Asked by
Kirsten Brophy
on Nov 23, 2024
Verified
A mortgage given verbally, before witnesses, is an equitable mortgage and is enforceable in Canadian courts.
Equitable Mortgage
A type of mortgage recognized by a court based on the borrower's intent and the lender's interest, even though the formal legal requirements of a mortgage are not met.
Enforceable
Refers to a rule, policy, or agreement that is legally binding and can be upheld or imposed by law.
- Differentiate between legal and equitable mortgages and comprehend their enforcement mechanisms.
Verified Answer
MK
Learning Objectives
- Differentiate between legal and equitable mortgages and comprehend their enforcement mechanisms.
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