LAW316 Lecture 8 - MORTGAGES 1 Lecture 8 Volunteers Before...

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Unformatted text preview: MORTGAGES 1 Lecture 8 Volunteers Before registration Corin v Patton (1990) 169 CLR 540 After registration Bogdanovic v Koteff (1988) 12 NSWLR 472 2 Definition 3 A conveyance or transfer of property as security for the payment of a debt or the discharge of some other obligation Gray & Gray Elements of Land Law 4 the mortgage transaction (and the liabilities which it generates) can underpin almost every feature of the way we live our lives. It plays a part in shaping family size and pattern, an equally significant fiscal role in coordinating lifetime savings and the inter-generational transfer of wealth, A silent disciplinary force within the workplace. The mortgage of realty provides, in short, one of the most remarkable engines of wealth creation in the modern world New mortgage products 5 Reverse mortgages Shared equity mortgage Freedom of contract v Equity 6 Lord Henley LC in Vernon v Bethell : necessitous men are not, truly speaking, free men, but to answer a present exigency, will submit to any terms that the crafty may impose on them Equitys intervention via the creation of the equity of redemption; Legislation such as the State and National Consumer Credit Code, and The rise of the doctrine of unconscionability in equity in particular as a way to attack unfair mortgage transactions. The History of Mortgages 7 Christian abhorrence of usury Ecclesiastics 21:8: " He that buildeth his house with other men's money is like one that gathereth himself stones for the tomb of his burial." Francis Bacon, in The Essays: That the usurer is the greatest Sabbathbreaker, because his plough goeth every Sunday. Usury 8 Aristotle argued, usury was also unnatural in the sense that the acquisition of money tended towards infinity and endless multiplication, encouraging greed for its own sake. One could, like Midas have an abundance of money and yet still perish from hunger. For Aristotle, therefore, usury undermined justice in exchange, corrupted market relations and subverted the ethical roots of social, political and economic order. Paddy Ireland, Company Law and the Myth of Shareholder Ownership (1999) Modern Law Review 32 at 34 Jewish Moneylenders 9 Maitland The villain (peasant/commoner) was a Christian; the custom of the manor had ancient roots and was closely akin to the common law. The relation between king and Jew was new, at least in England, and in many respects uniquethe Jew, though he is the kings serf, is a free man in relation to all other persons. Early Mortgages...
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This note was uploaded on 05/26/2010 for the course ECON 1160 taught by Professor Byrke during the Spring '10 term at Macomb Community College.

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LAW316 Lecture 8 - MORTGAGES 1 Lecture 8 Volunteers Before...

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