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Property Law > Mortgages > Flashcards

Mortgages Flashcards

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1
Q

Does a lien give a right to sell?

A

No.

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2
Q

What case define a mortgage?

A

Olowu v. Miller Bros

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3
Q

What are the different forms of mortgage?

A
  • A mortgagor may use his own property
  • A mortgagor may use another persons property
  • A mortgagor may intend to buy a property and use it to secure a loan
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4
Q

What are the two types of mortgage

A

Legal and equitable mortgage

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5
Q

In Lagos, a copy of a legal mortgage must be filed at… according to section…

A

In Lagos, a copy of a legal mortgage must be filed at the Board of Mortgage of Lagos State according to section 53 of the mortgage and properties act 2015

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6
Q

what case provides that a failure to perfect a legal mortgage renders the transaction void?

A

Savanah Bank v. Ajilo

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7
Q

Stamping must be done within…..

A

30 days

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8
Q

what case provides for creation of equitable mortgage through deposit of title deeds

A

BON v. Akintoye

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9
Q

what case provides for creation of equitable mortgage through an equitable charge

A

Ogundaini v. Araba

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10
Q

what case provides for creation of equitable mortgage through an inchoate legal mortgage

A

Awojugbabe light industries v. Chinukwe

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11
Q

what case provides for creation of equitable mortgage through an agreement to make a mortgage without proper form

A

Olofintiyi v. Barclays Bank limited

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12
Q

How can a mortgage be made in CA states

A
  • by assignment
  • by sub demise
  • By statutory mortgage
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13
Q

A deed expressed by way of statutory mortgage with a proviso of re-conveyance on repayment of the loan under the CA is provided for under ….. and the form is as contained in …..

A

A deed expressed by way of statutory mortgage with a proviso of re-conveyance on repayment of the loan under the CA is provided for under section 26 of the Conveyancy Act and the form is as contained in Part 1 of the 3rd schedule of the act

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14
Q

What is the difference between a mortgage created by subdemise under the CA and under the PCL

A

To exercise power of sale under the CA, there must be remedial devices but under the PCL, the right of sale is implied under section 112 of the PCL

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15
Q

what section provides for the implied right of sale under the PCL?

A

Section 112 of the PCL

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16
Q

Under what jurisdiction does a mortgage require remedial devices to exercise their right of sale under a mortgage created by sub-demise?

A

The CA jurisdiction

17
Q

what section provides for a mortgage to be created by subdemise under the PCL

A

Section 109 of the PCL

18
Q

Successive legal mortgages are applicable in…..

A

CA states

19
Q

When there is no date stated to repay the principal sum with interest, payment should be made….

A

On demand

20
Q

Who is to insure a mortgage property?

A

The mortgagor and the mortgagee

21
Q

Who is to perform repairs in a mortgage?

A

The mortgagor

22
Q

What are the implied covenants in a mortgage?

A
  • Equity of redemption
  • Equitable right to redeem
  • Legal right to redeem
23
Q

When does the right of equity of redemption exhaust?

A

When there has been a valid sale or where an order nisi of foreclosure becomes absolute

24
Q

what case provides for the right of an action in court by a mortgagee

A

UBN V. Olori Motors

25
Q

what section provides for the right of a mortgagee to take possession

A

Section 123 of the PCL

26
Q

Foreclosure nisi lasts for….

A

6 months

27
Q

An order nisi becomes absolute after ……

A

6 months

28
Q

what case provides for the right of a mortgagee to sell

A

Shorunmu v. Dolphin

29
Q

What are the two conditions to exercise a right of sale

A

The right must have arisen and the right must have become exercisable

30
Q

When does a right of sale arise?

A
  • When the mortgage is made by deed
  • when the legal due date has passed
  • where there is no contrary intention forbidding the sale of the property
31
Q

The right to sell under a mortgage becomes excercisable when….

A
  • A notice of 3 months have been given to pay he principal sum (2 months) under the MPL
  • there has been a default in in stallmental payments for up to months
  • where the mortgagor is in fundamental breach of the provisions of their aw mortal
32
Q

what section provides for when the power of sale in a mortgage becomes exercisable

A

Section 38 of the MPL Lagos

33
Q

what section provides for when the power of sale in a mortgage becomes exercisable

A

Section 38 of the MPL Lagos

34
Q

what section provides for when the power of sale in a mortgage becomes exercisable

A

Section 38 of the MPL Lagos

35
Q

What are the four ways a receiver can be appointed

A

-By agreement of parties

-By court order

  • Where the mortgage instrument provides for it
  • Where is that provide for it?
36
Q

The duty paid on mortgages is..

A

Ad Valorem

Property Law (8 decks)

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