Asked by
Amirul Syakir
on Dec 18, 2024
Verified
The only "legal mortgage" that can be made is the "first mortgage".
Legal Mortgage
A first mortgage of real property whereby the owner of land in fee simple transfers the title of the property pledged as security to the creditor on the condition that the title will be reconveyed when the debt is paid.
First Mortgage
A primary mortgage on a property that has precedence over all other mortgages or liens.
- Identify the differences between legal and equitable mortgages and grasp the ways in which they are enforced.
Verified Answer
NS
Learning Objectives
- Identify the differences between legal and equitable mortgages and grasp the ways in which they are enforced.
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