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In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee, who holds the property as security for a loan (debt) from the lender to the borrower. The equitable title remains with the borrower. [1] The borrower is referred to as the trustor, while the lender is referred to as the beneficiary.
v. t. e. A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed.
t. e. A bona fide purchaser (BFP) – referred to more completely as a bona fide purchaser for value without notice – is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that ...
The beneficiary of a mortgage (the mortgagee) is entitled to pursue all of its remedies concurrently [16] or consecutively. [f] Foreclosure is rarely exercised as a remedy. To execute foreclosure, the secured party needs to petition the court, [g] and the order is made in two stages (nisi and absolute), making the process slow and cumbersome ...
I’m a Financial Expert: 3 Key Roles of Beneficiaries in Estate Planning. Though estate planning can be a complicated process, it’s also an act of love. Making your wishes known to your ...
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien. A mortgage in itself is not a debt ...
t. e. The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract. [1] It is related to, but distinct from, the doctrine of consideration, according to which a promise is legally enforceable only if valid consideration has ...
v. t. e. A third-party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract. This right, known as a ius quaesitum tertio, [1] arises when the third party (tertius or alteri) is the intended beneficiary of the contract, as opposed to a ...
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