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29/09/2022 | objavio Radio Gradačac Although real estate can be divided between co-owners and tenants for the purpose of using and enjoying the land, the main purpose of taking out a mortgage on the property is to ensure the repayment of loans. Due to the nature of money loans and the often unequal bargaining power between banks and borrowers, the law provides borrowers with important legal protection against the application of unfair business. In addition to liens, privileges and equity commissions, English law considers a mortgage to be one of the four main types of security, with a title right that binds third parties to be created at the time of conclusion of the contract. The intention of the contract must simply be to provide goods to ensure repayment. Section 85 of the Property Act, 1925 states that a mortgage requires a deed (according to the LPMPA 1989 Section 1, a document that is signed and attested and indicates that it is an act). Under sections 23 and 27 of the Land Registration Act 2002, a mortgage notice must be filed with Her Majesty`s Land Registry for the mortgage to take effect. Second, section 87 of the Property Act of 1925 states that mortgages confer on the hypothecary creditor (i.e., the secured lender) the same rights as a 3,000-year-old tenant. The reason for this reference to “3000 years” is that the common law in a primitive protective measure states that mortgage terms must always allow the repayment of the property at the end when the debt is repaid. In Vernon`s decision against Bethell in the 18th century,[165] Lord Henley LC refused to impose the transfer of Vernon`s sugar plantation in Antigua to a deceased London lender, Bethell, when Vernon struggled to repay the debt, although some exchanges between the two raised the possibility of abandoning the land to repay the debt. Given the considerable interest already paid, Lord Henley LC felt that this would thwart (or “clog”) Vernon`s right to buy back property. As he said, the protection of the borrower was justified because “the necessary persons are not really free persons, but, to meet a current need, submit to all the conditions that cunning may impose on them.” Therefore, the rule developed that “once a mortgage, always a mortgage”[166], which means that a mortgage cannot be converted into a transfer of ownership by applying terms in an agreement.

This means that a lender can sell at most one property to realize its value, but is not allowed to take possession of it, and the borrower must still be practically able to recover the property. The rule was suspended for businesses by section 739 of the Companies Act 2006 and criticized in Jones v Morgan for its inappropriateness in trading,[167] but it still survives as a rudimentary common law method of protecting vulnerable borrowers. Mark François, Shadow Europe Minister, thundered: “It is this kind of senseless interference in the nooks and crannies of our national lives that frustrates people with the EU. Whether we use hectares or hectares should be a matter for the UK, not the EU. However, the exclusive jurisdiction that escapes jurisdiction has been divided over what kind of security and what kind of trust should be present. In Cobbe v. Yeoman`s Row Management Ltd, a developer claimed an interest in a Knightsbridge housing group after costing the municipality`s building permit. [94] Mr Cobbe had entered into a verbal agreement with the owner of the apartment, Ms Lisle-Mainwaring, to receive the apartments for £12 million, but as soon as the permit was obtained, the landlord broke his verbal promise. Nevertheless, Mr.

Cobbe failed in the House of Lords with his request for more than the cost (£150,000) of planning because, in this commercial context, it was clear that formal acts were needed to conclude any agreement. In contrast, David (a second cousin) in Thorner v Majors worked on Peter`s farm for 30 years and believed he would inherit it. [95] This was probably intentional, but after Peter fell out with other relatives, he destroyed his will and left David with nothing. Although there was no specific insurance and only vague conduct suggesting insurance, the House of Lords concluded that David had a good right of ownership to confiscation. Lord Hoffmann noted that if a reasonable person could understand, however oblique and allusive, that insurance was given, a legal claim would arise. The business trend is therefore to recognize claims more in the national context, which is less common in formal insurance, and less so in the commercial context, where formality is normal. [96] Although a sole proprietor is generally free to exploit and dispose of his interests as he sees fit, the rules differ when the land is co-owned. The Property Rights Act, which aimed to improve the transferability of land to the market, required that land could have a maximum of four co-owners, all of whom had to have the same title. This means that a buyer only needs to deal with a maximum of four people to buy a stake (such as a full purchase or mortgage) in it. Sections 1(6) and 36(2) of the Property Rights Act, 1925 prohibit a shared title called a “colocation”. If there are more persons with a right of co-ownership, under section 34(2) of the Property Act, 1925, the first four persons appointed in a transfer are legally considered trustees for the other co-owners. [135] In fact, these first four individuals become the legal representatives of the other owners in equity.

However, to facilitate the transfer of the law, equity recognizes an unlimited number of co-owners and owners with unequal interests (i.e., “joint tenants”). When land is exchanged, their interests are considered “exaggerated” or actually bought overhead, their interests being separated from the land and tied up to buy money when money is paid to at least two trustees. The duty of two trustees to receive the money is intended to reduce the risk of a trustee running away with money to the detriment of fair owners. In the first main form of co-ownership, known as “co-tenancy”, it is assumed that the co-tenants share equally the value of the property when it is sold and, if one roommate dies, the others (through the “survivor`s right” or jus accrescendi in Latin) will take over the entire share.

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