LAW 603 Lecture Notes - Lecture 8: Latin American Economic System, Security Interest, Adverse Possession
1 Feb 2017
School
Department
Course
Professor
Document Summary
23 (secured transactions) addressed security interests in person property and how parties protect their interests by registration (personal property security act) This chapter addresses security interests in real property (land and buildings) and protection of those interests by registration. Registration of property interests: the registration of property interest establishes the priority of interests or claims against the property, the general rule is that the priority of competing claims is determined by the timing of the registration. Registration systems: registration system: documents the existence of interests in land, two types of registration systems: Registry system: provides an opportunity to inspect and evaluate documents that may affect real property. Land titles system: generates certificates of title that virtually guarantee the validity of the interests that are listed. The traditional, but vanishing registry system (at least in ontario) Purchasers, usually through their real estate lawyer, bear the risk of determining that there is good title of the property.
