ADMS2610-Session12-Ch24

ADMS2610-Session12-Ch24 - ADMS2610 Session 12 Chapter 24...

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ADMS2610 Session 12 Chapter 24 (pg. 462-476) Law of Mortgages What is a Mortgage? - An agreement made between a debtor and creditor in which the title to property of the debtor is transferred to the creditor as security for payment of the debt - Old method of securing payment of indebtedness o Contains terms of mortgage o Conditions of discharge - Transfer title of property to the creditor - Found (true form) in registry systems What is Charge? - A secured claim (similar to mortgage) registered against real property under the Land Titles System - Does not transfer property to the creditor Mortgages - Historical Development o Land an important form of wealth o Pledged as security for debt o Originally means of securing debt by transferring an interest in land o Common law – agreement was strictly enforced Harsh results o Equitable doctrine of redemption Nature of Mortgages - Legal Mortgage o A first mortgage of real property whereby the owner of land in fee simple transfers the title of the property pledged as security to the creditor on the condition that the title will be re-conveyed when the
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This note was uploaded on 03/25/2011 for the course ADMS 2610 taught by Professor Joshuasera during the Winter '10 term at York University.

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ADMS2610-Session12-Ch24 - ADMS2610 Session 12 Chapter 24...

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