Land law Essay Example | Topics and Well Written Essays - 3000 words - 4

Land law - Essay ExampleThe bank therefore, has the make up to repossess and switch the house from Ben.1By accepting to sign the owe papers as second owner though ignorantly, Ben becomes a holder in due course. Because the mortgage was transferred to him does non make him free of real defense. Real defenses imply the defenses ascribed to the formation of the initial contract.2 In this scenario, Ben was conned into signing the mortgage papers. Because he had been tricked into signing the paper, the bank does not have to allow him freely own the property. The initial agreement is paramount. Despite the fact that Ali has no revenue to recover the loan from Cait, the bank still has the right to recover the mortgage because it was not part of the agreement between Ben and Cait. The bank therefore, has the right to accomplish Ben and repossess and take the house so that in tin recover the debt that had been advanced to Cait.3The bank has the right to repossess and sell Bens home bec ause the terms and conditions of any mortgage allow the creditor to repossess the mortgage and sell it in order to recover its debt.4 In the scenario that has been presented, because Cait has lost her job and may be financially unstable to pay the loan, the bank has the entire mandate to sue her in a court of law so that it can recover the debt.Mortgages must also be paid within a given extremity of time.5 If the terms were transferred to Ben though ignorantly, he is expected to meet the deadline that the initial mortgagor had with the bank. If Ben is not able to meet this deadline, the bank, being a business entity that has all its trading operations governed by the law, has the right to go to court to compel the mortgagor to surrender the property. Inability to recover its loan within the agreed period of time jibe to the agreement implies that the bank will make losses.In the scenario that has been presented, the