Practical Conveyancing

Practical Conveyancing

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 edition. Excerpt: ...name in blank) are valueless, for a document purporting to be a deed in blank is no deed. (Powell v. London and Provincial Bank, 1893 2 Ch. 555, C. A.) But if the transfer according to the company's regulations need merely be in writing, then if the mortgage authorises the mortgagee to complete the transfer by signing, all that the mortgagee has to do is to sign the transfer, and register it. My advice, assuming the shares are fully paid so that there is no liability for calls, is to see that a properly stamped transfer is taken at the time of the mortgage and is dated the same date, and executed both by the mortgagor and mortgagee, so that if registration at a future date is required the transfer is complete. The stamp on the transfer will be ten shillings, and the consideration a nominal one of say five shillings. There must be an element of risk when a mortgagee lends on shares which are not actually transferred into his name, but the mortgagor is generally opposed to such transfer. SUB-MORTGAGES, A sub-mortgage is generally taken for a less sum than the amount owing on the security sub-mortgaged, and may form an exceptionally safe investment, offering the double security of the original mortgage and of the personal covenant of the sub-mortgagor. A sub-mortgage usually assigns the original mortgage debt together with the benefit of the power of sale, and other provisions contained in the principal indenture. In a case decided by Vice-Chancellor Kindersley some doubt was expressed whether the sub-mortgagee could exercise the power of sale in the principal mortgage; but if the mortgage is governed by the Conveyancing Act, 1881, it is clear that under sect. 21, sub-s. 4, the power of sale is exercisable by any person who can give a discharge for...show more

Product details

  • Paperback | 74 pages
  • 189 x 246 x 4mm | 150g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236581865
  • 9781236581860