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Flashcards: Concept of Mortgage 50 Flashcards 
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In a mortgage, the party transferring the property is referred to as the ___ and the party providing the loan is known as the ___. |
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Mortgagor; mortgagee  |
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True or False: The mortgagor transfers ownership of the mortgaged property to the mortgagee. |
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False; the mortgagor retains ownership of the property.  |
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What is a simple mortgage and what rights does the mortgagee have in this type of mortgage? |
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A simple mortgage is a personal undertaking to pay that allows the mortgagee to sell the property to recover the mortgage debt, while possession remains with the mortgagor.  |
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Anomalous mortgage is characterized by ___ of various types of mortgages. |
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A mixture |
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What distinguishes an English mortgage from other types of mortgages? |
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In an English mortgage, the mortgagor binds himself to repay the mortgage money on a specific date, and the property is transferred absolutely to the mortgagee, subject to reconveyance upon payment.  |
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True or False: A usufructuary mortgage allows the mortgagee to receive rents or profits from the property as interest. |
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False; in a usufructuary mortgage, the mortgagee does not receive rents or profits in lieu of interest.  |
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Fill in the blank: A mortgage by deposit of title deeds is also known as an ___ mortgage. |
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Equitable  |
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What is the purpose of transferring an interest in property in a mortgage? |
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The purpose is to secure the payment of a loan or the performance of a contract.  |
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Fill in the blank: The property being mortgaged must be ___ and easily identifiable. |
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Clearly specified  |
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What is meant by 'specific immovable property' in the context of mortgages? |
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It refers to the requirement that the property being mortgaged must be distinctly identified and described in the mortgage agreement.  |
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True or False: A mortgage by conditional sale allows the mortgagor to retain full ownership of the property until default occurs. |
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True; the mortgagor ostensibly sells the property, but the sale becomes absolute only upon default.  |
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Marshaling occurs when properties are arranged to protect the interests of multiple creditors. True or False? |
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True  |
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The doctrine of contribution applies when a mortgaged property has multiple owners with distinct rights. Fill in the blank: Contribution requires all owners to contribute ___ based on their ownership rights. |
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Proportionately  |
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What is the primary purpose of the doctrine of marshaling in the context of mortgage law? |
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To ensure that one creditor does not disadvantage another by requiring the properties to be arranged so as to protect the rights of all creditors involved.  |
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When a single property is encumbered by multiple creditors, the creditor with security over two properties cannot proceed against one property without considering the rights of the other creditor. True or False? |
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True  |
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In the context of mortgage law, if property Y is encumbered by creditor B while property X is encumbered by creditor A, according to marshaling, the amounts owed to creditor A should be satisfied from property ___ to protect the interests of creditor B. |
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X  |
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Fill in the blank: The case of Aldrich v Cooper establishes the principle that one creditor should not disadvantage another creditor during the enforcement of ___ against a debtor's property. |
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Mortgage rights  |
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What happens to the ownership rights in a property when it is mortgaged to multiple creditors? |
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All owners are required to contribute to the mortgage proportionately according to the value of the property at the time of the mortgage.  |
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In a situation where two properties are mortgaged to creditor A and B respectively, how should the payment be structured if both properties have equal value? Provide a brief explanation. |
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Payments should be structured so that the amounts owed to creditor A are satisfied from one property while protecting the second property from creditor A's claims, thereby preventing disadvantage to creditor B.  |
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Subrogation allows a person to ___ a creditor and assume their position. |
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Pay off  |
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True or False: A mortgagor can claim the right of subrogation. |
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False. Subrogation does not apply to a mortgagor.  |
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In the context of subrogation, full redemption is necessary to apply this doctrine. Explain why. |
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Full redemption is required because it ensures that the individual redeeming the property assumes all rights and responsibilities of the original creditor, allowing them to enforce the same claims.  |
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Any person with an interest in or charge on the mortgaged property may claim the right of subrogation. Give two examples of such individuals. |
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Surety and creditor of the mortgagor.  |
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Fill in the blank: A subsequent mortgagee redeeming a prior mortgagee is an example of ___ subrogation. |
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Legal  |
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What is the primary function of subrogation in mortgage scenarios? |
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It allows a person who pays off a mortgage to take on the rights of the creditor and pursue claims against the mortgagor.  |
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 Completed! Keep practicing to master all of them. |
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