[Asterias-dev] NUMBER ONE Success System

Tommy Lee noss1233 at gmail.com
Wed Aug 22 08:15:43 EDT 2007


At common law, a mortgage was a conveyance of land that on its face was
absolute and conveyed a fee simple estate, but which was in fact
conditional, and would be of no effect if certain conditions were not met
--- usually, but not necessarily, the repayment of a debt to the original
landowner. Hence the word "mortgage," Law French for "dead pledge;" that is,
it was absolute in form, and unlike a "live gage", was not conditionally
dependent on its repayment solely from raising and selling crops or
livestock, or of simply giving the fruits of crops and livestock coming from
the land that was mortgaged. The mortgage debt remained in effect whether or
not the land could successfully produce enough income to repay the debt. In
theory, a mortgage required no further steps to be taken by the creditor,
such as acceptance of crops and livestock, for repayment.

The difficulty with this arrangement was that the lender was absolute owner
of the property and could sell it, or refuse to reconvey it to the borrower,
who was in a weak position. Increasingly the courts of equity began to
protect the borrower's interests, so that a borrower came to have an
absolute right to insist on reconveyance on redemption. This right of the
borrower is known as the "equity of redemption".

This arrangement, whereby the mortgagee (the lender) was on theory the
absolute owner, but in practice had few of the practical rights of
ownership, was seen in many jurisdictions as being awkwardly artificial. By
statute the common law position was altered so that the mortgagor would
retain ownership, but the mortgagee's rights, such as foreclosure, the power
of sale and the right to take possession would be protected.

In the United States, those states that have reformed the nature of
mortgages in this way are known as lien states. A similar effect was
achieved in England and Wales by the Law of Property Act 1925, which
abolished mortgages by the conveyance of a fee simple.

*Real estate* or immovable property is a legal term (in some jurisdictions)
that encompasses land along with anything permanently affixed to the land,
such as buildings. Real estate (immovable property) is often considered
synonymous with *real property* (also sometimes called *realty*), in
contrast with personal property (also sometimes called *chattel* or *
personalty*). However, for technical purposes, some people prefer to
distinguish real estate, referring to the land and fixtures themselves, from
real property, referring to ownership rights over real estate.

The terms *real estate* and *real property* are used primarily in common
law, while civil law jurisdictions refer instead to immovable property.

In law, the word *real* means relating to a thing (from Latin *res/rei*,
thing), as distinguished from a person. Thus the law broadly distinguishes
between "real" property (land and anything affixed to it) and "personal"
property (everything else, e.g., clothing, furniture, money). The conceptual
difference was between immovable property, which would transfer title along
with the land, and movable property, which a person would retain title to.
(The word is not derived from the notion of land having historically been
"royal" property. The word *royal* — and its Portuguese cognate *real* —
come from the related Latin word *rex-regis,* meaning king.)
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