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Mortgage: a contract transferring an interest in property as security for the repayment of a debt. On
default a mortgagee typically has recourse to the property and the right to re-take possession, sell the
property and apply the proceeds against the debt. Various pieces of legislation (such as the Consumer
Credit Code) affect the rights and obligations of mortgagors and mortgagees.
Personalty: personal property; all property other than realty and real property (ie, land and anything
fixed to it).
Possession: the right to occupy land, or control and use goods. The right to the lawful possession of
property need not be held by the lawful owner of that property, but may be granted to another.
Tenancy in common: a form of co-ownership where two or more persons own distinct shares in the
same piece of land but not necessarily with the other three unities of interest, title and time. They can
leave their interest to whomsoever they wish. It is important to have an understanding of the meaning of the term ‘property’ in business, as it often has
two meanings: to a layperson it means a piece of land (eg, ‘my property at 39 Mara Court, Brentville’);
to a lawyer it also means the rights or owners...
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- Three '12