Irishlaw.livejournal.com Website Review

Hiya, just to update you, I'm going into final law on Monday. I'll be studying, Company, Equity, Family, Juris, Medical and Moot. Definition: a mortgage occurs where the legal or equitable title to an interest in land is transferred as security for a loan, one of the conditions of the transfer being that if the loan is repaid on the due date, the mortgagor will get his title back. The mortgage is terminated on the payment of the loan or debt. The owner of a mortgage will take priority over unsecured creditors. The mortgagor is the person who borrows the money and gives up his property as a consequence. The mortgagee is the person or institution which lends the money and gets a property interest as security for the loan. M (of unregistered land) – Lender being given title to the property with a provision for retransfer to the borrower upon the repayment of It is only a security right, not giving any actual ownership. The modern form of mortgage (in unregistered land at least) involves the lender being given title to the property with a provision for retransfer to the borrower upon repayment of the debt. In early days of mortgages, usury (the extraction of interest) was unlawful. This was based on the theory that time belonged to god and one shouldn’t make money simply by the pas*ing of time. This led to a type of mortgage where the lender took possession of land and benefited from the income it generated. Although this was considered sinful it was not criminal. This form of mortgage is still found (rarely) in modern times and is known as a ‘Welsh mortgage’. In practice, in a modern mortgage, the borrower is allowed to remain in possession. The Equity of redemption - Usually the borrower will keep possession of property. Originally, if the borrower did not repay the money by the agreed date, and was even 1 day late in repaying the loan, then one would lose one’s right to get the property back and also still be liable for the debt. The courts of equity then started to intervene, initially only in cases of hardship or mistake, eventually it became established that