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The law searches for balance
And there is great reason and justice in this rule [against clogging the equity of redemption], for necessitous men* are not, truly speaking, free men, but, to answer a present exigency, will submit to any terms that the crafty may impose on them.
Vernon v Bethell [1762] EngR 18*I imagine also women
Narrowing down the statutory context and text
Focus on mortgages
Narrow focus on rights
create Rights
propy
lease
mtge
land
Rights
Act overall
Narrowing down statutory context and text - mortgages
Version, commence-ment
Purpose, objects
Structure
Geographical extent
Persons and things covered
✔✔
Search for provisions specific to
mtges
Check particular elements
of application re mtges
✔
Use the Acts’ table of contents
PLA LTA Consumer Credit Act
Repayment
Protecting the property
(Holding CT)
Insurance
Default
Exercising powers on default
Locate relevant provisionsMortgagor’s obligations
Mortgagor’s rights Provisions
Repay principal + interest
Redeem property
Preserve the mortgaged property
Refinance
Seek consent to lease Proper notice; proper conduct of the sale
Last chance to repay; right to request sale as alternative to foreclosure
How are rights balanced on default?
Right Source of right Protection
To sue on personal covenant
To enter into possession
To appoint a receiver
Power of sale
Foreclosure
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