ECON-1006EL Study Guide - Quiz Guide: Adjournment, Fide
12 Oct 2020
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Rights and remedies of the mortgagee: action on personal covenant: Relying on the contract can be sued for the money owed. Borrower can be liable for any extra owed. 12 years to recover the principle loan sum. Shortfall: hope the lender will write it off, save to pay it, voluntary bankruptcy, pushed into bankruptcy by lender/other creditors. Four maids ltd v dudley marshall [1957: sets out mortgagee"s inherent right to possession. Ropaigealach v barclays bank [1999: in theory the mortgagee can take possession at any time without a court order, must account for all money, responsible for the property. In practice, it is only used as a remedy. Common law: court can grant temporary relief, chance to pay mortgagee, very restricted, usually up to 28 days (birmingham citizens permanent bs v caunt [1962]). Equity: bona fide behaviour from the lender, quennell v maltby [1979] Try and negotiate an unofficial agreement before court proceedings (e. g. a payment holiday/reschedule the payments).
