Tack - Law Dictionary Search Results
Home Dictionary Name: tackTacking
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...
tack
tack : to combine (a use, possession, or period of time) with that of another esp. in order to satisfy the statutory time period for acquiring title to or a prescriptive easement in the property of a third party [successive adverse users in privity with prior adverse users can successive adverse possessions of land "Hall v. Kerlee, 461 S.E.2d 911 (1995)"] ...
Tack
Tack, a lease or contract of location; also an addition, supplement; also cattle taken in by a tenant on agistment.To add one's own period of land possession to a prior possessor's period to establish continuous adverse possession for statutory period, Black's Law Dictionary, 7th Edn., p. 1465.Means to combine (a use, possession or period of time) with that of another especially in order to satisfy the statutory time period for acquiring title to or a prescriptive easement in the property of a third party, Hall v. Kerlee, 461 S.E. 2d 911 (1995)....
Tack duty
Tack duty, rent reserved upon a lease....
Further advance, or charge
Further advance, or charge, a second or subsequent loan of money to a mortgagor by a mortgagee, either upon the same security as the original loan was advanced upon, or an additional security, Equity considers the arrears of interest on a mortgagee security converted into principal, by agreement between the parties, as a further advance.Although the tacking of a third or subsequent mortgage has been abolished by the Law of Property Act, 1925, s. 94, that s. has expressly preserved the right to tack a further advance by a prior mortgage so that the advance may rank in priority to subsequent mortgages, even if the further advance was made with notice of a subsequent mortgage or charge in cases where the mortgage imposes an obligation to make further advances. Where the mortgage is to secure a current account or any other further advances, notice of an intervening charge will postpone the further advance to that charge but (by way of exception) in this case notice will not be imputed to t...
Bumkin
A projecting beam or boom as a One projecting from each bow of a vessel to haul the fore tack to called a tack bumpkin b One from each quarter for the main brace blocks and called brace bumpkin c A small outrigger over the stern of a boat to extend the mizzen...
Clubhaul
To put on the other tack by dropping the lee anchor as soon as the wind is out of the sails which brings the vessels head to the wind and by cutting the cable as soon as she pays off on the other tack Clubhauling is attempted only in an exigency...
Consolidation of mortgages
Consolidation of mortgages. When different pro-perties are mortgaged by the same mortgage or to the same mortgagee for different debts, it was formerly the right of the mortgagee to refuse to allow the mortgagor to redeem one of the mortgages without also redeeming the others, the effect being to throw the whole of the debts on the whole of the properties and thus 'consolidate' the mortgages. This right of the mortgagee was an application of the maxim, 'He who seeks equity must do equity'; it was not considered fair to the mortgagee to allow the mortgagor to pay off one mortgage, which perhaps was well secured, and leave the mortgagee with another mortgage on his hands which might be very insufficiently secured. But though the doctrine was not unfair or unreasonable as originally applied, it came to be extended to cases where, owing to devolutions of title having taken place, its application was manifestly unjust, and attempts were made by the Courts to limit its exercise. Finally, the...
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 '...
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 ...
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