Mortgage Law Mort Dead Gage Pledge Essay

9215 words - 37 pages

INTRODUCTION What does MORTGAGE mean? In the word mortgage, the mort- is from the Latin word for death and -gage is from the sense of that word meaning a pledge to forfeit something of value if a debt is not repaid. So mortgage is literally a dead pledge. It was dead for two reasons, the property was forfeit or "dead" to the borrower if the loan were not repaid and the pledge itself was dead if the loan was repaid. In the words of the 17th century English jurist (and apparently etymologist) Edward Coke: "It seemeth that the cause why it is called mortgage is, for that it is doubtful whether the Feoffor will pay at the day limited such summe or not, if he doth not pay, then the Land which is put in pledge vpon condition for the payment of the money, is taken from him for euer, and so dead to him vpon condition. And if he doth pay the money, then the pledge is dead as to the Tenant" The word is 14th century in origin.

A mortgage (Law French for "dead pledge") is a device used to create a lien on real estate by contract. It is used as a method by which individuals or businesses can buy residential or commercial property without paying the full value upfront. The borrower (also called the (mortgagor) uses a mortgage to pledge real property to the lender (also called the mortgagee) as security against the debt (also called hypothecation) for the rest of the value of the property....

Mortgage is a debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the repayment of a loan.

Transfer of property act 1882, deals with mortgage. (Secs 58 to 98) INDIAN BARE ACTS TRANSFER OF PROPERTY ACT, 1882 Defines mortgage as: A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement, which may give rise to a pecuniary liability. Thus against the immovable property assigned as a mortgage, a debt or discharge of some obligation is secured. [Sec. 58(a)] Parties to Mortgage: MORTGAGOR: The transferor is called a mortgagor.

MORTGAGEE: The transferee a mortgagee.

MORTGAGE MONEY: The principal money and interest of which payment is secured for the time being are called the mortgage-money.

MORTGAGE DEED: The instrument (if any) by which the transfer is effected is called a mortgage-deed.

References to mortgagors and mortgagees shall be deemed to include to person deriving the title from them respectively [Sec. 59(a)] CREATION OF MORTGAGE Where the principle money secured is one hundred rupees or upwards, a mortgage otherwise than a mortgage by deposit by title deeds can be effected only by a registered instrument signed by the mortgagor and attested by at least two witnesses. When the principle money secured is less than one...

Find Another Essay On Mortgage Law - MORT-Dead GAGE-Pledge

Canadian and American History of Relations with Aboriginal Peoples -compare treatment of First Nations by AMerican and Canadians -consider whether either could be considered humane.

919 words - 4 pages Differences between Canadian and American History of Relations with Aboriginal PeoplesWhile treaties, the presence of the North West Mounted Police and British law differentiated Canadian treatment of First Nations from the Americans, the idea that Canadians were humane and just was largely a myth. Because Americans waged a war of extermination against their Indians population, Canadians believed they were just in their dealing with the...

The First Amendment/censorship. Essay

2013 words - 8 pages Amendment PaperI. First Amendment TextII. What It GuaranteesIII. Why It Was ImportantIV. Supreme Court Cases and Public Trials--NSPA v. Skokie--Gobitis v. Minersville-- Barnette v. West Virginia School Board--Tinker v. Des MoniesV. The Censorship Issue--Music*Frank Zappa and the PMRC--Books--ObscenityVI. Closing RemarksAmendment...

Journals from Soldiers

3934 words - 16 pages Journals from Soldiers Tensions are growing ever higher. Yesterday, British soldiers fired on a group of unarmed Colinists killing and wounding five. I fear war is imminent. Being a veteran of the French and Indian War, I shall be forced to join the effort. I am still weak from the wounds I received in that conflict. I do not think I would last long. My children will not grow up not knowing who I am! Febuary 16, 1774 The...

The Corrupt Nature of Mankind in Sophocles´ Antigone

1452 words - 6 pages The Corrupt Nature of Mankind in Sophocles’ Antigone Creon’s rash decisions and arrogant nature is the main problem for the corruption of mankind. The nature of mankind, as portrayed in Sophocles’ Antigone is corrupt in existence, thought, and knowledge. Creon is the main reason for this corruption. His arrogance and pride led him to make unjust laws. Creon rejected the thought of giving Polynices, the brother of Antigone and Ismene, a proper...

Classical Imagery in Shakespeare's Much Ado About Nothing

3510 words - 14 pages Classical Imagery in Shakespeare's Much Ado About Nothing The romance of history has lured many of the world's greatest authors to search for their subject matter in the pages of time. William Shakespeare serves as a unfailing embodiment of the emotion of days past; yet he also turned to those before him. The comedy Much Ado About Nothing is a poignant love story, riddled with stunning imagery and allusion. An examination of the development...

Antigone

1117 words - 4 pages In the Greek tragedy Antigone, contempt of death, honor, and virtue enables the young heroine Antigone to conquer a powerful ruler Creon, who,...

Genocide in Rwanda: Extreme Denial of Human Rights

1643 words - 7 pages Former UN Secretary-General Boutros Boutros-Ghali once said, "We were not realizing that with just a machete, you can do a genocide." To be candid, nobody anticipated the Rwandan Genocide that occurred in 1994. The genocide in Rwanda was an infamous blood-red blur in modern history where almost a million innocent people were murdered in cold blood. Members of the Tutsi tribe were systematically hacked or beaten to death by members of the...

The Causes of the American Revolution

1682 words - 7 pages American Revolution which was from 1775-83, was a struggle by which the Thirteen Colonies on the Atlantic seaboard of North America won independence from Great Britain and became the United States. It is also called the American War of Independence.In 1763, after the

The Moment of Silence in Hillsboro Schools: A Positive and Constructive Time

625 words - 3 pages Many schools have a Moment of Silence every morning to start the school day. Hillsboro City Schools would benefit from a Moment of Silence. There are many benefits and positive aspects of this use of time. Students learn religious tolerance and morals that parents might not be able to teach them. Our first amendment rights guarantee religious freedom,...

WHAT IS MEANT BY THE TERM "UNCONSCIONABLE CONTRACT"?

4311 words - 17 pages INTRODUCTIONIn the past fifteen years the concept of unconscionablitity has become a significant theme in the Australian law of contract. Liberal theories, which locate freedom of contract as central, have been tempered by an increasing emphasis on justice and conscionable conduct in contractual relations. Virginia courts have defined an unconscionable contract to be "one that no man in his senses and not under a delusion would make, on...

Women in Muslim Society

2098 words - 8 pages 1 ABSTRACTIn the western society today there is a stereotypical belief that Islamic women are treated unequally and cruelly. The object of this report is to challenge this stereotype and the argument of gender equality within the Islamic Religion/Muslim society.2 INTRODUCTIONThe status of women in the Muslim society is neither a new issue nor a fully settled one. The position of Islam on this issue has been among the...

Similar Essays

The Pledge In Schools Essay

2114 words - 8 pages I remember it clear as day; it was the fall of 1986, laying out my best dress the night before and feeling the excitement of having the chance to ride the big yellow cheese. Once morning came, my mother burst into my bedroom saying "Time to wake up! Today is the day to be a big girl!" Clearly, not paying any mind to the words "big girl" my central focus was on riding the bus. Finally mother and I walked to the end our street; standing on the...

Mortgage Laws And Contracts Essay

1897 words - 8 pages Each state within the U.S. varies significantly from the other on its mortgage laws both on the legal theory that inspire mortgage contracts and how the rights of creditors are balanced with that of borrowers. Despite these differences, mortgage laws across the U.S. can be traced back to America’s history. However, to better understand how mortgage fraudulent activities occur, it is essential to trace the history of mortgage laws in the U.S...

Love And Death In Stephen King's "Pet Sematary"

5937 words - 24 pages The Wendigo appears in two quite different realms in Pet Sematary. Louis first meets it in the dream land beyond the deadfall, where its forms are somewhat vague and mythical. He later meets it in the ordinary world, where it inhabits the body of his dead two-year-old son, Gage. The dream land occurs in a physical setting as well as in Louis's dreams. It is...

Asset Backed Securities. Belenus Securities Plc Essay

1397 words - 6 pages 1. What are the main features of the underlying assets?The underlying assets is a pool of 427 fixed (71%) - and floating (29%) -rate loans which are generally secured by diverse commercial real estate property types with an unpaid principal balance of Ffr 1.5 billion.Features :Loan diversity : principal balances ranges from Ffr 34.000 to Ffr 213 million with an weighted average amount owed of Ffr 3.6...