I need help in these questions!? And these questions for law of commerce Ii. Wil

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I need help in these questions!? And these questions for law of commerce
Ii. Wily is the distinction important? Question Eleven Distinguish between a real property and personal property; define an estate in fee simple anda life estate; explain the importance of dower; explain the difference between a reversionary interest and a remainder; define a leasehold estate; describe the importance of exclusive possession in an estate; define the requirements for an easement; explain how lesser interests run with the land; define a right of way, a licence and a profit à prendre; explain how an easement may be created; explain when a restrictive covenant runs with the land. Question Twelve Define a mortgage; distinguish the two operations that occur in a mortgag gage; distinguish the two operations that occur in a mortgage; explain the of redemption to the mortgagor and of the right of foreclosure to the importance of the equity mortgagee; explain the four rights of the mortgagee upon default by the mortgagor, explain the four rights of the mortgagor upon default; explain how a second mortgage functions. What is meant by mortgage, equity of redemption, foreclosure, and power of sale? Explain the importance of registration and priority.

Explanation / Answer

q.12

ans :Mortgage is :

1. A loan for the purchase of real property, secured by a lien on the property.

2. The document specifying the terms and conditions of the repayment of such a loan.

3. The repayment obligation associated with such a loan: a family who cannot afford their mortgage.

4. The right to payment associated with such a loan: a bank that buys mortgages from originators.

5. The lien on the property associated with such a loan.

under the common law, upon breach or default the mortgagor lost his title to the mortgagee forever, as the mortgagee was conveyed title at the time of the granting of the mortgage. Given the rigid rules and harsh results of the common law, the Court of Chancery brought flexibility to the common law rules and expanded upon the mortgagor’s right to redemption.

The courts of equity recognized that a mortgagor’s right to redemption, specifically, the reconveyance of the property back upon payment of the debt, is a fundamental right and is to be jealously guarded by the courts[9]. This equitable right is present in all mortgages and can neither be contracted out nor given away. Moreover, this right will remain provided that the mortgagee does not take steps to enforce the mortgage when in arrears

Rights of mortgagee upon default by mortgagor :

The statutory rights of the mortgagee (lender) include:

Rights of mortgagor upon default :

As a mortgagor you have the right to repay the mortgage, either:

Second mortgage :

A second mortgage — also referred to as a home equity loan or home equity line of credit — is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home. However, if you default on your home loan payments, the original mortgage will be paid off by the sale of the property first, before any money goes to the second mortgage

Q.11

Personal property includes possessions, of really any kind, as long as those possessions are movable and owned by someone. Personal property isn't affixed to or associated with land. These moveable items are sometimes known as chattels. The law regarding chattels includes those laws covering possession, gifts, lost property, abandoned property, and stolen property.

It's helpful to note that personal property includes both tangible and intangible items. A tangible item is an item that can be felt or touched. For a business, tangible personal property includes items the business owns such as:

The key difference between personal property and real property is that real property is fixed permanently to one location. This includes land and anything that is built on the land. It also includes anything that's growing on the land or that exists under the face of the land. For a business, real property includes immovable property that the business owns, such as:

Dower Imortance

The provision that the law makes for a widow out of the lands or tenements of her husband, for her support and the nurture of her children. Aspecies of life estate that a woman is, by law, entitled to claim on the death of her husband, in the lands and tenements of which he wasseised in fee during the marriage, and which her issue, if any, might by possibility have inherited. The life estate to which every marriedwoman is entitled on the death of her husband, intestate, or, in case she dissents from his will, one-third in value of all lands of which herhusband was beneficially seized in law or in fact, at any time during coverture.

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