Wednesday, September 25, 2019

Land Law Coursework Essay Example | Topics and Well Written Essays - 2500 words

Land Law Coursework - Essay Example ee’s action.3 S 36 (2) of the said Act states that a court may adjourn the proceedings, or suspend execution of judgement, postpone delivery of possession for a period it thinks fit, if the mortgagor approaches it as a result of mortgagees’ proceeding to take possession of the mortgaged property. The court can do so if it is convinced that the mortgagor will pay the sum due within a reasonable time.4 The reality is, or literally speaking, a mortgagee has the right take possession of the mortgaged property even the next day of mortgage unless the agreement stipulates otherwise as held in Four Maids Ltd v Dudley Marshall (Properties) Ltd. 5. The decision states that mortgagee enjoys an absolute right to repossess a mortgaged property as conferred s.95 (4) of the Law of Property Act 1925,6 unless the mortgagee has contracted himself out of repossession. This decision was applied in Owen v Cornell [1967] 7where in a question arose whether the principal mortgagee could take possession when he had already assigned the debt to Sub-mortgagee. The court held that because the principal mortgagee had reserved to himself the right of reversion by one day, he could exercise his right under s 95(4) of Law of Property Act 1925. Position would have been different if he had not reserved the right under the sub-mortgage agreement and the sub-mortgagee would have prevailed. Thus, in Credit & Mercantile Plc v Marks8, sub-mortgagee was held to have the right of possession as it was involved a registered land wherein the principal mortgagee had relinquished his right of repossession on assignment of debt to the sub-mortgagee. The court observed that since the principal mortgagee had transferred his right to collect his debt, he had no right to complain of default. Thus, the mortgagor need not have defaulted in mortgage repayments as commented by Clarke LJ (at 253) of Ropaigealach decision for the mortgagee to take to take possession of the property the mortgagor lives in

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.