Term
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Definition
-Can be special or general.
-Will secure an obligation specified by the law that provides for it
-The mortgages authorized by the CCP all require court approval |
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Term
| Examples of Legal Mortgages |
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Definition
| Security of a tutor, a curator, succession rep, and tax liens filed by a governmental entity |
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Term
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Definition
-General Mortgages
-it's a recognition that $$ is owed
-affects property now and in the future
-will auto. attch but must be reinscribed every 10 years |
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Term
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Definition
-secures the performance of an obligaton (usually $)
-most are specific, effects specifically described property |
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Term
| How are mortgages & promissory notes tied together? |
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Definition
| When the note is paid, the mortgage is cancelled |
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Term
| Property susceptible of mortgage |
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Definition
1) A corporeal immovable with it's component parts
2)A usufruct of corporeal immovable
3)A servitude of right of use with the rights that the holder has in the buildings & other construction on the land
4)The lessee's rights in a lease of an immovable with his rights in the buildings & other construction on the immovable.
5) Property made susceptible of conventional mortgage by special law |
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Term
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Definition
| A person who acquires ownership of mortgaged property who is not personally bound for the obligation the mortgage secures |
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Term
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Definition
-"With burden"
-When a buyer purchases an immovable that is mortgaged but does not assume the obligation that the mortgage secures.
-If he does indeed fail to pay, morgee can foreclose on the property but not against that 3rd person
-If 3rd party does pay, he is entitled to recover from mortor |
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