Land Law Assignment Sample

Introduction Of Land Law Assignment

• Public law that contains environmental, planning and exploration aspects
• Crucial institutions
• substituting the prevailing legal institution disorder
• Interpretation based on intelligible judicial

SN: Land Law is based on public law that includes environmental, planning and exploration concerns. The law includes crucial institutions such as trust and mortgage, freehold, easements and leasehold. The emerging image of the law is based on substituting the general legal institution chaos as well as intelligible judicial interpretation. It also involves orderly account law concerning evolving land constantly.

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Analysis of Mortgage law creation

• Residential mortgage transaction
• "Mortgage law" disregards multiple civil problems[1]
• Creditors tend to be dominating regarding the legal relationship[2]
• Land law provides information on the transformation in industrial revolutions in the 19th century.
• This law is fair as the law includes the property rights of people.
• Property rights formation completion with the help of equity and registration process.

SN: The creation of "mortgage law" is regarding transactions that are based on a "residential mortgage", it was during the formative period while the development of governing mortgages by property law. “Mortgage law” involves several civil problems that are been a part of disregarded by the "Mortgage law". "Law Number 4 of 1997", fails to provide clear legislative rules due to that issue the creditors have a dominating tendency regarding the legal relationship, and due to this debater's rights are been highly neglected which results to be creditors' negligence. Land law considers including information regarding transformation in the system during the industrial revolutions in the 19th century. This law provides fair information as this delivers updates about property rights to people. Property rights allow people to continue their domestic residential and industrial activities without facing any barriers in it. Property rights formation completion by considering support of equity and registration process. This property right can deliver support to maintain the formation of land, usage of land and supplying of land.

Disputes between "Mortgagee and Mortgager"

• A mortgage is responsible for providing the loan and the Mortgagor is the person for whom the loan is provided[3]
• The mortgage decides the financing terms and the mortgagor is responsible to accept the terms
• "Ordinary mortgage clause"[4]
• rights on "defences that are caused by the issuer might be against the Mortgage"
• A third party must be included between the mortgagee and the mortgage.
• The mortgagee deed and the property must be transferred to the third party.
• Right to redeem is section 60 the transfer property act must be implemented

Speaker Notes: This law is to resolve the disputes, various measures are taken for the dudiputes. The two sections are used to resolve the disputes between mortgagee and mortgager first is to include the third party in between the two parties. The next is the implementation of redeem the property and maintain peace between both the parties. These two laws helps in clearing the disputes between the Mortgagee and Mortgager.

Consequences if there is a failure in paying the Mortgage instalments

• Legal implications based on the instalment of the loan repayment
• Seize the property[5]
• "Mortgage by conditional sale"

SN: Several legal laws are applicable if the mortgagor fails to replay the instalment money to the Mortgage, it may also include legal steps such as seizing the property by the government body. If there is a failure in paying the instalment of the Mortgage on the due date then the Mortgage has an utter right to sell the property of the Mortgagor that situation is considered as "Mortgage by conditional sale."

Mortgage talking possession based on Bank's law

• Mortgage property can be undertaken by Mortgagee
• The mortgagee has the authority to undertake and sell the property[6]
• "English mortgage"
• Mortage repossessions such as protection of tenants is consideredbased on the “bill no. 15 2009”.
• Performance audit on the “levy of customs duty without making an allowance accepted” in this case.
• Mortgage delivers “possession 1 which authorises in receiving the rent and authorises to retail payment”.

SN: Based on any caused default in the payment procedure the Mortgage has the authority to undertake the property of the Mortgagor and sell it. As per the "Transfer of Property Act," the Mortgage has the absolute right in undertaking and sells the property based on the occurrence of any kind of payment failure without "intervention of a court only in case of an English mortgage". Here mortgage repossessions considered which ensures that tenants are given a suitable notice to vacate their property if the landlord defaults on their mortgage and both possessions receive retail payment process regarding custom duty and allowance.

"Bank sells the property"

• "The SARFAESI Act "
• Security interests related central database
• Rights-based on the property[7]
• Borrowers do not consider discharging fines within 2 months.
• Mortgagees consider to entitled possession through not considering notice and court order.
• Mortgage money has been served on the mortgagor

SN: "The SARFAESI Act is ‘an act to regulate securitization and reconstruction of financial assets and enforcement of security interest and to provide for a central database of security interests", it also includes the creation of rights based on the property along with the interconnected concerns. The "Sarfaesi Act" contributes authority to lenders to retrieve the loan payment without judicial intervention. Borrowers do not consider discharging fines within 2 months. Mortgagees consider to entitled possession through not considering notice and court order. It also includes several interest that are under unpaid and arrear section based on the mortgage.

Lender's duty towards the borrower

• Insurance contract credit-related[8]
• Transaction based on buy-back and guaranteeing
• Treating the borrowers with respect and reasonably
• Borrower’s requirements and purposes

SN: The lenders' duty towards the borrower includes several conditions such as an insurance contract that is c credit related, buy-back and guarantees transaction. It is required to treat the borrowers with respect and reasonably. It also includes meeting the borrower’s requirements and purposes.

"Protection to Mortgager"

• Dwelling-house possession
• Rights regarding claiming "mortgaged property"
• "Virtue of the mortgage"[9]

SN:"Protection to Mortgagor (dwelling house) under s.36 AJA (Administration of Justice Act) 1970" includes further powers of the court based on the action of the mortgagee regarding the dwelling-house possession includes: claiming the right of the "mortgage property". The court may practice any type of power that is associated with the mortgagor's rights within a reasonable term for any totalities under the "mortgage," or to "remedy a default consisting of a breach of any other obligation arising under or under the mortgage".

Undue Influence

• Relationships existing between the parties
• Evidence adduced[10]
• Foregoing principles
• Parties can settle down borrowing money to the bank within the stipulated time period.
• Parties get the facility to have a notice period of 60 days to pay the loan amount.

SN: As per the demonstration of the legislative rule that is under Section 16, "Undue Influence", includes several contracts such as the underlying relationship existing between the parties. It also includes "In particular and without prejudice to the generality of the foregoing principle, a person is deemed to be in a position to dominate the will of another". Additionally, the law evolves the role of the position that plays a dominant role in entering the contract as well as transaction appreciable, the evidence adduced that is inconsiderable.

Conclusion

• Redemption Right
• Third-party property transfer
• Right to possession recovery

SN: The mortgagor has a significant right based on the redemption of his property once he completed the payment of the debt amount. As per the "Transfer of Property Act," the mortgagor has the right for claiming money transferred to the mortgagee by a third person. It can be considered that the right of the mortgagor can include recovery of the possession of the property of the mortgaged as well as the "mortgage deed entered by him on the condition if he has paid the principal amount of loan or on the expiry of the prescribed time stated for the payment of mortgage amount".

References

BOOK IV, I.L., THE 2017 INTERNATIONAL CONFERENCE ON GLOBALIZATION OF LAW AND LOCAL WISDOM. DOI: https://layanan.hukum.uns.ac.id/kepeg/jurnal/riska/article/view/4.pdf

Economictimes.indiatimes.com, 2022. Some rights of a mortgagee Available at: https://economictimes.indiatimes.com/some-rights-of-a-mortgagee/articleshow/6759561.cms [Accessed on: 05/11/2022]

Govt.nz, 2022. Lender responsibility principles Available at: https://comcom.govt.nz/business/credit-providers/the-lender-responsibility-principles [Accessed on: 05/11/2022]

Gray, K.J. and Gray, S.F., 2009. Elements of land law (Vol. 56). Oxford: Oxford University Press.

Heinonline.org, 2022. Modernizing mortgage law Available at: https://heinonline.org/HOL/LandingPage?handle=hein.journals/nclr100&div=6&id=&page= [Accessed on: 05/11/2022]

Indiacode.nic.in, 2022. Undue influence" defined. Available at: https://www.indiacode.nic.in/show-data?actid=AC_CEN_3_20_00035_187209_1523268996428&sectionId=38619&sectionno=16&orderno=16#:~:text=%2D%2D%20(1)%20A%20contract%20is,unfair%20advantage%20over%20the%20other. [Accessed on: 05/11/2022]

Indiankanoon.org, 2022. Section 58 in The Transfer of Property Act, 1882 Available at: https://indiankanoon.org/doc/63739/ [Accessed on: 05/11/2022]

Jstor.org, 2022. Mortgagor-mortgagee - problems and - the standard – JSTOR Available at: https://www.jstor.org/stable/25761392 [Accessed on: 05/11/2022]

Lawgurus.in, 2022. Rights And Liabilities Of Mortgagor And Mortgagee Available at: https://www.lawgurus.in/rights-and-liabilities-of-mortgagor-and-mortgagee/ [Accessed on: 05/11/2022]

Legislation.gov.uk, 2022. Administration of Justice Act 1970 Available at: https://www.legislation.gov.uk/ukpga/1970/31/section/36#:~:text=(1)Where%20the%20mortgagee%20under,exercise%20any%20of%20the%20powers [Accessed on: 05/11/2022]

[1] Gray, K.J. and Gray, S.F., 2009. Elements of land law (Vol. 56). Oxford: Oxford University Press.

[2] BOOK IV, I.L., THE 2017 INTERNATIONAL CONFERENCE ON GLOBALIZATION OF LAW AND LOCAL WISDOM. DOI: https://layanan.hukum.uns.ac.id/kepeg/jurnal/riska/article/view/4.pdf

[3] Heinonline.org, 2022. Modernizing mortgage law Available at: https://heinonline.org/HOL/LandingPage?handle=hein.journals/nclr100&div=6&id=&page= [Accessed on: 05/11/2022]

[4] Jstor.org, 2022. Mortgagor-mortgagee - problems and - the standard – JSTOR Available at: https://www.jstor.org/stable/25761392 [Accessed on: 05/11/2022]

[5] Indiankanoon.org, 2022. Section 58 in The Transfer of Property Act, 1882 Available at: https://indiankanoon.org/doc/63739/ [Accessed on: 05/11/2022]

[6] Economictimes.indiatimes.com, 2022. Some rights of a mortgagee Available at: https://economictimes.indiatimes.com/some-rights-of-a-mortgagee/articleshow/6759561.cms [Accessed on: 05/11/2022]

[7] Lawgurus.in, 2022. Rights And Liabilities Of Mortgagor And Mortgagee Available at: https://www.lawgurus.in/rights-and-liabilities-of-mortgagor-and-mortgagee/ [Accessed on: 05/11/2022]

[8] Govt.nz, 2022. Lender responsibility principles Available at: https://comcom.govt.nz/business/credit-providers/the-lender-responsibility-principles [Accessed on: 05/11/2022]

[9] Legislation.gov.uk, 2022. Administration of Justice Act 1970 Available at: https://www.legislation.gov.uk/ukpga/1970/31/section/36#:~:text=(1)Where%20the%20mortgagee%20under,exercise%20any%20of%20the%20powers [Accessed on: 05/11/2022]

[10] Indiacode.nic.in, 2022. Undue influence" defined. Available at: https://www.indiacode.nic.in/show-data?actid=AC_CEN_3_20_00035_187209_1523268996428&sectionId=38619&sectionno=16&orderno=16#:~:text=%2D%2D%20(1)%20A%20contract%20is,unfair%20advantage%20over%20the%20other. [Accessed on: 05/11/2022]