1 / 8

MORTGAGES III

MORTGAGES III. REMEDIES OF THE MORTGAGEE (cont’d). SUE ON BORROWER’S PERSONAL COVT TO REPAY. Action lies in contract Limitation period – 12 years. APPOINTMENT OF A RECEIVER. POWER OF APPOINTMENT s.109 LPA 25 Arising & exercisable – as for sale MAIN FUNCTION? AGENT of Lender or Borrower?.

eden
Download Presentation

MORTGAGES III

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MORTGAGES III

  2. REMEDIES OF THE MORTGAGEE (cont’d)

  3. SUE ON BORROWER’S PERSONAL COVT TO REPAY • Action lies in contract • Limitation period – 12 years

  4. APPOINTMENT OF A RECEIVER POWER OF APPOINTMENT • s.109 LPA 25 • Arising & exercisable – as for sale MAIN FUNCTION? AGENT of Lender or Borrower?

  5. FORECLOSURE • THE EFFECT • PROCEDURE • Court order • order nisi • order absolute • Sale instead under s.91(2) LPA 25? Foreclosure actions ‘are almost unheard of today and have been so for many years’ Palk v Mortgage Services Funding PLC

  6. THE RULES OF PRIORITY BETWEEN LEGAL MORTGAGES = their ranking on sale

  7. REGISTERED LAND Registered charges have priority according to the date on which they are entered on the register (s.48 LRA 2002) UNREGISTERED LAND + deposit of title deeds binds the world without deposit of title deeds (puisne mortgage) needs protection as a C(i) land charge

  8. THE LENDER’S REMEDIES – A FINAL NOTE ON EQUITABLE MORTGAGES • The remedies will be discretionary • A court order will be needed unless the equitable mortgage is by deed • for sale • to appoint a receiver • A court order may be needed for possession

More Related