LAW 603 Study Guide - Blackacre, Real Estate Broker, Damages
13 Apr 2014
School
Department
Course
Professor
Document Summary
Chapter 16 real property: sales and mortgages. Registration systems: system for documenting interests in land. Based on three principles: mirror principle mirror reality. : the only valid interests in a property generally are the ones listed in the certificate. No need to lift the curtain to discover interests iii. If you lose your land as a result of an error in the system you are entitled to payment of money. Mortgage fraud a victim of fraud may be required to exhaust all other potential sources of relief before claiming against the assurance fund. Innocent person owns blackacre, a piece of land. Robgue steals innocent person"s identity and transfer blackacre to accomplice. Accomplice uses land as security for a loan from a bank. Bank tries to enforce the mortgage against blackacre. Courts starting to reconsider principle of indefeasibility: adoption of new concept of deferred indefeasibility .
