creditor in which the title to property of the debtor is transferred to the creditor as security for payment of the debt - Old method of securing payment of indebtedness o Contains terms of mortgage o Conditions of discharge - Transfer title of property to the creditor - Found (true form) in registry systems What is Charge? - A secured claim (similar to mortgage) registered against real property under the Land Titles System - Does not transfer property to the creditor Mortgages - Historical Development 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 o Common law – agreement was strictly enforced  Harsh results o Equitable doctrine of redemption Nature of Mortgages - Legal Mortgage o A first mortgage of real property whereby the owner of land in fee simple transfers the title of the property pledged as security to the creditor on the condition that the title will be re-conveyed when the debt is paid  Only first mortgage may be the legal mortgage - Equitable Mortgage (Second or subsequent Mortgage) o A mortgage subsequent to the first or legal mortgage  A mortgage of the mortgagor’s equity - Equity of Redemption o Equitable right of a mortgagor to acquire title to the mortgaged property by payment of the debt secured by the mortgage Priorities between Mortgages - General Rule o By time of registration o Exception: if bona fide mortgagee has notice of prior unregistered mortgage o Mortgagee must search title Rights and Duties of Parties - Mortgagor o Entitled to remain in possession of mortgaged property during term of mortgage o Comply with terms and conditions o Demand a re-conveyance of title or discharge of mortgage when mortgage paid in full - Contractual in nature o Parties free to negotiate terms and conditions o Usually 4 important covenants of mortgagor  (1) Pay mortgage  (2) Pay taxes or other municipal assessments  (3) Insure the premises  (4)
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