Mortgage Deed - Law Dictionary Search Results
Home Dictionary Name: mortgage deed Page: 2Equitable 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 ...
Notice
Notice, the making something known to a person of which he was or might be ignorant. Notice is either (1) statutory; (2) actual, which brings the knowledge of a fact directly home to the party; or (3) constructive or implied, which is no more than evidence of facts which raise such a strong presumption of notice that equity will not allow the presumption to be rebutted. [S. 154, I.P.C. and Art. 61(2)(a) const. 56 Indian Evidence Act]Constructive notice may be subdivided into: (a) where the facts of which actual evidence is supplied give rise to a further enquiry which a man exercising ordinary caution would make equity has added constructive notice of the facts, which that inquiry would have elicited; and (b) where there has been a designed abstinence from inquiry for the very purpose of avoiding notice. See CONSTRUCTIVE NOTICE.A purchaser with notice may protect himself by purchasing the title of another bona fide purchaser for a valuable consideration without notice; for, otherwise, ...
deed
deed 1 : something done : act [my free act and ] 2 : a written instrument by which a person transfers ownership of real property to another see also deliver, grantee, grantor, recording act, registry, title compare certificate of title NOTE: A deed must be properly executed and delivered in order to be effective. Additionally, the grantor must have freely intended to make the transfer at the time of the conveyance. Deeds are recorded at the local registry of deeds to give notice of ownership. bargain and sale deed 1 : a contract resulting from a bargain between a buyer and a seller of real property that creates a use in the buyer and therefore transfers title to the buyer by operation of law 2 : a deed in which the grantor makes no warranties of title to the grantee deed of trust : an instrument securing a debt in which a debtor conveys the legal ownership of real property to a trustee to be held in trust for the benefit of the creditor or to be sold upon the debtor's defaul...
Puisne mortgage
Puisne mortgage. In the legal phraseology which was used before 1926 meant a mortgage sub-sequent to the mortgage of a legal estate, but for the purposes of the Land Charges Act, 1925, s. 10 (1) (Class C.), it is enacted that 'puisne mortgage' means any legal mortgage (including the first) of a legal estate not being a mortgage protected by a deposit of documents relating to the legal estate affected and (if the whole of the land affected is within the jurisdiction of a local deeds registry) not registered there. These mortgages, if created after 1925, must be registered at the Land Charges Registry, Red Lion Square, or they will lose priority; see, further, MORTGAGE CHARGE. Mortgages created before 1926 may be registered before transfer. This amounts to notice, but even this notice will not prevent tacking on further advances by a prior mortgagee if that mortgagee has not seen the register at the date of the first advance or has no other actual or direct notice. See TACKING.Under the ...
Joint-tenancy
Joint-tenancy. This tenancy is created where the same interest in real or personal property is, by the act of the party, passed by the same matter of conveyance or claim in solido, and not as merchan-dise, or for purposes of speculation, to two or more persons in the same right, either simply, or by construction or operation of law jointly, with a jus accrescendi, that is, a gradual concentration of property from more to fewer, by the accession of the part of him or them that die to the survivors or survivor, till it passes to a single hand, and the joint-tenancy ceases.Anciently, joint-tenancy was favoured because it did not induce fractions of estates, and returning to early principles the (English) Land Legislation of 1925 has employed the tenure generally as the machinery by which legal estate may in such cases always be in some person, called the estate owner, who is competent to give a title to the whole estate without the concurrence of other parties. that legal estate has been ...
race-notice
race-notice [race from the notion of two parties rushing to the courthouse in order to be the first to record a claim or interest on the same property] : of, relating to, or being a recording act which stipulates that an unrecorded deed, mortgage, or lien shall not be valid against a recorded one unless the recording party (as a subsequent purchaser from the same seller) had notice of the interest or claim of the other party when recording compare notice, pure race NOTE: If one party purchases a property and records the deed, a subsequent purchaser is normally held to know about it — to have “constructive notice” of it — as a matter of law since it is a matter of public record. Under a race-notice statute, however, a subsequent purchaser cannot have constructive notice of an unrecorded deed, and so the recorded deed has priority unless the purchaser actually knew about — had “actual notice” of — the unrecorded deed. ...
Attornment
Attornment [fr. tourner, Fr., to turn], the acknowledgement of a new lord on the alienation of land, and the assent or agreement of the tenant to attorn, as 'I become tenant to the purchaser.'-Co. Litt. 309. By s. 151 of the (English) Law of Property Act, 1925, replacing 4 Anne, c. 16, ss. 9, 10, all grants and conveyances of lands, rents, reversions, etc., are good without the attornment of the tenants, but notice of the grants must be given to the tenants, before which they are not prejudiced by the payment of any rent to the grantor, or breach of the condition for non-payment, and by the same section of the (English) Act of 1925, replacing the (English) Distress for Rent Act, 1737 (11 Geo. 2, c. 19), s. 11, attornments made by tenants to strangers claiming title to the estate of their landlord are null and void, and their landlord's possession is not affected thereby, except as provided by s. 151, ibid.The 'Attornment Clause' in a deed of mortgage is a clause whereby, for better sec...
recording
recording the recording in a registrar's office of an executed legal document. These include deeds, mortgages, satisfaction of a mortgage, or an extension of a mortgage making it a part of the public record. Source: U.S. Department of Housing and Urban Development ...
mortgage note
mortgage note a legal document obligating a borrower to repay a loan at a stated interest rate during a specified period; the agreement is secured by a mortgage that is recorded in the public records along with the deed. Source: U.S. Department of Housing and Urban Development ...
Parcels
Parcels, the technical term for the description of the property dealt with by a conveyance mortgage, or other assurance. The description may be express and independent, or by reference to the recitals in the deed, or to the subsequent parts of the instru-ment, or to some other instrument (Dav. Prec. Conv., vol. i.). In modern practice a description of the property is often set out in a schedule to the deed coupled with a reference to a plan drawn on the deed. If a plan is used, great care should be taken (which it very often is not) to ensure that the plan is accurate. As to a purchaser's right to have the property conveyed to him by reference to a plan, see Re Sansom, (1910) 1 Ch 741; Re Sparrow, (1910) 2 Ch 60. See also REGISTRATION OF TITLE TO LAND....
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