A mortgagee, mortgager or pledgee of property may insure the property.
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Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt. The equity of redemption was the right to petition the courts of equity to compel the mortgagee to transfer the property back to the mortgagor once the secured obligation had been performed.See Santley v Wilde [1899] 2 Ch 474 Today, most mortgages are granted by statutory charge rather than by a formal conveyance, although theoretically there is usually nothing to stop two parties from executing a mortgage in the more traditional manner.
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Since in both countries, the Torrens title system of land registration is used, being registered as proprietor or as a mortgagee creates an indefeasible interest (unless the acquisition of the registration was by land transfer fraud). The mortgagee therefore never holds the fee simple, and there is a statutory process for initiating and conducting a mortgagee sale in the event that the mortgagor defaults. In New Zealand, as in England, say, the land title database is now electronic so there are no paper "title documents".
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A valuer instructed by a mortgagor sent his report to the mortgagee who made an advance in reliance on the valuation.
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Many jurisdictions permit specific assets to be mortgaged without transferring title to the assets to the mortgagee. Principally, statutory mortgages relate to land, registered aircraft and registered ships. Generally speaking, the mortgagee will have the same rights as they would have had under a traditional true legal mortgage, but the manner of enforcement is usually regulated by the statute.
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Although for years it had been supposed that it was sufficient for the first mortgagee to have either actual or constructive notice of the second mortgage, in Westpac Banking Corporation v Adelaide Bank Limited it was held that constructive notice was not sufficient, and that a first mortgagee could tack future advances unless it had actual notice of the second ranking security.
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The valuer was held liable in the tort of negligence to the mortgagee for failing to carry out the valuation with reasonable care and skill.
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The mortgager and mortgagee differ the one from the other, not more in length of purse, than the jester and jestee do in that of memory.
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The mortgager and mortgagee differ the one from the other, not more in length of purse, than the jester and jestee do in that of memory.
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Tse Kwong Lam v Wong Chit Sen,. is a land law case, concerning the rights and obligations of a mortgagee in the exercise of his power of sale under a mortgage.
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In a ship mortgage, a shipowner gives a lender (or mortgagee) an interest in a ship as security for a loan. Similar to other types of mortgage, a ship mortgage legally consists of three parts: the mortgage loan, the mortgage document (deed) and the rights derived from the mortgage deed onto money lender. Ship mortgages differ from other types of mortgage in three ways. First, some privileged claims could have a higher ranking over that of mortgagee against the ship.
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The Australian, 2 December 1844, p. 4, & Walker, p. 34. Wealthy pastoralist James Macarthur was a financial backer of the newspaper by mid 1843 and as a mortgagee was owed £2,600.Walker, p. 34.
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The majority of the town lots he had owned were put to auction by a mortgagee power of sale. Doust later re-established himself in the Bridgetown district. He died in 1903, aged 90 years.
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This leads him to discuss the various modes in which several persons may simultaneously have rights over the same land, such as parceners (daughters who are co-heiresses, or sons in gavelkind), joint tenants and tenants in common. Next follows an elaborate discussion upon what are called estates upon condition – a class of interests that occupied a large space in the early common law, giving rise, on one side, to estates tail, and, on another, to mortgages. In Littleton's time, a mortgage, which he carefully describes, was merely a conveyance of land by the tenant to the mortgagee, with a condition that, if the tenant paid to the mortgagee a certain sum on a certain day, he might reënter and have the land again. If the condition was not fulfilled, the interest of the mortgagee became absolute, and Littleton gives no indication of any modification of this strict rule, such as was introduced by courts of equity, permitting the debtor to redeem his land by payment of all that was due to the mortgagee although the day of payment had passed, and his interest had become, at law, indefeasible.
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See the "Gift Funds" section of HUD Handbook 4155.1 REV-4, Change 1, as quoted on page 9 of the OIG 2000 report. In 1996, HUD issued Mortgagee Letter 96–18, stating "a nonprofit or other organization that provides bona fide gifts to eligible participants should not compel the beneficiary to purchase only properties owned by the donor of the funds. Such scenarios cloud the motivations of the purchaser/borrower as well as the donor".HUD Mortgagee Letter 96–18, as quoted on pages 9–10 of the OIG 2000 report.
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Mortgages in English law are a method of raising capital through a loan contract. Typically with a bank, the lender/mortgagee gives money to the borrower/mortgagor, who uses their property/land/home as security (essentially a reassurance) that they will repay the debt and any relevant interest. If the mortgagor fails to repay, then the mortgaged property which has been used as security may be subject to various mortgagee remedies allowing them to retrieve the debt. Mortgages are an important part of English land law and property law.
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Legal systems in different countries, while having some concepts in common, employ different terminology. However, in general, a mortgage of property involves the following parties. The borrower, known as the mortgagor, gives the mortgage to the lender, known as the mortgagee.
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If foreclosure or repossession of lot X does not fully satisfy the debt, the mortgagee proceeds against lot Z (Charlie), then lot Y (Bob). The rationale is that the first purchaser should have more equity and subsequent purchasers receive a diluted share.
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1865-68 The Suffolk Hotel (now the Cavalier Tavern) is built on College Hill. 1869 - 70 The Convent of the Holy Family is destroyed by fire. The Catholic Bishop is forced by his mortgagee to sell his remaining land, including the Bishop's House.
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Today, the building sits on . The property was in family ownership until 1985. It was later owned by Libby and Denver Glass, who had to sell it again. They bought it back from developers Dennis Thompson and Sharon Bartlett in 2008 in a mortgagee sale.
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As the mortgagee, the lender has the right to sell the property to pay off the loan if the borrower fails to pay. The mortgage runs with the land, so even if the borrower transfers the property to someone else, the mortgagee still has the right to sell it if the borrower fails to pay off the loan. So that a buyer cannot unwittingly buy property subject to a mortgage, mortgages are registered or recorded against the title with a government office, as a public record. The borrower has the right to have the mortgage discharged from the title once the debt is paid.
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Tabula in naufragio is a legal Latin phrase, literally interpreted as "a plank in a shipwreck". It is used metaphorically, particularly in law, to convey: "when all else has failed, it is the thing that stops (or is intended to stop) you from drowning." It is most commonly used to designate the power subsisting in a third (or subsequent) mortgagee, who took the third mortgage without notice of the second mortgage, and then acquired the first mortgage and attached it to the third mortgage, thereby obtaining priority over the second mortgagee. Without the legal ability to attach ("tack") to the first mortgage, the third mortgage would be worthless.
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During the depression of the 1890s Williams was forced to relinquish the heavily-mortgaged Rhyndarra to the Australian Mutual Provident Society (AMP) who became mortgagee-in- possession. Williams moved to Western Australia where he lived with a married daughter until his death in the early 20th century.
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Therefore, foreclosure notices after this date may only properly precede a sale if the mortgagee holds the promissory note or has an agent that holds the note on the mortgagee's behalf at the time of the notices of sale. This requirement may be proven through an affidavit.
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He added > the problem... in a case where the mortgagee has already exercised his power > of sale, without having taken possession...The Law Commission has made > proposals to reform the law in this field. It is for Parliament to decide > whether to accept those or other proposals.
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Additionally, Mortgagee Letter 2011-22 stipulates all other condominiums requesting FHA project approval may be required to submit a current (completed within the last 24 months) reserve study at their discretion or whenever financial documents do not appear to meet sufficient funding requirements of the condominium association.
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It follows, held the court, that the mortgagee has no preference above other concurrent creditors in respect of the free residue. The decision in the Orange Free State Provincial Division, in Cooper NO en Andere v Die Meester en 'n Ander,1991 (3) SA 158. was thus reversed.
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A conveyance of mortgaged land by the mortgagor to the mortgagee extinguishes the mortgage. However taking a promissory note for the amount due on the mortgage does not deprive the mortgage holder of a right to a lien, but merely suspends its enforcement until the note is payable.
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When a tract of land is purchased with a mortgage and then split up and sold, the "inverse order of alienation rule" applies to decide parties liable for the unpaid debt. When a mortgaged tract of land is split up and sold, upon default, the mortgagee first forecloses on lands still owned by the mortgagor and proceeds against other owners in an 'inverse order' in which they were sold. For example, Alice acquires a lot by mortgage then splits up the lot into three lots (X, Y, and Z), and sells lot Y to Bob, and then lot Z to Charlie, retaining lot X for herself. Upon default, the mortgagee proceeds against lot X first, the mortgagor.
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Gap Financing is a term mostly associated with mortgage loans or property loans such as a bridge loan. It is an interim loan given to finance the difference between the floor loan and the maximum permanent loan as committed. More specifically, gap financing is subordinated temporary financing paid off when the first mortgagee disburses the full amount due under the first mortgage loan. This is normal in a situation involving a permanent “floor- ceiling loan,” where the borrower does not meet a rent-roll requirement, and the first mortgagee funds only a floor amount, agreein to fund the balance in the event the rent-roll requirement is met within a stated period.
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Lend America Civil Complaint In connection with the complaint, The United States Department of Housing and Urban Development's Mortgagee Review Board informed the company, that it has uncovered numerous violations of the Federal Housing Administration's (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower's income and creditworthiness. A court judgment was issued on March 3, 2010, permanently banning Lend America from the FHA and from doing business in the industry. It ended a five-month process that began when the Department of Housing and Urban Development's (HUD) Mortgagee Review Board declared that its parent company, Ideal Mortgage Bankers, committed 12 FHA violations, including origination and underwriting requirements.
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The power of sale is implied into the mortgage, therefore not requiring an express term to create the power.Law of Property Act 1925, s101 However, the power of sale only arises where "mortgage money has become due",Law of Property Act 1925, s101(1)(i) and it is exercisable as a result of one or more conditions specified in the Law of Property Act 1925, s103. When a mortgagee exercises their power of sale, there is a duty to act fairly towards the mortgagor.Palk v Mortgage Services Funding Plc [1993] Ch 330, at 337-338 This duty means the mortgagee must, amongst other things, > Take reasonable care to maximise his return from the property.
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Title theory is "the idea that a mortgage transfers legal title of the mortgaged property from the mortgagor to the mortgagee, which retains it until the mortgage has been satisfied or foreclosed. Only a few American States...have adopted this theory."Black's Law Dictionary, 9th Ed., p. 1624, Thompson Reuters, 2009.
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Terry was successful in obtaining letters of administration and appointed William Charles Wentworth as proctor to protect his interests. Terry then sued Thomas Meehan for £5,000 and on 25 January 1831 Thomas transferred the of Macquariefield to the mortgagee. The normal spelling (of its name) then changed to "Macquarie Field".
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Lord Templeman emphasised that "a heavy onus lies on the mortgagee to show that in all respects he acted fairly" so the transaction is perfectly fair and equal.See also York Buildings Co v MacKenzie (1795) 3 Paton 378 Section 88 confirms that a buyer after a sale receives an unencumbered title.
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In 1888, after his father's death, W. P. Auld sold "Auldana" to its mortgagee Josiah Symon, leaving his home of 43 years.Complimentary social p. 5 South Australian Advertiser 24 May 1888 p. 5 accessed 20 February 2011 but retained the Gilbert Place business, which in 1910 became W. P. Auld and Sons Ltd.
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The necessity for attornment was abolished by an act of 1705. In mortgages, an attornment clause is a clause whereby the mortgagor attorns tenant to the mortgagee, thus giving the mortgagee the right to distrain, as an additional security. As used in modern legal transactions, the term attornment refers to an acknowledgment of the existence of the relationship of landlord and tenant. A tenant often has the duty under the tenant's lease, particularly in commercial leases, to provide an attornment upon request, and is required by a creditor or potential buyer of property from the landlord to establish the nature of existing encumbrances on and income streams flowing from a property, as an element of the due diligence process associated with the transaction.
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The most critical benefits of registration for the mortgagee is obtaining priority, with priority ranking solely decided by the date of registration. By giving a "notice to the world", the registered mortgagee could be protected from all later secured creditors of the mortgagor, who may seek further finance from other sources using the same ship as security. In UK, regulation 59 of the Merchant Shipping (Registration of Ships) Regulations 1993, mortgagees of a ship or a share in a registered British ship are allowed to give notice of their intended interests to and recorded by the Registrar. Once later executed or registered, the registered mortgagees will have priority over the other registered mortgages which may have been fully registered in the first place.
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Six days after the 21-day period, JMB appointed receivers. Shamji and the companies went to court for an injunction, arguing the bank had breached the contract. They argued there was a duty on JMB as mortgagee, when appointing a receiver, to consider relevant matters including the effect of an appointment on refinancing negotiations.
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Downsview Nominees Ltd v First City Corp Ltd [1992] UKPC 34 is a New Zealand insolvency law case decided by the Judicial Committee of the Privy Council concerning the nature and extent of the liability of a mortgagee, or a receiver and manager, to a mortgagor or a subsequent debenture holder for his actions.
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The central issue in the instant appeal was whether or not a bond registered under the Act.s 1(1). complied with the requirements so that the "mortgagee" acquired security in the movable property referred to in the bond and therefore ranked as a secured creditor in the event of the liquidation of the debtor.
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He must also > take reasonable care of the property. Similarly if he sells the property: he > cannot sell hastily at a knock-down price sufficient to pay off his debt. > The mortgagor also has an interest in the property and is under a personal > liability for the shortfall. The mortgagee must keep that in mind.
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Lien theory is "the idea that a mortgage resembles a lien, so that...", pursuant to a mortgage, "...the mortgagee acquires only a lien on the property and the mortgagor retains both legal and equitable title unless a valid foreclosure occurs. Most American states...have adopted this theory."Black's Law Dictionary, 9th Ed., p. 1009, Thompson Reuters, 2009.
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This land was lost in a mortgagee sale in 1882 when Cruickshank was declared bankrupt. In 1912 Seed Bros, who had a mill in Colletts Road, were issued a licence by the railways department for a tramway into the Mangaroa Station yard. The tramway ran down Flux Road. In 1915 signals were installed at Mangaroa Station.
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Strangely absent from this list is the mortgage agreement. This implies that the mortgagee (a bank, usually) will be able to rely only on the proceeds of the sale of the property to settle the account—even if this is insufficient, and even if the mortgagor (the debtor) is very wealthy and has other assets that could be attached.
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There are two modes of foreclosure in the Philippines. A mortgagee may foreclose either judicially or extrajudicially, as governed by Rule 68 of the 1997 Revised Rules of Civil Procedure and Act. No. 3135, respectively. A judicial foreclosure is done by filing a complaint in the Regional Trial Court of the place where the property is located.
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If the borrower defaults the lender can possesses the property. Mortgage possession is not to be confused with foreclosure. In the United Kingdom foreclosure is a little used remedy which vests the property in the mortgagee with the mortgagor having no right to any surplus from the sale. Because this remedy can be harsh, courts almost never allow it.
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On September 12, 2011, the California Court of Appeal for the Second District said the complaint (an alleged violation of Section 2932.5 of the California Code which requires the assignee of a mortgagee to record an assignment before exercising a power to sell real property) was irrelevant as it applied only to mortgages, not to deeds of trust.
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A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
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The equity of redemption is itself recognised as a separate species of property, and can be bought, sold or even itself mortgaged by the holder. Historically the equity of redemption would naturally expire upon the mortgagor breaching the terms of repayment. However, in modern times, extinguishing the equity of redemption (and leaving the mortgagee with absolute title to the property) ordinarily requires a court order in most jurisdictions. For both legal and practical reasons, the use of foreclosure as a remedy has fallen into disuse.Foreclosure used to be a mortgagee’s primary remedy, but "it is now rarely sought or granted." see Palk v Mortgage Services Funding plc [1993] Ch 330 at 336 Even where a mortgagee seeks an order for foreclosure from the courts, the courts will frequently order judicial sale of the property instead.
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Technically the right to appoint a receiver can arise two different ways - under the terms of the mortgage instrument, and (where the mortgage instrument is executed as a deed) by statute. If the mortgagee takes possession then under the common law they owe strict duties to the mortgagor to safeguard the value of the property (although the terms of the mortgage instrument will usually limit this obligation). However, the common law rules relate principally to physical property, and there is a shortage of authority as to how they might apply to taking "possession" of rights, such as shares. Nonetheless, a mortgagee is well advised to remain respectful of their duty to preserve the value of the mortgaged property both for their own interests and under their potential liability to the mortgagor.
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The SDR obtained powers in the 1846 session to take over the P&DR; line between Crabtree and Sutton Pool, but the terms were subject to negotiation, and this proved difficult and slow. At one stage the SDR attempted to install a crossing of the P&DR; without agreement: > The progress of this extension was stopped by a dispute between the South > Devon Railway Company and the mortgagee in possession of the Dartmoor > Railway, a line 24 miles long, constructed in 1820. This railway was crossed > on the level at right angles by the South Devon line. The mortgagee not > getting the terms he asked from the South Devon Railway, brought immense > blocks of granite from his Dartmoor quarries, and deposited them on the line > where the South Devon wished to cross.
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Following Harper's death, in 1845, his mortgagee, William Hutchinson in 1846 took possession of the house. Harper's widow Mary married James McDermott and moved into the Surveyor-General Inn, which her family owned until the 1920s. The house was leased by the church from 1853. It was used as a presbytery for the priests of St Francis Xavier's Roman Catholic Church in 1853.
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1865-68 The Suffolk Hotel [now the Cavalier Tavern] is built on College Hill. 1869–70 The Convent of the Holy Family is destroyed by fire. The Catholic Bishop is forced by his mortgagee to sell his remaining land, including the Bishop's House. The buyer is a Mr. Bennett who demolishes the Church of the Immaculate Conception [now the Ponsonby Tennis Club].
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By the 1860s, the supply of timber was exhausted. The remainder was used by scavengers who made a living by collecting firewood. Wattle bark found use with tanners and the bark from stringybark trees was used for roofing of huts. In 1862, a major estate, Drainville, became subject to a mortgagee sale and subdivided for villa homes, and small agricultures.
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In September 1993 the Bank of New York took possession, after public legal disputes with Anderson. The property was listed for mortgagee auction. Tense competing teams of security guards had a stand off before the auction, triggering Supreme Court of New South Wales proceedings to evict Anderson. In 1993 telephone pager entrepreneur Nati Stoliar and his wife Miki bought the property.
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The Law of Property Act 1925 gave the holder of any mortgage an incidental power to sell the secured property once the power became exercisable. The receiver was appointable and removable only by, and was the sole the agent of, the mortgagee.Law of Property Act 1925, ss 101 and 109. The mortgagee can take a maximum of 5% of assets in fees.
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Title to the house was in the name of McGurk's wife. Following revelations of the fraud, BankWest advised McGurk that, as mortgagee, it intended to sell the property. McGurk sought assistance from Medich who reportedly lent him $3.6 million to pay out BankWest. McGurk also owed Medich $10 million at the time of his death, relating to Medich's equity in Business Investment Opportunities.
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Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagee and mortgagor in mortgage states; Trustee and Trustor in Trust Deed states). In general, any loan can be modified, and the process is referred to as loan modification or debt rescheduling.
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Soon it became the representative street of the city. In 1840 an impressive house with stables, inns and a theatre hall was built. Attached to the building there was a mortgagee, a post office and a school. In 1887 an industrialist, Ludwik Stumpf, began construction of the theatre which was, soon afterwards, called the Ludwik Theatre (nowadays Stefan Żeromski Theatre).
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After the British were reestablished in the area, Moosa benefited from the declining fortunes of local aristocracies and the difficulties they faced in the changing landscape of British rule. For example, he was the mortgagee of valuable coir assets owned by Junumabe, the Bibi of Arakkal and her family on the Lakshadweep Islands.A.P. Ummer Kutty, Keyi Charitram, Thalassery, 1916, pp. 106-107.
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A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy. Such clauses are common where the insured property is subject to a mortgage or other security interest and the mortgagee, usually a bank, requires the property be insured and that such a clause be included. Although such clauses are found in other areas of insurance, they are most common in maritime insurance in relation to insuring mortgaged vessels. As a matter of practicality, such clauses are usually appended to the end of existing policies in a separate addendum after being negotiated between the insurer and the mortgagee.
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He then carefully reviewed the authorities, and quoted at length from the decision of Romer LJ in Re George Inglefield Ltd [1933] Ch 1 at 27-28 in relation to the essential differences between a sale transaction and a mortgage transaction.In summary, Romer LJ indicated that the three key tests are (i) in a sale the seller is not entitled to have the good returned by repaying the purchase price, but in a mortgage the mortgagor is; (ii) if a mortgagee realises the property for more than the sum paid, then he must account to the mortgagor for the excess, but in a sale he would keep the profit, and (iii) if a mortgagee realises the property for less than the sum paid, he could pursue the mortgagor for the balance, but in a sale he must bear the loss.
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What the best price reasonably obtainable will be will depend upon the market available for the assets and related considerations. The sale must be a true sale - a mortgagee cannot sell to himself, either alone or with others, even for fair value;National Bank of Australasia v United Hand-in-Hand and Band of Hope (1879) 4 App Cas 391; Martinson v Clowes (1882) 21 Ch D 857; Warner v Jacob (1882) 20 Ch D 220 such a sale may be restrained or set aside or ignored.Williams v Wellingborough BC [1975] 1 WLR 1327; Martinson v Clowes (1882) 21 Ch D 857 However, if the court orders a sale pursuant to statute, the mortgagee may be expressly permitted to buy.Palk v Mortgage Services Funding plc [1993] Ch 330 The third remedy is to appoint a receiver.
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Other media reports claimed that McGurk died owing millions. McGurk was reportedly two months in arrears on the $2.4 million mortgage on his Cremorne house to the mortgagee, BankWest. In investigating the details provided at time of approving the loan, BankWest found that the information supplied by McGurk was allegedly fraudulent. The tax files and pay slips McGurk had provided to obtain the loan had been forged.
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Mortgage burning was a twentieth-century custom in the United States of America (U.S.A.) that was the ritual incineration of the promissory note (mortgage) upon satisfaction of the payment schedule by the purchaser (debtor, or mortgagee). This ritual was performed to celebrate the release of the debtor from further payment obligations, and was sometimes accompanied by a party in which extended family and friends were invited.
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The Birnie's owned a motel in Taupo. As a result of repeated floodings at the motel, there was a substantial loss of income, which ultimately led to the motel later being sold at a mortgagee sale. The flooding was the result of works by the local council, which resulted in the culverts not being able to handle the water, causing the flooding at the motel.
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The Insolvency ActAct 24 of 1936. contains an exhaustive list of priorities of statutory preferences on insolvency.ss 96-102. The court found that a special notarial bond over specified movable property, when that property has remained in the possession of the mortgagor until the sequestration of his estate, is not included in this list and accordingly does not confer a statutory preference in favour of the mortgagee.
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In April 1880, this resulted in the Scandinavian Lutheran Church to formally amalgamate with the German Church. At the end of June 1881, the mortgagee put the land and all its buildings up for sale. In advertising the auction, it was not mentioned that the German Church was for sale, and the resulting bidding was by members of the congregation only. The sale netted £2210.
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This type of foreclosure is commonly called "statutory" or "nonjudicial" foreclosure, as opposed to "judicial", because the mortgagee does not need to file an actual lawsuit to initiate the foreclosure. A few states impose additional procedural requirements such as having documents stamped by a court clerk; Colorado requires the use of a county "public trustee," a government official, rather than a private trustee specializing in carrying out foreclosures. However, in most states, the only government official involved in a nonjudicial foreclosure is the county recorder, who merely records any pre-sale notices and the trustee's deed upon sale. In this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for bankruptcy to temporarily stay the foreclosure) to stop the sale, the mortgagee or its representative conduct a public auction in a manner similar to the sheriff's auction.
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Sometimes this theory is referred to as the "Equitable Theory of Mortgages". Under lien theory. a mortgage acts to place a lien on the mortgaged property in favor of the mortgagee, and legal title is retained by the mortgagor. Judicial foreclosure is most often necessary as a remedy to default pursuant to mortgages within lien theory jurisdictions, and this process has been found to be cumbersome, time consuming and costly.
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He sold an estate at Kilburn in 1664, two estates in Harlesden in 1665–1666 and 1671, and he was preparing to pay his debts by selling Oxgate when he died in 1688. The family seat of Neasden House he never sold, but mortgaged it so recklessly that it passed into the temporary possession of the mortgagee. He was succeeded in the baronetcy by his son, also called William.
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Angas Downs Station was first taken up for pastoral purposes by William Liddle in 1927. He and his descendants, ran sheep and then cattle until the 1990s. As with many pastoral enterprises during the 1980s and 1990s, Angas Downs struggled financially and was eventually taken over by the mortgagee in 1994 before being purchased by the nearby Imanpa community. Since 1994, it has been owned by the Imanpa Development Association Inc.
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Gojack et.al. 1988: 15 Richard Threlfall, Professor of Physics at the University of Sydney, was brought in as the consultant on electrical engineering. He was regarded at the time as Australia's leading expert on electricity and is now thought to have been one of the first modern pure physicists in the world. He was involved in all phases of the design and construction and became mortgagee of the company.
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Chambers was to claim later that the cost of production was too high at £9 per ton. The plant managed to continue to operate but, by November 1886, the company had liabilities of £20,000 and all its paid-up capital had been expended. The shareholders were unwilling to contribute more capital. The assets were taken over by the mortgagee, and, by March 1887, the works had shut down.
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By this stage, Sir Clement had exhausted his resources; the manor of Rudge was ultimately foreclosed by the mortgagee. Lord Grandison had financed a certain Samuel Hutchinson, who had a patent for smelting lead with pitcoal, but failed. Grandison then approached Sir Clement. Grandison and Robert Thorowgood (a King's Lynn merchant) provided the capital in 1678 for Sir Clement and Francis Nicholson (Grandison's dependent) to set up lead works.
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This unsettling system had a negative impact on the willingness of lenders to accept real estate as collateral security for loans. Since a lender could not re-sell the property until it had been in uncontested possession for years, or unless it could show changed circumstances, the value of real estate collateral was significantly impaired. Impaired, that is, until lawyers concocted the bill of foreclosure, whereby a mortgagee could request a decree that unless the mortgagor paid the debt by a date certain (and after the law date set in the mortgage), the mortgagor would thereafter be barred and foreclosed of all right, title and equity of redemption in and to the mortgaged premises. To complete the circle, one needs to understand that when a mortgagor fails to pay an installment when due, and the mortgagee accelerates the mortgage, requiring immediate repayment of the entire mortgage indebtedness, the mortgagor does not have a right to pay the past-due installment(s) and have the mortgage reinstated.
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The common law doctrine of peaceable entry by a mortgagee into mortgaged premises (allowed by mortgages which exclude section 103 of the Law of Property Act) may have been tempered by #The law of trespass; and #If a private home, incompatibility with Article 8 of the Human Rights Act 1998. The judgment of the Court of Appeal in Ropaigealach may no longer be regarded as good law. An academic practitioner has devoted an article in a land law journal explaining that in a county court action his client-borrowers had, since 1998, sued their mortgagee (secured lender) who have exercised their purported rights to sell their home without any court order. The lender quickly agreed to pay damages and costs to the borrower rather than defend a claim in trespass."Peaceable entry to mortgaged premises: considering the doctrine’s compatibility with Art 8 HRA." Loveland, I. Conveyancer and Property Lawyer 2014 (5) pp. 381-397.
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A mortgagor is the borrower in a mortgage—he owes the obligation secured by the mortgage. Generally, the borrower must meet the conditions of the underlying loan or other obligation in order to redeem the mortgage. If the borrower fails to meet these conditions, the mortgagee may foreclose to recover the outstanding loan. Typically the borrowers will be the individual homeowners, landlords, or businesses who are purchasing their property by way of a loan.
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The lease passed to his son William, who acquired the freehold of the mill from John and Christopher Cripps, the sons of John Cripps. Gill was declared bankrupt in 1731 and the mill passed to James Brooke, the chief mortgagee. Richard Harris was the tenant in 1736, acquiring the freehold in 1738. Harris demolished the old mill buildings and erected a new mill, but died in November 1739 before the work was completed.
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Foreclosure has been prohibited by law in New Zealand for well over a century. Instead the mortgagee realises the security through sale, the exercise of the power of sale also being regulated by statute. In both of these countries statutory reform has altered the manner in which real property dealings are conducted. What is termed a "mortgage" is a legal interest that is registered against the fee simple title of the property.
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Note that these two modes specifically apply to real estate mortgages. Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties.
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Nicholas John Okwir is a Ugandan accountant, banker and business executive, who served as the founding managing director and chief executive officer of Housing Finance Bank, Uganda's largest mortgagee lender, between November 2007 until December 2013. Prior to that, from January 1983 until November 2007, he served as the chief accountant of what was then Housing Finance Company, before it was granted a banking licence by the Bank of Uganda in January 2008.
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The Trust continued to operate, but in the mid-1990s it had sustained heavy losses in the operation of the park, largely due to having a seven-day-per-week year- round operation with paid staff. As it appeared likely that the mortgagee would sell the park's assets, Christchurch City Council (CCC) assumed liability for the park's debt in return for hands-on management and the sale of various assets, including surplus land.
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It is cited in Cheltenham Township's Comprehensive Plan as one of the township's cultural and historical resources, and in the township's Open Space Plan as a priority for preservation, warranting a conservation easement. The seminary and property was eventually foreclosed upon by the second-mortgagee, reportedly a one-time follower of McIntire. At according to Montgomery County Board of Assessment data, Lynnewood Hall currently is owned by the First Korean Church of New York.
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While it is unclear who owned the property next, it is likely that Queensland National Bank, which had been mortgagee for the Harts, took over the property. John Piper McKenzie, manager of the Bank's Brisbane Office lived there from 1900-1908. The next tenant was David Lahey, timber merchant, who leased the house from 1910-1912. His daughter Vida Lahey painted the Monday Morning laundry scene at Greylands which hangs in the Queensland Art Gallery.
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The lease passed to his son William, who acquired the freehold of the mill from John and Christopher Cripps, the sons of John Cripps. Gill was declared bankrupt in 1731 and the mill passed to James Brooke, the chief mortgagee. Richard Harris was the tenant in 1736, acquiring the freehold in 1738. Harris demolished the old mill buildings and erected a new mill, but died in November 1739 before the work was completed.
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In a more borrower-friendly decision, Cheltenham & Gloucester Building Society v Norgan[1996] 1 WLR 343 Waite LJ gave guidance that in ordering a plan for repayment, a judge should give "the period most favourable to the mortgagor at the outset", so that repeated applications to court on continuing defaults could be avoided, and so that "the mortgagee can be heard with justice to say that the mortgagor has had his chance".
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Remains of Brambridge Lock Hollis raised mortgages to pay for improvements, but receipts were down to £1,821 in 1839, the last full year of operation before the London and Southampton Railway opened. The receipts were obtained from tolls, as all freight was moved by independent carriers. At this point, Hollis gave control of the navigation to members of his family. His son managed it until 1841, when a banker called W. W. Bulpett, who was a mortgagee, took over.
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Along with politicians, medical professionals and senior public servants also numbered among early residents. The houses were individually numbered and some were given their own name. Following insolvency in 1876, George Harris surrendered Harris Terrace to mortgagee James Taylor, a Darling Downs landholder and politician.The Queenslander 28 October 1876, p.18 In 1887 the property was acquired by two other members of Parliament, Boyd Morehead and William Pattison who both lived at Harris Terrace at this time.
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The shipping line William Howard Smith and Sons later occupied offices in the building. Edward Butler and Sons (initially Edward Butler & Frederick Rathbone), importers of wholesale saddlery, leased part of the building from January 1899 until 1948, when Edward Butler & Co purchased the warehouse they were leasing. In 1905, Stevenson's part of the property passed to the Australian Mutual Provident Society, as mortgagee. Lumley Hill died in 1909, and his widow sold her interest in this property in 1911.
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Mrs Smith argued there was a duty of care in tort to exercise care in making statements and then that the clause excluding liability for loss or damage to property was unreasonable under 2(2) and 13(1) of UCTA 1977. The value of the property at the time was around £88,000. The case was joined with another appeal, Harris v Wyre Forest District Council. In this one, it was the Council that was the mortgagee.
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In 1994, Binalong went into liquidation owing Partnership Pacific $18.5 million with Westpac taking possession of the marina as mortgagee. The marina was at this time valued at up to $1.35 million. Following protracted negotiations, in September 1997 Westpac sold the marina to Kebaro Pty Ltd, a family trust belonging to the Chapmans for $50,000 with a further $1.3 million to follow at a later date. A further assessment of the marina now revised its value to $4.5 million.
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The judge renders judgment, ordering the mortgagor to pay the debt within a period of 90–120 days. If the debt is not paid within the said period, a foreclosure sale satisfies the judgment. In an extrajudicial foreclosure, the mortgagee need not initiate an action in court but may simply file an application before the Clerk of Court to secure attendance of the Sheriff who conducts the public sale. This is done pursuant to a power of sale.
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The Ban Hin Leong Group suggested that one of the contractors, Yongnam Holdings, purchase a floor, and that it set off the value of its work against the sale price of the floor. It was agreed to by United Overseas Bank (UOB), who was the mortgagee. However, after Yongnam completed the work, UOB refused to release its mortgage. UOB said that it did not encourage or endorse the barter arrangement and later foreclosed on the building.
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The Parents' Association gave support to the project and the school purchased the property through a mortgagee sale for $220,000. It was named Moray after a province in Scotland where Clan Murray originated (the Moray camp site is adjacent to the Murray River). The Scotch College foundation was established in 1986, when Judge Robert Keall was chairman of the college. The foundation raised $1.1 million within six months to partly fund a new Physical Education Centre.
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Sayers' financial difficulties continued until 1867 when the property was offered at auction by Richardson & Wrench, on behalf of the mortgagee, on 8 July 1867. There were no buyers. The property was next purchased by Thomas Allwright Dibbs, the manager of the Commercial Banking Company of Sydney. He had been buying up many parcels of land on the North Shore. By 1882 Graythwaite was the family home of Thomas Dibbs and in 1888 the mortgage of 1882 was discharged.
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Rodney renamed Regalia entering Mosman Bay, 1970s After re- floating, Rodney was refitted and renamed Regis and returned to service. On 14 May 1938, the boat was repossessed by the mortgagee but rented by Rosman from June under the name Regis. On 1 May 1939, the High Court of Australia found that the vessel had capsized through negligence. Charles Rosman lost his captain's ticket for three years, although he ran his ferry business into the 1970s.
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Justice Brandeis wrote for a unanimous Court in invalidating the Frazier-Lemke Act, holding that this act unfairly deprived the bank of private property without just compensation, in violation of the Fifth Amendment. The Court cited W.B. Worthen Co. v. Kavanaugh (1935). where the Court had held unconstitutional provisions of state legislation similar to the Frazier-Lemke Act, stating in that case that turning a mortgage into an undesirable investment for the mortgagee is an act of oppression by the government.
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The eviction is carried out by bailiffs. Once the lender has obtained possession, it can then sell the home to recoup any lost arrears. Mortgage possession involves legal proceedings in which a mortgagee, or other lienholder, usually a lender, obtains a court order for possession of a property, prior to exercising the mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan.
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According to the case law in Canada, the key restriction on the application of inherent jurisdiction is that the doctrine cannot be used to override an existing statute or rule. The clearest articulation of such restriction is set out in the Supreme Court of Canada decision in College Housing Co-operative Ltd. v Baxter Student Housing Ltd. (1976) which was a case dealing with whether a judge had exceeded jurisdiction in determining the mortgagee should have priority over other charges and encumbrances.
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Latec was the mortgagee of land owned by Hotel Terrigal. Hotel Terrigal fell into arrears in repaying the loan and Latec, purporting to exercise its mortgagee’s power of sale, sold the property. It conducted an auction on an unfavourable day of the week with little time for proper advertisement (to make sure that the property could not be sold at the auction). The highest bid was 58,000 and later Latec sold the property to its wholly owned subsidiary, Southern Hotels for 60,000.
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They attempted to mine salt at Nantwich, but failed to find any, and tried running boats on the Trent and Mersey, from which goods were carried over land to Nantwich, for onward carriage to Liverpool. They also ran boats for cargo and passengers on the canal itself. By the end of 1781, the company had no money and was unable to meet interest payments on the loans. They decided to forfeit the canal to Egerton, the main mortgagee, but he did not respond to their offer.
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Erik Henningsen's painting Eviction held by the National Gallery of Denmark.1892 RIC and Hussars at an eviction-Ireland 1888 Two men with children, being evicted, stand with their possessions on the sidewalk, circa 1910, on the Lower East Side of New York City. Eviction is the removal of a tenant from rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosed by a mortgagee (often, the prior owners who defaulted on a mortgage).
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The Court defended its position by observing that the stated requirements force a taxpayer to account for the proceeds of obligations he has received tax-free and included in the property's basis.Tufts at 312. A finding otherwise would allow a mortgagee to recognize a tax loss without suffering a corresponding economic loss.Tufts at 313. In applying the opinion's statement of law to the present facts, the Court concluded that the taxpayers’ disposition of property realized a gain of approximately $400,000; not their claim of a $55,740 loss.
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The Law of Property Act 1925 section 85 say that a mortgage requires a deed (under LPMPA 1989 section 1, a document that is signed, witnessed and states it is a deed). Under the Land Registration Act 2002 sections 23 and 27, a notice of a mortgage must be filed with HM Land Registry for the mortgage to be effective. Then, Law of Property Act 1925, section 87 says mortgages confer upon the mortgagee (i.e. the secured lender) the same rights as a 3000-year lease holder.
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On June 30, 2011, the Department of Housing and Urban Development published Mortgagee Letter 2011-22, which made reserve studies mandatory for all new condominium conversions applying for FHA insured loans approval, including gut and non-gut rehabilitation conversions. This new guideline went into effect September 1, 2011. Condominiums must demonstrate that at least 10% of the yearly assessment income be dedicated towards reserve contributions. The FHA enforces the 10% budget line item requirement nationally by prohibiting lending in developments that are non-compliant with this requirement.
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The court held that, having regard to the fact that the contract of lease was subject to the suspensive condition contained in clause 15(i), and therefore imperfectum or inchoate until the condition was fulfilled, the real right of the bank as mortgagee, created by the registration of the mortgage bond over the premises, ranked in preference to the real right of the second respondent as lessee. The second respondent's right was deemed to have come into existence retroactively or in accordance with the fiction of retroactivity, but it was not established until the suspensive condition had been fulfilled: Until then it was uncertain, whereas the bank's right as mortgagee was firmly and certainly established when the bond was registered. As the rights of the bank, as a third party in relation to the lease, were not prejudiced by the retroactive operation of the lease brought about by the fulfilment of the suspensive condition, the consequences of a lease subsequent in time to the mortgage bond followed. As the highest bid, when the premises were sold in execution, did not cover the mortgage debt, the property was correctly sold free of the lease.
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Although the definition may vary by jurisdiction, foreclosure consultant generally means any person who makes any solicitation, representation, or offer to any owner to perform for compensation or who, for compensation, performs any service which the person in any manner represents will in any manner do any of the following: #Stop or postpone the foreclosure sale. #Obtain any forbearance from any beneficiary or mortgagee. #Assist the owner to exercise the right of reinstatement. #Obtain any extension of the period within which the owner may reinstate his or her obligation.
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Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, which is available in a few states including Connecticut, New Hampshire and Vermont, if the mortgagee wins the court case, the court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it. This type of foreclosure is generally available only when the value of the property is less than the debt ("under water").
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Chinese law and mortgage practices have progressed with safeguards to prevent foreclosures as much as possible. These include mandatory secondary security, rescission (Chinese Contract Law), and maintaining accounts at the lending bank to cover any defaults without prior notice to the borrower.Pacific Rim Law Policy Journal; vol 8 No.3 page 558 -Retrieved 2013-07-20 A mortgagee may sue on a note without foreclosing, obtain a general judgment, and collect that judgment against other property of the mortgagor, without foreclosing. When all other avenues have failed a lender may seek a judgement of foreclosure.
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Each co-owner can independently encumber the co- owner's own share in the property by taking out a mortgage on that share (although this may effectively convert a joint tenancy to a tenancy in common, as described below); other co-owners have no obligation to help pay a mortgage that only runs to another owner's share of the property, and the mortgagee can only foreclose on that mortgagor's share. Bank loans secured by mortgages on individual shares of co-owned property are one of the most rapidly expanding areas in the mortgage lending industry.
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This effectually prevented the > railway from proceeding with the line and they soon arranged a compromise, > which had the desired effect, the granite blocks being then removed by the > mortgagee of the Dartmoor Railway. This crossing became "the well-known oblique crossing at Laira", although the location was really Laira Green as opposed to Laira Wharf on the River Plym. The South Devon Railway opened its line to Laira Green on 5 May 1848. The station was immediately on the Exeter side of the Laira crossing, at the turnpike bridge.
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In 1996, Royal Bank of Scotland (RBS) appointed receivers over 33 properties mortgaged by Silven Properties to it, and proceeded to sell them off. The receivers explored planning and letting out the properties, but decided to sell them straight away. Silven alleged that RBS's receivers were under a duty to maximise the value by getting planning permission for development and letting out of vacant properties. In the Chancery Division, Patten J held that neither the mortgagee nor receiver were required to incur expenses that would likely delay a sale beyond the normal period of marketing.
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A wraparound mortgage, more commonly known as a "wrap", is a form of secondary financing for the purchase of real property. The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property. Under a wrap, a seller accepts a secured promissory note from the buyer for the amount due on the underlying mortgage plus an amount up to the remaining purchase money balance. The new purchaser makes monthly payments to the seller, who is then responsible for making the payments to the underlying mortgagee(s).
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HSBC Australia held a second mortgage over the Cremorne family home. It was reported that HSBC Australia, as mortgagee in possession, placed a property owned by McGurk, located in Orlando Avenue, Cremorne, up for mortagee sale. At various times McGurk's business associates included Mark Burby, a Jersey businessman, who together with McGurk were allegedly planning to blackmail the Sultan of Brunei following an earlier unsuccessful attempt to sue the Sultan for reneging on a deal to buy a 400-year-old miniature Koran. According to Burby, the blackmail related to "...an ongoing private matter involving one of the Sultan's relatives".
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MERS system fixed this problem in that most standard loan documents were changed to name MERS as the nominal beneficiary or mortgagee of record. This enabled lenders and investors to transfer mortgages without recording assignments in local recorders' offices and in turn avoided having to pay recording fees. Ideally, assuming a loan is properly paid back on time, a MERS loan needs only two documents to be recorded: the original mortgage or deed of trust naming Mortgage Electronic Registration Systems, Inc., and a reconveyance of the mortgage or deed of trust back to the borrower (thus merging legal and equitable title).
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By 1877 Dickson had returned to Swansea where he lived on the outskirts of Oystermouth. In that year the newly formed Swansea Improvements and Tramway Company reached an agreement with George Byng Morris, still mortgagee in possession, to take over the working of the Oystermouth Railway with a view to integrating it with the street tramways that they were constructing. Dickson (through his trustee in bankruptcy) challenged this in the courts, since he still claimed the right to complete the agreement he had made with Morris in 1865. The courts upheld his claim and the railway was put up for sale that autumn.
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The registration of a ship mortgage is essential to have legal effects, though failure to register does not render the mortgage void: under Merchant Shipping Acts, any unregistered mortgagee cannot enjoy any benefits available. Even with the protection clause to the buyer in Norwegian Sales Form 1993, "the Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other debts whatsoever." For buyers, registration of ships with mortgages is particularly important to avoid future litigation after sales due to claims related to unregistered mortgages.
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Another sale of Glengallan was proposed for 2 February 1870, but this did not go ahead because Deuchar was declared bankrupt on that date. At a final hearing in April 1870 Deuchar's proven debts were £97,000 with £80,329 owed to Marshall and £15,859 to bankers. The valuation of Glengallan, including all its stock, property and chattels, was £80,000 so Marshall exercised his pre-emptive, and secured, rights as mortgagee and took possession of Glengallan. This included the Deuchar silver plate (much of which had been paid for by Charles in England) and other contents of the household.
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The Mortgage Electronic Registration Systems, known as MERS, is a privately held company that operates an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States. Since the 2010 crisis, 62 million mortgages are held in the name of MERS, and MERS has initiated thousands of foreclosures in the United States, claiming to be the mortgagee of record. Lawyers have contended in court that MERS has no legal right to initiate a foreclosure, because MERS does not own the loans in question. U.S. lending laws state that only the owner of a loan can initiate a foreclosure.
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Firstly, the Ijarah wa Iqtina lessor/lender can evict the borrower/buyer who is "a few months in arrears" because the borrower is a tenant not an owner. In contrast the conventional borrower/buyer/mortgagor cannot because they have "security of tenure". Secondly if the Lender/mortgagee in a conventional mortgage does foreclose on the buyer and re-sell the property, they are "obliged by law to secure the best possible price" and to make available, "a full account" of the resale transactions to the foreclosed borrower. In a Ijarah wa Iqtina contract the lessor/lender has "no such obligation" to the lessee.
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Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property. In real estate, foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage. Depending on the type of foreclosure proceeding, the sale may be administered by the courts (judicial foreclosure) or by an appointed trustee (statutory foreclosure). Proceeds from the sale are used to satisfy the claims of the mortgagee primarily, with any excess going to the mortgagor.
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Another of the procedural requirements is that the sale proceeds or the capital money must be paid to the trustees of the settlements or into court – s22 of the 1882 Act. Under s.54 on a sale, exchange, lease or mortgage a bona fide purchaser/lessee/ mortgagee shall if dealing in good faith with the tenant for life, be conclusively taken, as against the beneficiaries of the settlement, as having paid the best price that could reasonably be obtained and to have complied with all requisitions under the acts. See obiter comments made by Black J in Gilmore v.
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The holder of a mortgage can also usually sue upon the covenant to pay which appears in most mortgage instruments. There are a range of other remedies available to the holder of a mortgage,Perfection of title, orders for possession, delivery of documents etc. but they relate predominantly to land, and accordingly have been superseded by statute, and they are rarely exercised in practice in relation to other assets. The beneficiary of a mortgage (the mortgagee) is entitled to pursue all of its remedies concurrently; Re Bank of Credit and Commerce International SA (No 8), [1998] AC 214 or consecutively.
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However, the supercharged 4½ Litre (the famous "Blower" Bentley), which Barnato pushed through against Bentley's wishes, had poor durability and failed on the track. The Wall Street Crash of 1929 affected the Bentley business greatly, with the Great Depression reducing demand for the company's expensive products. In July 1931 two mortgage payments on the firm that were guaranteed by Barnato fell due, and accepting the inevitable, he advised the lenders that he was "unable to meet these debts." On 10 July, on the application of the mortgagee, the court appointed a Receiver to Bentley Motors Limited.
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On his return he became interested in racing, and purchased two bay colts, Cheddar, who won for him the 1890 South Australian Derby, and Norwood, who won the 1891 St. Leger, but later had to be killed on account of lameness. He took the 1893 Morphettville Plate with La Cheville, which he had leased from William Blackler and paid handsomely. He took the Adelaide Hunt Club Cup with Zulu, and other good races with St. George and other horses. In his obituaries Wigley is credited with doing the bankrupt South Australian Jockey Club a valuable service when the Morphettville Racecourse was put up at auction by order of the mortgagee.
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In a mortgage by demise, the mortgagee (the lender) becomes the owner of the mortgaged property until the loan is repaid or other mortgage obligation fulfilled in full, a process known as "redemption". This kind of mortgage takes the form of a conveyance of the property to the creditor, with a condition that the property will be returned on redemption. Mortgages by demise were the original form of mortgage, and continue to be used in many jurisdictions, and in a small minority of states in the United States. Many other common law jurisdictions have either abolished or minimised the use of the mortgage by demise.
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The lien is said to attach to the title when the mortgage is signed by the mortgagor and delivered to the mortgagee and the mortgagor receives the funds whose repayment the mortgage secures. Subject to the requirements of the recording laws of the state in which the mortgaged property is located, this attachment establishes the priority of the mortgage lien with respect to most other liensExceptions include real estate tax liens and, in most states, mechanic's liens. on the property's title.The failure to record a previously made mortgage may, under some circumstances, allow a subsequent mortgagee's mortgage to be recognized as prior in right to the otherwise prior mortgage.
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The Morphettville Racecourse had been resumed by the mortgagee in 1883 after its operator, the South Australian Jockey Club failed financially following the prohibition of the totalizator. Five years later restrictions on the totalizator were eased and Browne (with some input from T. F. Wigley) purchased the property and leased it, with option to purchase, to the reconstituted Club. Browne was then involved with the Victorian Racing Club, and to a lesser extent the Victorian Amateur Turf Club. In 1888 he purchased four yearlings: Carrington (which he brought from South Australia), Tinlander, Loch and Hartlands, which he raced with only moderate success, and appears to have quit the game in 1891.
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She gave this guarantee, despite the fact her lawyer had advised her not once, but twice, to not give the guarantee. Savage received her guarantee documents from his lawyers, and took them to his mother to sign. Two years later, after customer funds disappeared, resulting in Contractors Bonding seeking reimbursement of the bond from Mrs Snee, and started mortgagee proceedings against her house, although she managed to obtain an injunction from the High Court to stop this, pleading duress, undue influence, and unconscionable bargain, as amongst other things, it was held that she suffered a significant mental impairment due to her alcoholism. Contractors Bonding appealed.
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Architects Oldham, Boas and Ednie Brown designed the Toodyay Motor Garage for Doust, and it was built by local firm A James & Co. at a cost of £1,200. Vernon Hamersley "in the presence of a hundred or so residents" officially opened the building in February 1927. It was built as a single storey garage workshop with a prominent Art Deco style parapet. It appears that the business did not prosper as it was advertised in a mortgagee sale notice in 1928. It is described as: In 1928 the garage was taken over by Ken Somers, who ran the business until his death in 1939.
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There are indications that the courts tend to prefer the date of sale, but such statements have been subjected to strong criticism. For the sake of completeness, note that a lessee of land which is owned by the lessor is entitled to have a long lease registered, and can compel the lessor to render whatever assistance is necessary to obtain registration. If ownership of the land leased does not vest in the lessor, the owner's consent must be obtained before the lease can be registered against title. In South Africa, differing in this respect from Zimbabwe, the consent of a mortgagee is not necessary.
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Under section 24 of the Acquisition of Land Act, the purchaser may purchase the interest of the mortgagee of any land acquired under the Act. To do so, the purchaser must pay the principal sum and interest, together with costs and charges plus 6 months’ additional interest. Since the 1990s, the Zimbabwean government under Robert Mugabe has seized a great deal of land and homes of mainly white farmers in the course of the land reform movement in Zimbabwe. The government argued that such land reform was necessary to redistribute the land to Zimbabweans dispossessed of their lands during colonialism – these farmers were never compensated for this seizure.
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If the older spouse died, the reverse mortgage balance became due and payable if the younger surviving spouse was left off of the HECM loan. If this younger spouse was unable to pay off or refinance the reverse mortgage balance, he or she was forced either to sell the home or lose it to foreclosure. This often created a significant hardship for spouses of deceased HECM mortgagors, so FHA revised the eligibility requirements in Mortgagee Letter 2014-07. Under the new guidelines, spouses who are younger than age 62 at the time of origination retain the protections offered by the HECM program if the older spouse who got the mortgage dies.
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In 2008, the United States Court of Appeals for the Fifth Circuit dismissed a multi-district class action lawsuit against MERS. The plaintiffs alleged that a small fee charged by mortgage lenders, which was then paid to MERS, violated provisions in the Real Estate Settlement Procedures Act (RESPA). The plaintiffs also argued that MERS unfairly received business referrals from the mortgage lenders. However, the Circuit Judges held that "In exchange for the fee, MERS performed the service of being the permanent record mortgagee in the public land records..." Plaintiffs' complaint was dismissed by the appellate court for failure to state a claim under RESPA.
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IBCs can only be formed as share issuing companies. Although CACs can be formed as guarantee companies, in practice almost all companies are registered as share issuing companies. LLCs do not have shareholders or issue shares, but they have members who make contributions in return for their interest as members. Legally membership interests in an LLC are a form of hybrid between traditional share capital and partnership interests in the capital of a partnership.For example, section 47(2) of the (dealing with the rights of a mortgagee of a membership interest) are copied directly from equivalent provisions in the Partnership Act in relation to partners charging their interest in the partnership.
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From 1895 to 1897 the house is listed as vacant, but was apparently occupied for a short time thereafter by Fred Lawson (of Lawson and Johnson fancy goods dealers) and renamed Langley Grove. In 1899 the property was transferred by the mortgagee to John Samuel Cameron who renamed the house Lochiel. Cameron (1868-1917), son of John Samuel Cameron (1834-1902) and Frances Spencer Cameron was a partner in the Brisbane auctioneering firm established by his father, (John Cameron & Sons, which remains a family firm). JS Cameron Snr and his family are believed to have resided nearby to Lochiel (then Runnymeade) in the 1880s at Greenbank.
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Although the Roman Catholic Ferdinand I was able to win back the abbey lordship in the Schmalkaldic War and reincorporate it into Lower Lusatia, he too kept the monks from returning, and instead mortgaged the extensive territory to several members in turn of the noble families of Schlick and Gersdorff. Heinrich von Gersdorff in about 1550 had a hunting lodge built to replace the abbot's house. The last owner of the nobility, Heinrich Anselm von Promnitz, sold Dobrilugk in 1624 to Johann Georg of Saxony, who shortly before had become the mortgagee of the whole of Lower Lusatia. The Lower Lusatian parliament had however been able to bring it about that the abbatial territory remained part of the margravate.
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The effect of such a stipulation was well settled in Louisiana. In Nathan v. Lee, 2 Martin N.S. 32, the effect was decided to be that > the mortgagee is not bound to pursue a third possessor, but may have the > hypothecated property seized in via executina as if no change had taken > place in its possessors, because any alienation or transfer made in > violation of the pact de non alienando is ipso jure void, as it relates to > the creditor, and that this effect of the pact is not annulled by the > provisions of the Civil Code in relation to mortgages, and the rules laid > down for pursuing the action of mortgage. In Stanbrough v.
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Mills was interested in purchasing a block of units at a mortgagee auction on behalf of United Building Society. Whilst Mills at the time was aware that it was a leasehold property, when bidding, he valued it on the basis it was a "Glasgow lease", even though the auctioneer had informed it was a "freidlander lease", which is an uncommon type of lease in New Zealand. After buying the property at the auction, Mills was later told by his valuer that this type of lease was worth far less than if it was a Glasglow lease. Mills tried to rectify the situation by suing the building society for misleading conduct under the Fair Trading Act.
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Over 20 years John Pretor Pinney built up both the size and number of the estates he either owned outright or as a mortgagee, as well as increasing the number of enslaved people he owned. Soon after his arrival on Nevis, between January 1765 and July 1768 John Pretor Pinney bought over sixty Africans. After his first purchase he wrote: > Since my arrival I’ve purchased nine negroe slaves at St Kitts and can > assure you I was shock’d at the first appearance of human flesh exposed to > sale. But surely God ordain’d ‘em for ye use & benefit of us: otherwise his > Divine Will would have been made manifest by some particular sign or token.
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For example, in March 1906, the paper ran the headline "Madame Brussels' Notorious Bawdy House: Her Junketing Jezebels", above drawings of her "flash" girls. A wealthy grazier had called the police after his watch and sovereign purse were stolen in the brothel.Truth, 10 March 1906 Later that year, in a major exposé, the paper detailed Sir Samuel Gillott's many years of financial dealings with Hodgson. As Leanne Robinson notes, although Gillott "freely acknowledged his role as Caroline's mortgagee, he claimed ignorance as to the nature of [her] business – despite the fact that, as a parliamentarian, he'd been instrumental in framing legislation against gambling and licensing and had chaired public meetings on the suppression of vice."L.
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In April 2011, in Residential Funding v. Saurman, the Michigan Court of Appeals decided two consolidated cases holding that MERS did not have standing to foreclose non-judicially pursuant to MCL 600.3204(1)(d) because it did not actually own any interest in the debt. The Michigan Supreme Court reversed the decision in an order November 16, 2011, finding that MERS is the owner of an interest in the mortgage because "[MERS'] contractual obligations as mortgagee were dependent upon whether the mortgagor met the obligation to pay the indebtedness which the mortgage secured." However, the court clarified that MERS's status as an "owner of an interest in the indebtedness" does not equate to an ownership interest in the note.
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" On November 16, 2011, the Michigan Supreme Court, understanding the urgency and potential fallout of this matter, issued a peremptory order, in lieu of granting the appeal, and reversed the Court of Appeals judgment. (Residential Funding Co, LLC v Saurman, 2011 WL 5588929 (Mich, November 1, 2011). The court agreed with the dissenting Court of Appeals opinion, "pursuant to MCL 600.3204(1)(d), Mortgage Electronic Registration System (MERS) is the 'owner . . . of an interest in the indebtedness secured by the mortgage at issue in each of these consolidated cases' because '[MERS] contractual obligations as the mortgagee were dependent upon whether the mortgagor met the obligation to pay the indebtedness which the mortgage secured.
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In 1719 Thomas Chaplin, a prominent Lincolnshire landowner, purchased the land from the Crown Commissioners for Confiscated Land, and it was to remain in the family for over two centuries. The estate owes its appearance largely to the influence of the Chaplins and their care of the land. The last Chaplin, Henry, led an extravagant lifestyle and had political ambitions; this lifestyle coupled to the falling revenues from farms led him ever into debt until finally in 1892, the estate passed to the principal mortgagee William Denison, 1st Earl of Londesborough. At the start of the Second World War the Hall was requisitioned for use as billets for servicemen from nearby RAF stations.
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Due to the shallow channel at Swansea the coal was taken to a coal loading and storage depot at the head of Lake Macquarie, known as Reid's Mistake, where it was loaded upon oceangoing vessels. Threlkeld's mine pre-dated the Australian Agricultural Company (AA Co) monopoly on coal mining, however Threlkeld found it difficult to attract miners, to compete against the AA Co monopoly and the Governor of New South Wales George Gipps refused to supply convicts. Threlkeld's estate was sold at auction to the mortgagee in 1844 to repay outstanding debts. The mine was worked further under lease by Henry R. Whittell and later by Ralph M. Robey, although it was often not worked.
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2) Regulations 2003 where the assets subject to the mortgage are "financial collateral" and the mortgage instrument provides that the regulations apply. Appropriation is a means whereby the mortgagee can take title to the assets, but must account to the mortgagor for their fair market value (which must be specified in the mortgage instrument), but without the need to obtain any court order. In 2009, the Judicial Committee of the Privy Council ruled that as a matter of English law: #Appropriation is much closer to sale than it is to foreclosure. It is in effect a sale by the collateral- taker to himself, at a price determined by an agreed valuation process.
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He must > exercise reasonable care to sell only at the proper market value.Palk and > Another v Mortgage Services Funding Plc [1993] Ch 330, at 338; another > useful case is Cuckmere Brick Co Ltd v Mutual Finance Ltd [1971] Ch 949, at > 966 Moreover, a higher duty of scrutiny will be imposed if a mortgagee sells to a related party. In Tse Kwong Lam v Wong Chit Sen[1983] 3 All ER 54 Mr Wong sold property taken from Mr Tse to his wife, after not advertising the auction. The Privy Council advised that while delay in the claim meant the sale should not be set aside, damages could be awarded because of the significant conflict of interest.
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The term “bill of sale” originally referred to any writing by which an absolute disposition of personalty for value was effected or evidenced. A common feature of such dispositions is that the owner mortgagor remains in possession and exercises all the attendant rights of ownership, which may be so overwhelming as to induce a third party to accept the same chattel as a security for a grant, albeit without notice of the first mortgagee. This scenario made the bill of sale a veritable tool of fraud. The evolution of various bills of sale laws, within the USA, was to curb the use of the bill of sale as a means of defrauding innocent persons.
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A flexible mortgage system applies to vessels register under MAR, allowing the mortgagor and the mortgagee to choose, through written agreement, and the legal system of a particular country that shall govern the terms of the mortgage. Only in case of lack of an agreement shall the Portuguese mortgage law be applicable to vessel registered. Surveys Surveys of yachts registered within MAR can be delegated on classification societies, or on other recognized entities duly approved by the Portuguese Government. Under current register's rules only eight classification societies are recognized as competent to conduct surveys within MAR: American Bureau of Shipping, Bureau Veritas, Det Norske Veritas, Lloyd's Register, Registro Italiano Navale, Rinave Portuguesa, Germanischer Lloyd and ClassNK.
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Mrs Frazer then paid off the existing mortgage on the house, leaving a certain sum of money for herself. To further complicate matters, Mrs Frazer made no repayments on the new mortgage, resulting in the Radomski's selling the farm in the following year for £5,000 at a mortgagee sale to Mr Walker, who was totally unaware of the defect in the title to the farm (as were the Radomskis). On 29 November 1962, Mr Walker was duly registered as the new legal owner of the farm on the property title. After the farm was sold however, Mr Frazer refused to recognise Mr Walker's claim to legal ownership to the farm, leaving Mr Walker having to file an action for possession of the farm with the courts.
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Nam Tai objected on the basis that the bank had not previously applied for the shares to be registered in its name. Lord Hoffman waved off the objections noting that in the context of the litigation such an omission was not surprising, and countering that "such a course would be to depirve the Bank of one of its most important rights as mortgagee, namely the right to take possession of the security and exercise the power of sale at its own discretion. To take the power of sale out of the hands of the bank would in their Lordships' opinion damage the confidence which bankers should have in the willingness of the courts to uphold their security rights."At paragraph 16.
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In 1855 to 1856 the NSW Lands Department put up for Crown land auction a large area from St Ives Public School to the present Clissold road, Wahroonga that included the Rose Seidler House site. For twenty years not one lot was sold and in 1877 the whole area was bought by William Billyard. After passing through several hands undeveloped, the mortgagee, The Sydney Land Bank and Financial Agency Co came into possession of it and subdivided the whole area into 38 allotments of in 1893 and was called the "Pymble View Estate." During the turn of the century the more accessible areas attracted the attention of the developing middle class who were seeking property suitable for large houses and generous gardens in bushland settings.
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Another Donal, the Earl's illegitimate son (not to be confused with Donal na Pipi), also asserted a claim, not to the English Earldom, but to the title of Mac Carthaig Mór. Fínghin mac Donncha Mac Carthaig would in future correspondence refer to Donal as "Donal the bastard". It was most unlikely that the English authorities would acknowledge Mac Carthaig or grant him the derived English title as they wanted to break up the Mac Carthaig lands; so the real dispute in law came down to the recovery of lands by Florence from an English mortgagee (William Brown), who had possessed them on account of a debt owed to him by the earl. In June 1598, Mac Carthaig travelled to England to pursue the matter.
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Tarro Catholic Church and School In 1841 Edward Sparke Snr, original settler and owner of "Woodlands" conveyed of land on the High Road to the Church of England and the Bishop of Australia. During the same year he donated to the Lord Bishop of Australia, William Grant Broughton, for a burial ground. In 1842 Sparke and his wife Mary, with the approval of Robert Scott the mortgagee, sold Bishop Broughton four acres "on which a Parsonage House is now built", commencing at the north east corner of the Township of Upper Hexham, for £100, "for erection and completion of Parsonage".Hartley, Dulcie, "Men of Their Time - Pioneers of The Hunter River" page 21 [1995] A church, named St Stephens, was opened in Tarro around 1849.
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Mortgage insurance is an insurance policy designed to protect the mortgagee (lender) from any default by the mortgagor (borrower). It is used commonly in loans with a loan- to-value ratio over 80%, and employed in the event of foreclosure and repossession. This policy is typically paid for by the borrower as a component to final nominal (note) rate, or in one lump sum up front, or as a separate and itemized component of monthly mortgage payment. In the last case, mortgage insurance can be dropped when the lender informs the borrower, or its subsequent assigns, that the property has appreciated, the loan has been paid down, or any combination of both to relegate the loan-to-value under 80%.
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It is likely that the bricks used in the construction of Pollock's shop-house came from the One-mile Swamp brickworks, and survive to illustrate one of the earliest industries of Woolloongabba. Alexander Pollock was bankrupted in the crash of 1866/67, and although reputedly he later retrieved his fortune in the Gympie goldrush, was forced to forfeit the Stanley Street property to a mortgagee in 1868. Since that time a variety of small businesses have operated from the ground floor premises, which totalled four shops by the twentieth century. One of the more enduring businesses established in the building was the oyster saloon run by Luigi Cervetto, fish merchant, who acquired the property in 1912, and neighbouring subdivision 10 in 1920.
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Shotter, an insurance broker, and part-time horticulturalist agreed to help Villars purchase and develop a horticultural block, although Shotter was neither a shareholder or director of the holding company Unicorn Holdings Limited. Unicorn however was $100,000 short in funding the purchase, and they arranged a $100,000 loan from Westpac, for which Shotter was required to give a $100,000 personal guarantee. The business venture ultimately failed, with Westpac selling the land by mortgagee sale, which resulted in a net surplus of $74,294 after clearing the mortgage. Later, when the bank pursued Shotter under the guarantee he gave, he was surprised to find they were pursuing him for the full $100,000 of the guarantee, rather than the net amount of 25,706 after deducting the surplus from the mortgage.
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Archibald Mitchell was the owner of the land between 1839 and 1865 and, according to the Sands Directory, the name changed in 1865 to Frankford [sic] Villa with Archibald Mitchell still in residence, suggesting some change in the nature of the house. It appears that Mitchell borrowed heavily against the property and was sold-up by the mortgagee Jane M. Dunsmere, who possibly had to force the sale as her husband John appeared to have died around 1864. There is apparent fabric evidence from the earlier "Waterloo Villa" period in the presence of the front door and fanlight, multi- paned windows to the original north and rear walls, a bead and butt door, the six panel doors and some of the joinery trim.
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Under title theory, a mortgage has the effect of a deed passing legal title, though conditionally, of the mortgaged property to the mortgagee (the lender in a loan agreement being secured by the mortgage), with so-called "equitable title" (which is really equity of redemption) being retained by the mortgagor (the borrower in the loan). The fact of the mortgagor's retaining of the "equity of redemption" is the fact which renders the passing of title under title theory conditional. Mortgages within title theory jurisdictions, then, may be viewed as having the action of what might be called "conditional deeds". Though legal title is passed pursuant to a mortgage therein, the arrangement is generally construed by courts to recognize the mortgagor as "owner" of the mortgaged property within title theory jurisdictions.
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This is also the point at which today's park is recognisable as Chapman and Andre's survey of that time depicts the northern tree line, approach avenue, and park boundaries as they occur today. The property passed down two generations in the Heaton family, although it was let to tenants between 1826 and 1834. At this point the property again changed hands several times and was even listed in the Chelmsford Chronicle on 21 June 1867 (on page 4): Bedfords Park for sale - 1867 It was purchased 3 years later from the mortgagee of the previous owner by Henry R. Stone in 1870. His son Henry J. Stone was the last lord of the manor, and although in parts, Bedfords was sold to Romford Urban District Council by his widow in 1933.
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Section 10(2) of the Act specifies that property shall be regarded as belonging to any person — :(a) having the custody or control of it; :(b) having in it any proprietary right or interest (not being an equitable interest arising only from an agreement to transfer or grant an interest); or :(c) having a charge on it. These provisions are similar to those set out in section 5 of the Theft Act 1968 in relation to theft. It is clearly a right of property ownership to deal with property as one wishes, including its damage or destruction. However a person setting fire to his own house which is subject to a mortgage can be charged because the mortgagee will have a proprietary right or interest in the property.
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In prior English law, a warrant of attorney was a security authorizing a solicitor to collect a debt on behalf of a creditor. It is now subsumed in the general power of attorney. A warrant of attorney was a security for money in the form of an authority to a solicitor named by a creditor, empowering him to sign judgment in an action against the debtor for the sum due, with a defeasance—a clause that the warrant shall not be put into force in case of due payment of the money secured. It was often used as a collateral security, either for the payment of an annuity or with mortgages, in order that the mortgagee, by entering up judgment, might obtain priority in the administration of the assets of the mortgagor.
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Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees, then the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.
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It was completed in 1864 and opened on 12 August.F.C. Glover, 'The Founding of St Andrew's Swansea', Journal of the Presbyterian Historical Society of England, 13 (1966), pp 102-5 A renewed attempt to extend the N&BR; to Swansea was made in 1864, this time by purchasing the Swansea Canal and building the railway on its banks, but this too failed. Also in 1864 Dickson and others formulated plans to purchase the Oystermouth Railway at Swansea and build a main-line railway alongside it to a deep-water harbour at Mumbles. In pursuit of this goal he acquired the foreshore rights all round Swansea Bay from the Duke of Beaufort in June 1864 and in October reached an agreement with George Byng Morris, the mortgagee in possession, to purchase the Oystermouth Railway.
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A home in Louisiana damaged by Hurricane Katrina In the United States, most home buyers borrow money in the form of a mortgage loan, and the mortgage lender often requires that the buyer purchase homeowner's insurance as a condition of the loan, in order to protect the bank if the home is destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortgagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In such a case even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan.
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When we only look to the facts in this case, we see on one side a man largely indebted, hiding his property, and in fact destroying it, to prevent his creditors from reaping any benefit there from, and in this case, Shipman has been base enough to emancipate the slave to injure and ruin his security. We feel disposed to view him in a light but little below that of a felon. But there are two sides to every question; here is also the case of a person claiming the benefit of the ordinance of Congress of 1787, for the government of the Northwestern Territory, which declares, that in that country there shall be neither slavery nor involuntary servitude.” In his dissent, Wash asserted that “the mortgagee is the legal owner.
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Millett J held that the administrator had not unfairly prejudiced the creditors, and rejected that the standard of care had been breached. This was, in substance, an action for professional negligence. The administrator owed a duty to a company to obtain a proper price for assets, the same as for anybody with a power to sell property that does not belong to him (such as a mortgagee, as in Cuckmere Brick Co Ltd v Mutual Finance Ltd [1971] Ch 949). He ‘must take reasonable care in choosing the time at which to sell the property. His duty is ‘to take reasonable care to obtain the best price that the circumstances permit, as in Standard Chartered Bank Ltd v Walker [1982] 1 WLR 1410. But that only meant ‘the best prices that circumstances as he reasonably perceives them to be permit.
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The case drew severe criticism for favouring the interests of banks and money lenders over people living in homes.See S Gardner, Introduction to Land Law (2007) 309 It was pointed out that although a bank's loan might have been necessary for a buyer to complete a purchase, a person who had an equitable interest through financial contribution had given value that was no less necessary for the purchase.See Smith, ‘Mortgagees and Trust Beneficiaries’ (1990) 109 LQR 545, 548-9, ‘Beyond £4000, however, George Cann had two overlapping sources of finance: the proceeds from the previous house and the mortgage. What logic or sense is there in saying that the mortgagee must have priority?’ Smith suggests that the sources of finance be given equal priority according to their quantum, although that could be difficult to quantify when there is a non-financial contribution.
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Lubbe v Volkskas is an important case in the South African law of lease. In October 1987, the appellant brought an urgent application before a single judge in which he applied for an order # declaring that he had established a lien over the wheat crop on a certain part of the farm T; and # instructing the deputy sheriff to sell the said farm subject to his lien. It was common cause that the respondent's intention, as mortgagee, had been to sell the land subject to the lease and, if the property did not realise the amount of the judgment debt, then free of the lease. Judgment had been obtained by the respondent against the owner in January 1986 on a mortgage bond registered over the farm in 1983, and the property had been attached in March 1986.
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In the United Kingdom, foreclosure is a little-used remedy which vests the property in the mortgagee with the mortgagor having neither the right to any surplus from the sale nor liability for any shortfall. Because this remedy can be harsh, courts almost never allow it especially if a large surplus is likely to be realised, furthermore when a substantial surplus is unlikely to be realised then mortgagees are disinclined to seek foreclosure in the first place since that remedy leaves them no recourse to recover a shortfall. Instead, the courts usually grant an order for possession and an order for sale, which both mitigates some of the harshness of the repossession by allowing the sale while allowing lenders further recourse to recover any balance owing following a sale. The United Kingdom foreclosure system is unique and true foreclosures are quite uncommon.
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The Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951 conferred on servicemen the same protection as that provided under the Rent Acts in cases where their tenancies were not already within those Acts. Incidentally, this Act has been amended on several successive occasions whenever there has been an amendment to the protection given by the Rent Acts to ensure that servicemen would have a rented home to return to. The Crown Lessees (Protection of Sub-Tenants) Act 1952 brought within the Rent Acts tenants, lessees and mortgagors of Crown property, except where the Crown was the immediate landlord, lessor or mortgagee. The Accommodation Agencies Act 1953 prohibited the taking of money from a prospective tenant simply by registering his name and requirements and prevented the making of charges simply for supplying the addresses of accommodation available to let.
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Through the remainder of the decade the house was occupied by Messrs Thomas and Ryder of Jimbour Station, although they did not acquire title to the house site. In the early 1920s the house on its was sold by order of the mortgagee, the Queensland National Bank, with title transferred in October 1922 to Charles Whippell. The association of the Russell family with Jimbour House commenced in the 1923 when Roma pastoralist Wilfred Adams Russell purchased the property from Whippell. Title was transferred to Russell in January 1925. Russell was born in Queensland in 1874 and educated in New South Wales, where he later acquired pastoral and agricultural interests. In 1909, he acquired an interest in Dalmally Station near Roma and took up residence there in 1910. He further extended his pastoral interests with the acquisition of properties at Cunnamulla and Jimbour Station.
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The case involved a homeowner (Henrietta Eaton) who lost her house in Massachusetts via a foreclosure sale after defaulting on her mortgage. Eaton then filed a suit against Fannie Mae in Massachusetts Superior Court alleging that the record holder of the mortgage did not also hold the promissory note at the time of foreclosure. Due to this alleged lack of unity at the time of sale, Eaton was alleging that property title was invalid. In its opinion, the S.J.C. asserted that although the statutes and case law from the nineteenth century implied that the mortgagee should also hold the note at time of sale, the court would not apply the requirement of unity retroactively to June 22, 2012, but only prospectively from that date because the law was "ambiguous" and a retroactive application would have voided thousands of titles.
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Equity defers to the position at law of a bona fide purchaser for value without notice (including any tenant or mortgagee), and as 'equity will not suffer a wrong to be without remedy,' where there is such, will be limited to in personam remedies against the settlor or life tenant where it confirms life estates, upon trust, to have been validly created: #for the life tenant(s); and thereafter #for remainderman, remaindermen or the reversionary settlor. Life tenants are never recorded as proprietors at the Land Registry as they are temporary, equitable owners and are not entitled to have the a transfer of the land effected. If the proprietor has died, executors of the will, administrators or beneficiaries all have the right to apply for the standard form A restriction and are encouraged by the official guidance to do so. Practice Guide 24, published 13 October 2003.
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Some countries have limited the grant of traditional mortgages by statute in some circumstances. For example, in England and Wales a mortgage of land may only be made by way of statutory charge or demise for a term of years absolute (a lease), see sections 85-86 of the Law of Property Act 1925, and only by way of statutory charge in cases of registered land, see section 23 of the Land Registration Act 2002 Traditionally, the courts have been astute to ensure that the mortgagee did not introduce any artificial stipulations into the contractual arrangements to impede a mortgagor's ability to satisfy obligations and reclaim the property. Such impediments are "clogs" on the equity of redemption, and the courts of equity were particularly astuteSee at para 50. in striking down any provision which was, or in later cases, which may be, a clog.
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Where collateral is pledged in prime brokerage transactions, it is common for the broker to rehypothecate the collateral. Concerns remained, however, that because the rehypothecation might theoretically mean that the lender could lose title to the collateral, and thereby possibly be unable to reconvey it to the primary customer, it was speculated that such rehypothecation is possibly unlawful. The tide has for some years now turned against striking down every clause in a mortgage document that might conceivably impede the right to redeem.The tide began to turn in Biggs v Hoddinott [1898] 2 Ch 307, where it was held that, in a brewery mortgage case, a covenant to take beer from the mortgagee limited to the continuance of the security did not clog the equity of redemption, it being generally realised that an extreme response to perceived clogs undermined the commercial arrangements of the parties.
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A conditional sale is a real estate transaction where the parties have set conditions. A standard real estate transaction usually begins when a prospective purchaser submits an offer to purchase to the vendor of a property. As in a standard offer, a conditional offer sets out the terms of the sale such as the purchase price, the date of closing, the names of the parties, and the amount of any required deposit, but it also stipulates various conditions which must be met in order for the contract to be binding on the parties. These conditions may include approval by a co-purchaser, financing acceptable to the purchaser, the receipt and review of a survey showing that the buildings on the property comply with local zoning regulations, a title search showing no unacceptable liens or encumbrances, confirmation from the current mortgagee that the property is not in foreclosure, and the like.
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House in Salinas, California, under foreclosure, following the bursting of the U.S. real estate bubble Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.
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As mortgagee, the Queensland government took over the running of the mill between 1904 and 1907. The first locomotive, a Krauss 0-6-0 tank locomotive, was purchased in 1905 although horses were still used to deliver cane to the end of the western line and over a tramline which ran over the Rosemount Range and connected with the Petrie Creek line to the east of the mill. In 1911 a branch line was constructed to the Maroochy River and although the eastern section of the tramway network continued to be extended, lines on the western side were sold to Maroochy Shire in 1914. Some branch lines were dismantled and the line extended to Mapleton. The council operated this line for 30 years, before it was reacquired in 1945 by the Mill and reduced back to the foot of the range before being closed in 1970.
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As General Counsel of the HUD, Gottfried led a nationwide organization of approximately 700 employees, including close to 400 attorneys and 300 non-attorneys with headquarters in Washington, D.C., ten regional counsel offices and close to forty field counsel offices around the country. At the time, the Office of General Counsel of HUD had an annual budget of approximately $100 million. Gottfried served as this cabinet agency's Chief Legal Officer and was the Senior Legal Advisor to the Secretary, Deputy Secretary and other agency principal staff in the department providing advice on all aspects of Federal laws, regulations and policies applicable to public and Indian housing, community development programs, mortgage insurance programs, complex mixed financing transactions for residential development and health care facilities, fair housing enforcement and urban development programs as well as federal laws, regulations and policies governing ethics, procurement, personnel management and labor relations. As General Counsel of HUD, Gottfried was a member of the Federal Housing Administration's Mortgagee Review Board.
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McKenna, at 100–01. The legislation's ultimate goal was to help those farmers scale down their mortgages. On August 6, 1934, and again on November 10, 1934, Radford filed amended petitions for relief thereunder. The second amended petition prayed that Radford be deemed bankrupt; that his property be appraised; and that he have the relief provided for in paragraphs 3 and 7 of subsection(s) of the Frazier-Lemke Amendment.11 U.S.C. § 203(s)(3, 7). That act provides, among other things, that a farmer who has failed to obtain the consents requisite to a composition under section 75 of the Bankruptcy Act, may, upon being adjudged a bankrupt, acquire alternative options in respect to mortgaged property: #By paragraph 3, the bankrupt may, if the mortgagee assents, purchase the property at its then appraised value, acquiring title as well as immediate possession, by agreeing to make deferred payments as follows: 2½ per cent.
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At the court of Hungary there were two parties arrayed against each other: the Magyar party under the leadership of Zápolyas and the German party under the leadership of George of Brandenburg, whose authority was increased by the acquisition of the duchies of Ratibor and Oppeln by hereditary treaties with their respective dukes and of the territories of Oderberg, Beuthen, and Tarnowitz as pledges from the king of Bohemia, who could not redeem his debts. By the further appropriation of the Duchy of Jägerndorf, George came into possession of all Upper Silesia. As the owner and mortgagee of these territories he prepared the way for the introduction of the Protestant Reformation, here as well as in his native Franconia. Earlier than any other German prince or any other member of the Hohenzollern line including even his younger brother Albert, the Grand Master of the Teutonic Order, he turned his eyes and heart to the new faith proceeding from Wittenberg.
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Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the trustee to be held in trust for the lender/beneficiary. In reality, an escrow holder is always used so that the transaction does not close until the escrow holder has the funds, grant deed, and deed of trust in their possession. This ensures the transaction can be easily rescinded if one party is unable to complete its part of the deal. Deeds of trust differ from mortgages in that deeds of trust always involve at least three parties, where the third party holds the legal title, while in the context of mortgages, the mortgagor gives legal title directly to the mortgagee.
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Historically, the vast majority of judicial foreclosures have been unopposed, since most defaulting borrowers have no money to hire counsel. Therefore, the U.S. financial services industry has lobbied since the mid-19th century for faster foreclosure procedures that would not clog up state courts with uncontested cases, and would lower the cost of credit (because it must always have the cost of recovering collateral built-in). Lenders have also argued that taking foreclosures out of the courts is actually kinder and less traumatic to defaulting borrowers, as it avoids the in terrorem effects of being sued. In response, a slight majority of U.S. states have adopted nonjudicial foreclosure procedures in which the mortgagee (or more commonly the mortgagee's servicer's attorney, designated agent, or trustee) gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the real property in a form prescribed by state statute; the NOD in some states must also be recorded against the property.
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Although a build date of 1680 is often quoted, Bocking Windmill was actually built in 1721 at a position some to the west (TL 761 260 ) of its present site. The first mention of the mill was in an indenture dated 19 April 1721 where the lease of land that had been enclosed for the building of a windmill was sold to Joseph Nash, miller of Halstead for £11. The mill was marked on Warburton, Bland and Smyth's map dated c1724. The mill was conveyed to Joseph Nash Jr in April 1772, who promptly mortgaged the mill for £100. Thomas French, miller of Halstead, purchased the mill for £135 on the death of the mortgagee c1734. French sold the mill in 1774 to Bartholomew Brown, of Wethersfield for £170. In 1784 John Tabor loaned £100, with the mill as security. The mill was to be run by the Brown family for three generations, ending with John Brown who died in September 1829.
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An administrator must be a registered liquidator who gives consent in writing to accept their appointment. Various persons are disqualified from acting as a company's administrator, including creditors with an interest in the company over $5000, a director, secretary or employee of the company, a director, secretary or employee of a company that is a mortgagee to the company's property, or an auditor of the company. The core role of the administrator is outlined in the legislation. Whilst a company is under administration, the administrator: # has control of the company's business, property and affairs; and # may carry on that business and manage that property and those affairs; and # may terminate or dispose of all or part of that business, and may dispose of any of that property; and # may perform any function, and exercise any powers, that the company or any of its officers could perform or exercise if the company were not under administration.
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During his time on the bench, Lord Templeman was known to be short with counsel who persisted with a line of argument after he had made up his mind, which earned him the affectionate sobriquet, "Syd Vicious". Lord Templeman was also renowned for his colourful language. In Borden (UK) Ltd v Scottish Timber Products Ltd [1979] 3 WLR 672 at 686 he remarked: > "At some distant date, when the court has unearthed the unearthable, traced > the untraceable and calculated the incalculable, there will emerge the sum > which it is said belongs to the plaintiffs in equity, a sum which is immune > from the claims of Crown and mortgagee, debenture holder and creditor, a sum > secured to the plaintiffs by a simple retention of title clause, which > referred only to resin but was pregnant with all the consequences alleged in > the statement of claim and hidden from the gaze of all other persons who > dealt with the defendants." When he expressed judicial opinions - either on legal or social issues - he often did so in strident tones.
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Before 2003, English law provided that, other than the rules relating to self-dealing, there was no rule in equity which precluded a lender from stipulating for any collateral advantage, provided that the stipulation was not: #unfair or unconscionable, #in the nature of a penalty clogging the equity of redemption, or #inconsistent with or repugnant to the right to redeem., citing As a result, for both legal and practical reasons, the use of foreclosure as a remedy has fallen into disuse. Even where a mortgagee seeks an order for foreclosure from the courts, the courts will frequently order judicial sale of the property instead. In 2002, in an effort to standardize the rules relating to financial collateral arrangements and to "[provide] for rapid and non-formalistic enforcement procedures in order to safeguard financial stability and limit contagion effects in case of a default of a party to a financial collateral arrangement",Directive 2002/47/EC, Recital 17 the European Union adopted Directive 2002/47/EC, which provided for a remedy of appropriation (already available in the civil law).Directive 2002/47/EC, art.
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Delphi Classics have issued a Complete Works of R. Austin Freeman, but this is not for sale in the United States due to copyright reasons. Instead there is a Collected Works edition for the US market. Many of the Thorndyke stories are available on Project Gutenberg Australia. #The Case of Oscar Brodski (UK 01) #A Case of Premeditation (UK 02) #The Echo of a Mutiny (UK 03) #A Wastrel's Romance (UK 04) #The Missing Mortgagee (UK 05) #Percival Bland's Proxy (UK 06) #The Old Lag (UK 07) #The Stranger's Latchkey (UK 08) #The Anthropologist at Large (UK 09) #The Blue Sequin (UK 10) #The Moabite Cipher (UK 11) #The Mandarin's Pearl (omitted from British edition) #The Aluminium Dagger (UK 12) #The Magic Casket (UK 13) #The Case of the White Footprints (UK 31) #The Blue Scarab (UK 32) #The New Jersey Sphinx (UK 33) #The Touchstone (UK 34) #A Fisher of Men (UK 35) #The Stolen Ingots (UK 36) #The Funeral Pyre (UK 37) #The Puzzle Lock (UK 22) #The Green Check Jacket (UK 23) #The Seal of Nebuchadnezzar (UK 24) #Phyllis Annesley's Peril (UK 25) #A Sower of Pestilence (UK 26) #Rex v.
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The power of possession allows a mortgagee to take actual possession of the mortgaged property, and this may be for reasons including a desire to sell the property to retrieve the debt, or for the purpose of handling the property whilst it continues to produce an income. Possession is available the moment the mortgage is created, and importantly does not require any default to be exercisable. However, if the parties agree on restrictions/amendments to the power of possession, it may therefore be altered.Four-Maids Ltd v Dudley Marshall (Proprieties) Ltd [1957] Ch 317, at 320 Regarding dwelling-houses and court issued possession orders, the court has the power to adjourn proceedings, and suspend or postpone an order of possession, if it is satisfied "that in the event of its exercising the power [of adjournment, suspension or postponement] the mortgagor is likely to be able within a reasonable period to pay any sums due under the mortgage or to remedy a default consisting of a breach of any other obligation arising under or by virtue of the mortgage".Administration of Justice Act, s36(1) This delay may be for whatever length of time the court believes is reasonable.
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In the Dunne case, Hogan J also queried whether the non-compliance by a lender with the Code would affect, as a matter of law, the lender's entitlement to obtain an order for possession and, if so, whether the court must refuse to make such an order in the event of any breach of the Code.Irish Life and Permanent plc v Dunne [2015 IESC 46] [2.4], [2016] 1 IR 92 [11]. The Code requires lenders to follow a process with borrowers in (or in danger of falling into) arrears in order to try to address the mortgage arrears problems. As part of this process, the Code imposes a moratorium (that is, a temporary suspension) preventing lenders from bringing repossession proceedings until a certain period of time has elapsed. In the Dunphy case, Hogan J also queried whether the respondents had a vested right to possession in the property pursuant to s62(7) of the Registration of Title Act 1964 (and whether this right vested prior to 1 December 2009 when s62(7) of the Registration of Title Act 1964 was repealed) and in any event, whether the Supreme Court could grant possession to a mortgagee pursuant to a contractual agreement independent of statute.
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