Asked by
Arianna Romano
on Dec 18, 2024
Verified
Bondi gave a mortgage to Dante on a parcel of land (located in Ontario), which he owned. Bondi later sold the mortgaged land to Green. Green, some time later, sold the land to Jones. Jones defaulted on payment of the mortgage. If Dante took action against Bondi, and Bondi paid the amount owing on the mortgage, Bondi would be entitled to an assignment of Dante's rights against the land and against Jones.
Assignment
The transfer of a debtor’s property to an Official Receiver under a voluntary assignment in bankruptcy.
Amount Owing
The total sum of money that is due or payable to another party.
- Outline the process and legal outcomes associated with transferring properties with an outstanding mortgage.
- Acquire knowledge of the elementary legal structure governing mortgages, highlighting the responsibilities and rights of mortgagors and mortgagees.
Verified Answer
TW
Learning Objectives
- Outline the process and legal outcomes associated with transferring properties with an outstanding mortgage.
- Acquire knowledge of the elementary legal structure governing mortgages, highlighting the responsibilities and rights of mortgagors and mortgagees.