mortgages Flashcards

0
Q

which of the following is not a method of extinction of a mortgage?

a. extinction or destruction of the thing mortgaged
b. confusion as a result of obligees acquiring ownership of the thing mortgaged
c. prescription of all the obligations that the mortgage secures
d. the mortgagors tender of substitute collateral for the secured obligation
e. consent of mortgagee

A

d. the mortgagors tender of substitute collateral for the secured obligation

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1
Q

List the ways to cancel/ cause extinction of mortgage

A

extinction: destruction of collateral
confusion: if mortgagee becomes owner of collateral
prescription
full performance
if a line of credit, then termination can happen by written notice from mortgagor to mortgagee when all outstanding indebtedness is paid and neither is bound by further obligations

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2
Q

True or false:

a mortgage follows the note as a matter of law

A

True.

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3
Q

what are the three types of mortgages?

A

judicial (judgments)
legal (created by law)
conventional (created by contract)

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4
Q

what is prescription for judicial mortgage?

A

10 years, revived by inscription/ reinscription

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5
Q

What are the requirements of a conventional mortgage?

A
  1. Written (formally acknowledged- 2 signatures an notary, but this is for executory process, otherwise not needed)
  2. Signed by mortgagor (one giving property for mortgage)
  3. state amount secured
  4. state precise legal description
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6
Q

is a mortgage valid without notary signature?

A

yes. mortgage still valid but not a self authenticating document for evidentiary purposes and cannot be enforced using executory process

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7
Q

what is the rule for prescription on installment notes

A

each monthly installment due on the note becomes unenforceable (prescribes) five years after each installment is due and owing.

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8
Q

when is a mortgage good against third parties?

A

when properly recorded

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9
Q

what is the default rule for inscription?

A

good for ten years from date on act of mortgage (not filing date)

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10
Q

what is the inscription rule for mortgages longer than 9 years that state due date?

A

mortgage is effective for six years after maturity date of debt

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11
Q

how does a bank reinscribe mortgage?

A

must sign and file a simple notice of reinscription that states name of mortgagor, states recordation number or other information about original filed mortgage, and declares mortgage reinscribed. This will extend for 10 years.

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12
Q

when can inscription for a mortgage last longer than ten years?

A

two requirements must be met:
1. specific due date or number of monthly payments stated on mortgage
AND
2. maturity date is 9 years or longer after date of mortgage (not filing date)
example 30 year mortgage , if states 30 years it gets 30+6 years for effectiveness without reinscription

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