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Regarding the mortgagors rights to possession of the

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Unformatted text preview: Torrens Title, all registered mortgages are legal mortgages, but an unregistered mortgage is equitable only. With respect to the old system, only the first mortgage is a legal mortgage—all others are equitable only. Outline the rights of the mortgagee and the mortgagor. The rights of the mortgagee (lender) include: • to sue on personal covenants (things agreed to do); • to appoint a receiver (receives rents and profits); CO6 CO7 CO8 • on foreclosure, to become the owner of the mortgaged property through the mortgagor’s loss of the equity of redemption; • power of sale—a mortgagee, in exercising the power of sale, owes a duty to take reasonable precautions to obtain the true market value of the mortgaged property at the date on which the mortgagee decides to sell it. Regarding the mortgagor’s rights to possession of the mortgaged property: • In the common law system the mortgagor has no right to possession. However, it is usual for the deed of mortgage to give the right of possession to the mortgagor until default. • In the Torrens system the registered proprietor merely gives the mortgagee an interest that...
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