Reverse Mortgage - Law Dictionary Search Results
Merger
estate of freehold. Under s. 88 of the (English) Law of Property Act, 1925, a foreclosure by a mortgagee will merge the mortgage term into and vest the fee simple in the mortgagee subject to any prior … to the rule; for a man may have in his own right both an estate tail and a reversion in fee; and the estate tail, though a less estate, will not merge in the fee, 2 Bl.
Lease
for such a term is also void but leases of an equitable interest under settlement or power to mortgage in settlements, or by way of indemnity and like purposes under the settlement are excepted from the prohibition, … has greater interest in the property. The person granting is called the lessor, who is possessed of the reversion (as to a reversion being essential to a lease, see 1 Platt on Lease, pp. 9 et seq.);
Attornment
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 securing the payment of the interest on the mortgage, the mortgagor attorns … 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
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Double value
so long a time as the same are detained. As to the effect of the (English) Rent and Mortgage Interest Restrictions Acts, 1920 and 1923, see Crook v. Whitbread, 147 LT 80. See now the Act of … and notice in writing given, for delivering the possession thereof, by the landlord, or the person having the reversion or remainder therein, or his agent thereunto lawfully authorized, such tenant so holding over must pay to the
Uses
seised to the use. (2) A cestui que use in esse. (3) A use in esse in possession, reversion, or remainder. (4) Every species of realty, except copyholds, whether corporeal or incorporeal, in possession, reversion, or remainder, … profits, or to convey to a child on attaining majority, or to re-convey on the repayment of a mortgage-loan, the statute was precluded from the very nature of the transaction from converting such a use into a
Stamp duties
but by s. 17 of the Stamp Act, 1870 (re-enacted by s. 14 of the Stamp Act, 1891), reversing the former law, see Buckworth v. Simpson, (1835) 1 CM&R 384, the stamp to be affixed to an … classes of instruments, being either (1) Bonds, (2) Conveyances of Transfers, (3) Leases or Agreements for Leases, (4) Mortgages whether legal or equitable, or (5) Settlements, the Act of 1888 created the new offence of not stamping,
Apportionment
charge. These powers have now become statutory and certain covenants are implied in a conveyance (other than a mortgage) or lease (other than a mortgage) of the land charged with or without legal apportionment of which the … & 18 Geo. 5, c. 34), s. 20, by the Minister of Agriculture and Fisheries, and neither the reversioner nor the lessee is bound unless he consents or is a party to the proceedings, see Bliss v.
Under-lease
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 FORFEITURE. A surrender by the lessee cannot prejudice the estate of the under-lessee, G.W. Ry. v. Smith. Mortgages of leaseholds, where the covenants are onerous, are almost invariably made by sub-demise, so as to avoid bringing
interest
an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting of a prior interest or one created simultaneously NOTE: Unlike a … that exists by contract as security for payment or performance of an obligation [the security interest of a mortgagee in the mortgaged property] ;also : lien NOTE: While a lien may be created by statutory or judicial
Registration of title of land
other minor interests, and as regards dealings effected after 1925 between assignees and incumbrancers of life interests, remainders, reversions and executory interests, priority is established by order of special priority cautions or inhibitions, noted in a 'Minor … charge is simple; (d) subject to the statutory provisions, registration guarantees the title to purchasers for value and mortgagees. It should be observed that mines and minerals which have been excepted from a grant of land are
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