BUSI 2301 Business Law - Mortgagor
Answer
Business Law
Case 2
In times the Mortgagor is exercising the power of sale, due diligence should be conducted to ensure the land or property is sold at a reasonable price or as per the listing. According to the case 2, the mortgagor never conducted a background check to see the trading of the same piece of property in a market and thus any loss from sale of the property should not be surcharged from Headrick. The Mortgagor should sort himself out of incurred loss of $30, 000.
Case 4
The intention of the aunty was that she thought Herman sought to get the property listed in real estate to facilitate sale but this was not the case. In this case, the aunt was not aware of the issue and thus signed the paper in belief that they were meant for sale. In this instance, the aunt should file a suit against Herman fraud.
The finance company stand a chance to auction or sale the property under which the mortgage was sought to pay itself and reimburse the mortgagee with the excess amount.
Case 5
Home bank and Gray has the legal rights to seek for damages to from Zalinsiki the original owner of the building. Quite a number of transactions and exchange of hands went through different people. In context of the case here, the Gray should fully indemnification from Allen as a result of losses suffered since he entered into a contract on faith of clear title transfer. However, Home bank stand to sought damages from Zalinsiki for breach of contract.
Case 7
Foreclosure is a legal right that requires the mortgagor and mortgagee exercising their rights in times when either of the party defaults in paying the instalments by exercising power of sale, lien and others. The three parties to Hambly property did not have full title to the mortgage they entered into, The Simple fee mortgage to Clark was null and void because it was not registered at all. Therefore, the first mortgagor had a jurisdiction of exercising a Power on Sale since the mortgage was not paid on time. Additionally, everyone could exercise lien on the stake they held.
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