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22:22 Feb 16, 2017 |
Bulgarian to English translations [PRO] Bus/Financial - Real Estate / mortgaging | |||||||
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| Selected response from: Kalinka Hristova Bulgaria Local time: 10:28 | ||||||
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Summary of answers provided | ||||
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4 +1 | legal mortgage |
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legal mortgage Explanation: http://uk.practicallaw.com/8-107-6863?service=finance A legal mortgage is the most secure and comprehensive form of security interest. It transfers legal title to the Mortgagee ( www.practicallaw.com/6-107-6864) and prevents the mortgagor ( www.practicallaw.com/3-107-6865) from dealing with the mortgaged asset while it is subject to the mortgage. http://www.lectlaw.com/def2/m040.htm A legal mortgage of lands may be described to be a conveyance of lands, by a debtor to his creditor, as a pledge and security for the repayment of a sum of money borrowed, or performance of a covenant with a proviso, that such conveyance shall be void on payment of the money and interest on a certain day, or the performance of such covenant by the time appointed, by which the conveyance of the land becomes absolute at law, yet the, mortgagor has an equity of redemption, that is, a right in equity on the performance of the agreement within a reasonable time, to call for a re-conveyance of the land. It is an universal rule in equity that once a mortgage, always a mortgage -- every attempt, therefore, to defeat the equity of redemption, must fail. |
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