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Author Question: Nelson granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 ... (Read 32 times)

anjilletteb

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on: Aug 7, 2021
Nelson granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 000, and a second mortgage to Hong Kong Bank as security for a loan of $25 000. Which of the following statements is false? Read each separately.
◦ Nelson has given Vancouver Trust his fee simple interest and Hong Kong Bank his right to redeem, and he has retained a right to redeem.
◦ If Nelson is in default on his first mortgage, Vancouver Trust has a contractual right to sell.
◦ If Nelson were to default on his first mortgage, Vancouver Trust could petition the court to set a period of time within which the debtor must pay off the mortgage (redeem his title).
◦ If Nelson were to default on his second mortgage only and the second mortgagee foreclosed, then the first mortgagee and Nelson himself would lose their interests in the property.
◦ If Nelson were to default on his first mortgage, at the first hearing he would likely be granted a redemption period within which he could pay his debt and thus avoid foreclosure.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by anjilletteb on Aug 7, 2021

JYan

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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anjilletteb

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Reply 2 on: Aug 7, 2021
YES! Correct, THANKS for helping me on my review

raili21

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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