Clog Equity of Redemption | Fetter on Mortgage Redemption

clog equity of redemption A fetter, restriction or impediment, especially such an impediment on the mortgagor’s equity of redemption. A stipulation or provision in a mortgage deed that prevents the mortgagor from recovering his property unencumbered, after repayment of all the monies due to the mortgagee or performance of all the obligations for which the property was given as security. A clog on the equity of redemption may arise, for example, “where the mortgagee will suddenly bestow … [Read more...]

Qualified Fee land interest | Determinable Fee

A Qualified Fee land interest is a fee interest limited, or modified in some way, so that the beneficiary may not hold the land forever. "A base or qualified fee is such a one as has a qualification subjoined thereto, and which must be determined whenever the qualification annexed to it is at an end", 2 Bl Comm 109. A 'qualified fee' land interest or a 'determinable fee' is a fee interest like any other, in that it may last forever, but it has a limitation that was attached when the estate was … [Read more...]

Determinable Fee Estate | Determinable Fee Simple

Determinable Fee Estate 1.In English law, for 'determinable fee estate' see determinable fee simple. 2.(US)A determinable fee estate is an interest in land that is granted to a person and his heirs, but subject to a qualification that the duration of the estate must end upon the occurrence of an event that may, or may not, happen. For example, a fee held for as long as the property is used for a particular purpose. For example, land is granted as long a it is used as a school. Or, as long … [Read more...]

Conditional Fee Estate | Qualified Fee Simple Estate

Conditional Fee Estate A fee estate that was limited to a specified donee and a given class of heirs, exclusive of others, and which reverted to the original donor of the estate, or his heirs, in the event of a failure of the requisite issue. “A conditional fee, at common law, was a fee restrained to some particular heir, exclusive of others”, 2 Bl Comm 110. The fee was ‘conditional’ as long as the specified class of heir remained unborn. “At common law estates limited to the heirs of the … [Read more...]

Equity of Redemption | Mortgagor’s protection against foreclosure

Equity of Redemption is: The right of a mortgagor (the borrower) to have his property released to him by performing his obligations under the mortgage (usually by repaying the outstanding debt, including principal, interest and costs to the mortgagee). The equity of redemption or 'equitable right of redemption' represents the right of the mortgagor to recover the mortgaged property without hindrance, after any default has been rectified. There is an "established rule that a mortgagee can never … [Read more...]

Resulting Trust | Implied Trust arises from Money Paid

Resulting Trust A resulting trust arises by operation of law to give effect to the original and implied intention of the parties. In particular, a trust that arises when money is paid for property by one person, but the property is conveyed to another under circumstances that give rise to an implication that the property is to be held, partly or wholly, for the benefit of the payee. The presumption of a resulting trust depends on the facts of the case, but prima facie a presumption may be made … [Read more...]