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Questions and Answers
What is the essence of a mortgage?
What is the essence of a mortgage?
- Delivery of possession
- Payment of debt
- Discharge of obligation
- Conveyance of title (correct)
What is the main difference between a pledge and a mortgage?
What is the main difference between a pledge and a mortgage?
- A pledge gives the pledgee special property in the property, while a mortgage does not
- A pledge can be foreclosed like a mortgage, while a mortgagee cannot
- A pledge is a mere appropriation of specific property, while a mortgage is a legal conveyance of title
- A pledge is accompanied by delivery of possession, while a mortgage is not (correct)
What is a charge?
What is a charge?
- A mere appropriation of specific property for the discharge of an obligation (correct)
- A pledge accompanied by delivery of possession
- A legal conveyance of title as security for the payment of debt
- A lien arising by operation of law
