Mortgage Deed - Law Dictionary Search Results
Home Dictionary Name: mortgage deed Page 1 of about 36 results (0.004 seconds)Mortgage-deed
Mortgage-deed, includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement, one person transfer, or creates, to, or in favour of, another, a right over or in respect of specified property. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (17); see also Transfer of Property Act, 1882 (4 of 1882), s. 58(a)]...
Equity of redemption
Equity of redemption. Before 1926 the equitable estate or interest left in a person after he had mortgaged his property. Now the right to call for a reconveyance of a legal estate or of an equitable interest in property from the mortgagee on payment of principal, interest and costs. A mort-gagee, although he has become absolute owner of a legal estate in the mortgaged property, on account of the breach of the condition for repayment of the loan within the strict time, is nevertheless compelled to reconvey the legal estate to the mortgagor, who applies to redeem it, on payment of the principal, interest, and costs, Equity treating the breach of the condition as a penalty, and the retention for the mortgagee's own benefit of that which was intended simply as a pledge, as contrary to substantial justice.The right or equity of redemption is an essential attribute of a mortgage; it is inherent in the thing itself, and any provision inserted in the mortgage to defeat the right is void as a '...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Mortgage by deposit of title deeds
Mortgage by deposit of title deeds, under the Transfer of Property Act a mortgage by deposit of title-deeds is one of the forms of mortgages whereunder there it a transfer of interest in specific immovable property for the purpose of securing payment of money advanced or to be advanced by way of loan. Therefore, such a mortgage of property takes effect against a mortgage deed subsequently executed and registered in respect of the same property. The three requisites for such a mortgage are (i) debt, (ii) deposit of title deeds; and (iii) an intention that the deeds shall be security for the debt, IC J Nathan v. S.V. Maruthi Rao, AIR 1965 SC 430 (435). [Transfer of Property Act, 1882, s. 58(f)]...
Land charge
Land charge, means a rent or annuity or principal moneys charged otherwise than by deed upon land under (English) Act of Parliament for securing to any person, the money spent by him, or under that Act, as a charge under the Land Drainage Act, 1861 (see DRAINAGE), or s. 20 of the Agricultural Holdings Act, 1923, for repayment of compensa-tion of tenant's improvements. See s. 4 of the Land Charges Registration and Searches Act, 1888 (51 & 52 Vict. c. 51), by s. 12 of which a 'land charge,' created after the commencement of that Act-i.e., after 1st January, 1889-is void against a purchaser for value of the land charged therewith, unless it has been registered in the 'Register of Charges,' in the manner mentioned in that Act, since transferred to the Land Registry by virtue of the Land Charges Act, 1900 (63 & 64 Vict. c. 26), repealed by the Land Charges Act,1925. By this Act the system of compulsory registration of charges over land has been greatly extended and no purchaser of land woul...
Deed
Deed [fr. d'd, Sax.; ded gaded, Goth.;daed, Dut.], a formal document on paper or parchment duly signed, sealed, and delivered. It is either an indenture (factum inter partes) needing an actual indentation [(English) Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 5], reproduced by the Law of Property Act, 1925, s. 56 (2), made between two or more persons in different interests, or a deed-poll (charta de una parte) made by a single person or by two or more persons having similar interests. By the (English) Law of Property Act, 1925, s. 57, a deed may be described according to the nature of the transaction, e.g., 'this lease,' 'this mortgage,' etc., or as a 'deed' and not habitually by the word 'indenture.'The requisites of a deed are these:-(1) Sufficient parties and a proper subject of assurance.(2) It must be written, engrossed, printed, or lithographed, or partly written or engrossed, and partly printed or lithographed in any character or in any language, on paper, vellum, or parchm...
Consolidation of mortgages
Consolidation of mortgages. When different pro-perties are mortgaged by the same mortgage or to the same mortgagee for different debts, it was formerly the right of the mortgagee to refuse to allow the mortgagor to redeem one of the mortgages without also redeeming the others, the effect being to throw the whole of the debts on the whole of the properties and thus 'consolidate' the mortgages. This right of the mortgagee was an application of the maxim, 'He who seeks equity must do equity'; it was not considered fair to the mortgagee to allow the mortgagor to pay off one mortgage, which perhaps was well secured, and leave the mortgagee with another mortgage on his hands which might be very insufficiently secured. But though the doctrine was not unfair or unreasonable as originally applied, it came to be extended to cases where, owing to devolutions of title having taken place, its application was manifestly unjust, and attempts were made by the Courts to limit its exercise. Finally, the...
Receiver
Receiver, is a person appointed for the collection or protection of property. He is appointed either by the court or out of court by individuals or corporations, Halsbury's Laws of England, 4th Edn., Vol. 39, p. 403, pp. 801.Receiver. (1) An officer appointed by the court to collect rents, etc., pending a suit. Receivers are appointed in actions for administration; in actions by mortgages or against trustees or executors; in actions between partners for winding up the partnership business, and in a great many other cases. (2) A mortgagee may also appoint a receiver of the mortgaged property, if empowered so to do by the mortgage deed or by separate instrument, without having to apply to the court; and by s.19 of the (English) Conveyancing Act, 1881, reproduced and extended to mortgages of certain incorporated hereditaments, such as rentcharges or annual income, by the (English) Law of Property Act, 1925, s. 101, in the case of a mortgage executed on or after the 1st January, 1882, the ...
Kut-Kubala
Kut-Kubala, a mortgage-deed or deed of conditional sale, being one of the customary deeds or instru-ments of security in India as declared by regulation of 1806, which regulates the legal proceedings to be taken to enforce such a security. It is also called Byebil-wuffa. See a form in 8 W. Rep. P. 29....
document recording
document recording after closing on a loan, certain documents are filed and made public record. Discharges for the prior mortgage holder are filed first. Then the deed is filed with the new owner's and mortgage company's names. Source: U.S. Department of Housing and Urban Development ...
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