This applies to land under common law title and

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Unformatted text preview: gor’s contractual obligations, not on the mortgagee’s security interest. The right to sue on the personal covenant may be exercised in conjunction with any other remedies of the mortgagee. Right to appoint a receiver A receiver is a person who is usually appointed by the court on the request of the mortgagee to receive the rents and profits of the property and to account for them to the court. Legislation in all states provides that a mortgagee has an implied right to appoint a receiver. This applies to land under common law title and Torrens Title. However, the power to appoint a receiver isn’t exercisable until default has been made. Foreclosure Foreclosure is the forfeiture by the mortgagor of the equity of redemption as a result of default in payment. As a result of the foreclosure, the mortgagee acquires the fee simple of the land free from any right of the mortgagor to ever recover it. 871 CHAPTER 33 RISK MANAGEMENT ALERT C05 Outline the rights of the mortgagee and the mortgagor BUSINESS ORGANISATIONS AND THE LAW PART 6 872 With respect to land under common...
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