Contemporary Canadian Business Law

Business

Quiz 23 :

The Law of Mortgages

Quiz 23 :

The Law of Mortgages

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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. Dante would be entitled to foreclose on the mortgage when Jones defaulted on the payment.
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Rita, an Alberta resident, has just paid off a mortgage on property located in Nova Scotia. She has a right to demand that the mortgagee provide her with a Release of Mortgage that can be registered. Why will title be returned to Rita?
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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. As an alternative, Dante might take action against Bondi, the original mortgagor, on his covenant to pay.
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The _________________ transfers the _______________ to the ________________ who later reconveys it with a _______________.
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A system of advances is common under
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Holly purchased a home in Manitoba. The home was mortgaged for $225,000. She lost her job and missed three mortgage payments. The bank decided to exercise its rights under the mortgage. What can it do?
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Where a first mortgagee completes a foreclosure action
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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. If Dante institutes foreclosure proceedings against Jones, Jones may ask the court to convert the foreclosure to sale proceedings.
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Harlan owns a rural farm in Nova Scotia. There is a mortgage on the farm in the amount of $100,000. The farm has a house, a barn and two machine sheds. He obtained a mortgage from the bank. Harlan decided that the house was too expensive to heat in the winter, so he turned the heat off and moved into one of the smaller machine sheds. All of the pipes burst. What action can the mortgagee take?
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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. If Dante took action against Bondi, and Bondi paid the amount owing on the mortgage, Bondi would be entitled to an assignment of Dante's rights against the land and against Jones.
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Harlan owns a rural farm in Nova Scotia. There is a mortgage on the farm in the amount of $100,000. The farm has a house, a barn and two machine sheds. He obtained a mortgage from the bank. Harlan decided that the house was too expensive to heat in the winter, so he turned the heat off and moved into one of the smaller machine sheds. All of the pipes burst. Which of the mortgage covenants were breached?
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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. Dante would be entitled to sell the land when Jones defaulted on the payment.
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Gladys wants to purchase Francesco's home and assume his mortgage from the Bank of Vancouver, which has an excellent interest rate of 3.5%. Can the mortgage be assumed?
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The following are the usual covenants of the mortgagor under a mortgage, except:
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Which of the following are true statements?
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Empire Bank and Smith execute a mortgage in favour of Empire Bank. Empire Bank informs Standard Bank, which later executes another mortgage of the property with Smith. Unknown to both Banks, Smith has already mortgaged the property to Jones. After registration by all, the register shows Standard, followed by Empire, then Jones. The priority of these mortgages is (from 1st down)
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Where default occurs, and real estate markets are falling, the mortgagee will likely want to realise on the security in the quickest suitable manner, which is
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Ashton wished to raise additional capital for his business and arranged with Banyon for a $10,000 mortgage on his estate, Blackacre. Ashton did not disclose the fact that he had previously borrowed $10,000 from Clayton by way of a mortgage, and Clayton had not registered his mortgage against the title of Blackacre. Shortly after the mortgage to Banyon was registered, Ashton conveyed the estate to Dayton, for $25,000. Dayton was unaware of the mortgages to Banyon and Clayton, and did not examine the title to Blackacre when he registered his deed. Dayton was unaware of the mortgage to Banyon, and consequently, Dayton's title to Blackacre would not be subject to the mortgage.
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Where a mortgagor obtains a "second mortgage", the mortgagor has mortgaged
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Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. If Dante forecloses on the land, and later sells it for less than the amount of the mortgage, he may then take action against Jones for the deficiency.
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