Simple Mortgage Clause - Law Dictionary Search Results

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simple mortgage clause

simple mortgage clause : open mortgage clause ...

open mortgage clause : a mortgage clause which provides that payments go first to the mortgagee to the extent of its interest and which makes the mortgagee's right to receive payment dependent on the mortgagor's right to recover under the policy called also simple mortgage clause ...

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...

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...

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,...

Rent

Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...

power

power 1 : capability of acting or of producing an effect [parties of unequal bargaining ] 2 a : authority or capacity to act that is delegated by law or constitution often used in pl. commerce power often cap C&P : the power delegated to Congress under Article I, Section 8 of the U.S. Constitution to regulate commerce esp. among the states see also commerce clause concurrent power : a power that is held simultaneously by more than one entity ;specif : a power delegated to the federal government by the U.S. Constitution that is also held by the states enu·mer·at·ed powers [i-nü-mə-rā-təd-, -nyü-] : the powers specifically named and delegated to the federal government or prohibited to be exercised by the states under the U.S. Constitution compare reserved powers in this entry executive power : the power delegated to the executive of a government ;specif : any or all of the powers delegated to the president under Article II of the U.S...

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 ...

Interest

Interest, an interest for the purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an interest in recommending the insurance which they recommend to her; that, in the circumstances, there had not been sufficient disclosure of that interest; and that, accordingly, there had been a material breach of regulation 4(2)(e)(ii) and the conditional fee agreement was unenforceable [See (English) Conditional Fee Agreements Regulation, 2000 (SI 2000/692), reg. 4(2)(c)(e)(ii)], Garrett v. Halton BC, (2007) 1 WLR 554 CA Cir.Interest, inter alia as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money [Black's Law Dictionary (7th Edn.) pp. 393-94 para 3...

Lien

Lien [answering to the tacita hypotheca of the Civil Law], a right in one man to retain that which is in his possession belonging to another, until certain demands of the person in possession are satisfied. It is neither a jus in re, nor a jus ad rem--i.e., it is not a right of property in the thing itself, or right of action to the thing itself.It is either particular, as a right to retain a thing for some charge or claim growing out of, or connected with, the identical thing; or general, as a right to retain a thing not only for such charges or claims, but also for a general balance of accounts between the parties in respect to other dealings of the like nature.General and particular liens may arise: (1) by an express contract; (2) by an implied contract, resulting from the usage of trade, or the manner of dealing between parties. General lines are not favoured in law, but some judicially recognized general lines are bankers', solicitors', factors', stockbrokers'. See Halsb. L.E., ti...

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