Security & Collateral · glossary
A mortgage is security over an asset, usually land, with a power for the lender to sell it. The mortgagee is the lender and the mortgagor the borrower. The Bank's powers exist from signing (clause 9.2), but it may use them only after an Enforcement Event. Debenture §9.2 · Chapter 4
Explained in Chapter 4, The Land: A Legal Mortgage, of Security & Collateral.
A mortgagee (the lender holding a mortgage) has two main powers. It may sell the land without going to court, and it may appoint a receiver to take over the land and sell it.Read Chapter 4, The Land: A Legal Mortgage →
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