Foreclosure Sale - Law Dictionary Search Results
Chancery
Chancery [fr. Cancelli, lattice-work, Lat.; chancellerie, Fr.]. the Court of Chancery, which administered equity (see that title) so far as distinct from law, was the highest court of judicature in this kingdom next to Parliament.Its powers and jurisdiction were in 1875 transferred to (I.) The High Court of Justice, and (II.) The Court of Appeal [(English) Jud. Act, 1873, ss. 16-18].(I) There is by the (English) Judicature Act, 1873, replaced by the English Judicature Act, 1925, s. 4, a Division of the High Court of Justice called the Chancery Division. To this Division are assigned (1) matters in which the court of Chancery had exclusive statutory jurisdiction (except County Court appeals), of these, the jurisdiction under the (English) Charitable Trusts Acts, 1853-1869, is practically the only portion nw remaining, the other jurisdictions having become exercisable under subsequent legislation. (Note: a. P. 1934, p. 2374), and (2) causes and matters for the administration of estates o...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
right of redemption
right of redemption :the right to regain ownership of property by freeing it from a debt, charge, or lien (as by paying to the creditor what is due to release the secured property) ;specif : a mortgagor's statutory right to redeem after a judicial foreclosure and sale ...
Under-lease
Under-lease, a grant by a lessee to another, called under-lessee, or under-tenant, or sub-lessee, or sub-tenant, of a part of his whole interest under the original lease, reserving to himself a reversion; it differs from an assignment, which conveys the lessee's whole interest, and passes to the assignee the right and liability to sue and be sued upon the covenants in the original lease.An under-lease for the whole term of the original lease amounts to an assignment, Beardman v. Wilson, (1868) LR 4 CP 57.Between the original lessor and an under-tenant there is neither privity of estate nor privity of contract, so that these parties cannot take advantage, the one against the other, of the covenants, either in law or in deed, which exist between the original lessor and lessee [Holford v. Hatch (1779) 1 Dougl 183; Johnson v. Wild, (1890) 44 Ch D 146]; but the lessor can distrain on the sub-lessee or take advantage of a condition of forfeiture, G.W. Ry. v. Smith, (1876) 2 Ch D 253. By s. 4...
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