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Commercial Law > Mod 6 > Flashcards

Mod 6 Flashcards

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1
Q

What can the lender do if a corporation defaults on a mortgage vs. if an individual/partnership defaults on a mortgage?

A

-they can seize the property and then go after the corp for the remainder of the mortgage
-they can only seize the property and cannot go after the individual/partnership for the remainder of the mortgage

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2
Q

What searches are always conducted on a commercial mortgage file?

A

-Title Search
-Plan Search
-Property Tax Search
-Court House Search

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3
Q

What is a Commitment Letter?

A

-it puts the agreement between the borrower and lender in writing
-outlines the conditions of when the lender will advance the loan funds
-terms and conditions the borrower must follow before and after the loan advance

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4
Q

What search is done to ensure the borrower is submitting employee deductions (CPP and EI)?

A

Canada Revenue Agency search

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5
Q

What search is done to ensure the borrower owns the intellectual property?

A

Patents, Copyrights, and Industrial Design

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6
Q

What search is done to see if the borrower is in bankruptcy?

A

Industry Canada

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7
Q

What search is done to determine if the borrower is being sued or in bankruptcy proceedings?

A

Court House Search

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8
Q

What search is done to determine if another party has a security interest in the personal property?

A

Personal Property Registry Search

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9
Q

What search is done to confirm no outstanding property taxes or local improvement levies?

A

Property Tax search

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10
Q

what search is done when there are environmental concerns about the land to be mortgaged?

A

environment search

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11
Q

what search is done to see if there are any orders issued against the borrower when the borrower has employees?

A

employment standards

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12
Q

what search is done to confirm the registered owner?

A

title search

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13
Q

What is the purpose of an Opinion Letter?

A

advises the lender’s lawyer that the borrower’s minute book has been properly maintained

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14
Q

What is the Certificate of Incumbency?

A

proof to the lender who the directors and officers of the corp are

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15
Q

What is a Guarantee?

A

essentially a co-sign; a promise by a third party to pay the debt should the borrower default on the loan

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16
Q

What is a General Security Agreement?

A

allows the lender to collect personal property of the borrower as payment if the borrower defaults

Commercial Law (9 decks)

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