Distinguish between a mortgage of old system land and

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Unformatted text preview: (personal property) or land (real property). Ownership of property means having the right to exclusive enjoyment of the property. Possession of property means having the physical control of the property. Distinguish between real and personal property. Personal property is moveable property. It includes choses in possession (physical goods and chattels) as well as choses in action (intangible rights, such as intellectual property). Real property is land and anything fixed to it (fixtures). Fixtures are chattels that were once moveable but have subsequently become attached to the land in a way that makes them part of the land. The basic presumption is that, if a chattel is actually attached to land by means other than its own weight, it is prima facie a fixture. Distinguish between a mortgage of old system land and a mortgage of Torrens Title land. A common law system of title mortgage involves the transfer of the land to the lender, subject to the borrower’s right to redeem the land on repayment of the loan. Under the Torrens system, the land is not transferred to the mortgagee. Instead, the mortgagee is granted an interest in the land. That interest is protected by registering it on the title. Define a mortgage. A mortgage is a security over land for the repayment of money lent. In respect of...
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This document was uploaded on 04/23/2012.

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