Mortgagor - Law Dictionary Search Results
Home Dictionary Name: mortgagorannual mortgagor statement
annual mortgagor statement yearly statement to borrowers detailing the remaining principal and amounts paid for taxes and interest. Source: U.S. Department of Housing and Urban Development ...
mortgagor
mortgagor : a person who mortgages property ...
Mortgagor
Mortgagor, he that gives a mortgage as security for a loan...
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...
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 '...
Foreclosure
Foreclosure. A mortgagee, or any person claiming an interest in the mortgage under him, can compel the mortgagor, after breach of the condition, to elect either to redeem the pledge or that his equity of redemption be extinguished by an order of the Court. The foreclosure of mortgages is one of the matters assigned to the Chancery Division of the High Court. [Jud. Act, 1925, s. 56(1)]A legal proceeding to terminate a mortgagor's interest in property, instituted by lender either to gain title or to force a sale in order to satisfy the unpaid debt secured by property, Black's Law Dictionary, 7th Edn.Law of Property Act, 1925 (English) s. 91, replacing the Conveyancing Act, 1881 (44 & 45 Vict. c. 41), s. 25, replacing the (English) Chancery Procedure Act, 1852 (15 & 16 Vict. c. 86), s. 48, empowers either mortgagor or mortgagee to obtain an order for sale instead of redemption or foreclosure.See ss. 88 and 89 of the (English) L.P. Act, 1925, in regard to the estate acquired by the mortgag...
English mortgage
English mortgage, Where the mortgagor binds him-self to repay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will retransfer in to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage, Narayandas Karsondas v. S.A. Kamtam, (1977) 3 SCC 247: AIR 1977 SC 774: (1977) 2 SCR 341.English mortgage 'where the mortgagor binds him-self to repay the mortgage-money on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will retransfer it to the mortgagor upon payment of the mortgage-money as agreed, the transaction is called an English mortgage. [Transfer of Property Act, 1882, s. 58(e)]...
Regress, Lettrs of
Regress, Lettrs of. They were granted by the superior of lands mortgaged to the wadsettor or mortgagor. Their object was this: by the wadset or mortgage, the mortgagor was completely divested, and when he redeemed, he appeared to claim an entry from the superior as a stranger, and the superior was no more bound to receive the mortgagor than he would have been forced to receive any third party; to remedy this, letters of regress were granted by the superior under which he became bound to re-admit the wadsettor at any time when he should demand entry, Bell's Scots Law Dict....
Tenants' Compensation Act, 1890
Tenants' Compensation Act, 1890 (English) (53 & 54 Vict. c. 57), repealed by and see now the Allotments Act, 1922 (12 & 13 Geo. 5, c. 57), ss. 1 and 4 (2). At Common Law a mortgagor, and therefore any tenant of his becoming such after mortgage with-out concurrence of the mortgagee, is a mere tres-passer, liable to ejectment without notice, and so liable to lose all his growing crops, etc., without compensation from the mortgagee. The Tenants' Compensation Act, to remedy this hardship, provided that where a person occupies land under a contract of tenancy (whenever made) with the mortgagor, which is not binding on the mortgagee, the occupier shall, as against the mortgagee who takes possession, be entitled to such compensation for crops, improvements, or other matters whatever, under the custom of the country, or the Agricultural Holdings Act, as would be due to him but for the mortgagee taking possession; and further gives such occupier a right to six months' notice, before being depri...
equity of redemption
equity of redemption 1 : the right of a defaulting mortgagor to redeem the mortgaged property before an absolute foreclosure 2 : the interest or estate remaining to a mortgagor in mortgaged property ;also : the value of such interest ...
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