ADMS 2610 Lecture Notes - Lecture 10: Hire Purchase

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: Rudi Lof

Document Summary

Mortgage: an agreement made between a debtor and a creditor in which the title to property of the debtor is transferred to the creditor as security for payment of the debt. Old method of securing payment of indebtedness. A secured claim (similar to mortgage) registered against real property under the land titles system. Clause that requires payment of the balance of the debt on the happening of a specific event, such as default on an installment plan. Usually if breach by mortgagor or failure to pay principal or interest. Usually legislation allows arrears payments or correct the breach. Mortgagee"s options (cid:894)creditor(cid:895: power of sale, foreclosure: the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments, judicial sale, possession of the property. Transfer of title to the property as security (eastern) Charge on the land (land titles system) (western) Details of debt and form of repayment.