Second Mortgage - Law Dictionary Search Results
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second mortgage see mortgage ...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Clandestine mortgages
Clandestine mortgages. By 4 & 5 Wm. & Mary, c. 16, it was enacted that if any person, having once mortgaged his lands for a valuable consideration, shall again mortgage the same lands, or any part thereof, to any person, the former mortgage being in force, and shall not discover in writing to the second mortgagee the first mortgage, such mortgagor so again mortgaging his lands shall have no relief or equity of redemption against the second mortgagee. This Act was repealed by the (English) Law of Property Act, 1925. By s. 183 of the Act of 1925, any person disposing of property or any interest therein for money or money's worth as a purchaser, or his agent, who conceals any instrument or incumbrance material to the title with intent to defraud, is made guilty of mis-demeanour punishable by fine and imprisonment and also to an action for damages if sustained. See DECEIT; FRAUD....
seller take back
seller take back an agreement where the owner of a property provides second mortgage financing. These are often combined with an assumed mortgage instead of a portion of the seller's equity. Source: U.S. Department of Housing and Urban Development ...
Stellionate
Stellionate [stellionats], a kind of crime which is committed by a deceitful selling of a thing; as if a man should sell as his own estate that which is another's.In the Roman law, the making a second mortgage without giving notice of the first; but the crime was not committed if the land were equal in value to all the charges upon it, Dig. 13. See the Clandestine Mortgage Act (4 & 5 W. & M. c. 16)....
Tacking
Tacking. Before 1926 the law was that, 'if a third mortgagee buys in the first mortgage, though it be pendente lite, pending a bill brought by the second mortgagee to redeem the first, yet the third mortgagee having obtained the first mortgage and got the law on his side, and equal equity, he shall thereby squeeze out the second mortgagee', Brace v. Duchess of Marlborough, (1728) 2 P Wms 491, per Jekyll, M.R. This process was called 'tacking.' But the third mortgagee could not tack unless he made his original advance without notice of the mesne incumbrance: see Marsh v. Lee, (1669) 2 Vent 337; 1 Ch Cas 162; 1 W&TLC. The tacking mortgagee gained this right by virtue of his legal title under the first mortgage, and by the operation of the rule that where the equities (as those under the second and third mortgage) are equal the law shall prevail. 'Tacking' must not be confounded with 'consolida-tion' of mortgages. See that title.By the Vendor and Purchaser Act, 1874, s. 7, tacking was abo...
Title, Covenants for
Title, Covenants for. In every conveyance of real or personal property expressed to be conveyed by the instrument of conveyance made on or after the 1st January, 1882, and in regard to assents by personal representatives, after 1925, of land, certain 'covenants for title' (being for the most part usually expressed in the conveyance before that date), of which the following is an abstract, are implied by virtue of the 7th s. of the (English) Conveyancing Act, 1881 (44 & 45 Vict. c. 41), replaced and extended by the (English) Law of Property Act, 1925, s. 76, and 2nd Sch., but in the following cases A and B the covenants are limited, while in cases C and D they are unqualified and absolute, see David v. Sabin, (1893) 1 Ch 523:-(A) In a conveyance for valuable consideration other than a mortgage by a person expressed to convey as beneficial owner:-That, notwithstanding anything done, omitted, etc., by the person conveying, or anyone through whom he derives title otherwise than by purchase...
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...
Abstract of title
Abstract of title. A concise statement, usually prepared for a mortgagee or purchaser of real property, summarising the history of a piece of land including all conveyances interests, lines & encumbrances that reflect title to property, Black's Law Dictionary, 7th Edn., an epitome of the evidence of title to property or power to deal with it.Every purchaser of land or real estate has an implied right to have an abstract of title delivered to him within a reasonable time, Compton v. Bagley, (1892) 1 Ch 313. As to registered land, see the Land Registration Act, 1925, s. 110, and Brickdale and Stewart-Wallace on the Land Registration Act, 1925.An abstract is said to be perfect if it deduces the title from the date fixed by the contract or by statute for its commencement and discloses every incumbrance affecting it, by setting out the material parts of all deeds, wills and other documents, and stating the facts on which it depends: fc. 1 Pres. 42, 207. The statutory period is thirty years,...
Covenant
Covenant [fr. Covenant, Fr.], any agreement, convention, or promise of two or more parties, by deed in writing, signed, sealed, and delivered, by which either of the parties pledges himself to the other that something is either done or shall be done, or stiuplates for the truth of certain facts. He who thus promises is called the covenantor; and he to whom it is made the covenantee. A covenant being part of a deed is subject to the general rules for the construction of such instruents; as, first, to be always taken most strongly against the covenanter and most in favour of the covenantee; secondly, to be taken according to the intent of the parties; thirdly, to be construed ut res magis valeat quam pereat; fourthy, when no time is limited for its performance, that it be performed in a reasonable time.Covenants are personal obligations; formerly the did not bind theheirs of the covenanter unless the heirs were named and inthat case only to the extent of the lands descended, but if made ...
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