Mortgage Case Study
The “Margarita Sunrise” was mortgage for £ 3 000 000 with the
Hasselfree Credit Corporation under a registered deed dated 4th
January 2003. The vessel was time chartered for a period of 3 years
from Dec 2001 to carry Soya bean from Argentina and Brazil to Taiwan.
During her second year of the charter she met with an accident (off
the coast of Buenos Aires) and had to undergo emergency repairs to fix
her engines. Over the next few months she experienced frequent
problems with her engines, and it was thought that she was not
suitable to undergo any long voyages.
The owners have nevertheless extended the charter party for another
2-year term. Survey reports reveal that the vessel would have to
undertake extensive repairs to undertake any long voyages.
The owners have defaulted in paying one instalment of the mortgage and
of the insurance premium as well. It is rumoured that there are unpaid
seamen’s wages and claim from one bunker supplier from Argentina. The
vessel is set to arrive at Portsmouth on Wednesday, 16th of April
2005.
Remedies open to the Mortgage
-----------------------------
The remedies open to a mortgagee is usually based on information
contained in the collateral a registered deed.
Collateral Deed
This document contains details of the actual contract between the
parties, for the most part on the owner’s personal obligation under
the mortgage; for example to keep the ship seaworthy, in
classification, insured and information of interest payable on capital
sum loaned etc. In addition, references for authorisation of the
mortgagee, by giving information of such things as w...
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... offer and sold the
vessel. Fletcher sued the mortgagee on the grounds that it was an
implied term of the mortgage that he would be permitted to pay off
sums due in order to redeem. The claim succeeded since the right to
redeem was prevented by the wrongful act of the mortgagee. The court
commented it is usual to stipulate expressly in the mortgage deed that
the mortgagee has the right to take possession where the mortgagor
defaults on mortgage repayments.
[23] Ibid at 1, p. 43
[24] [1976] 1 AII ER 856
[25] Ibid at 1, p. 100
[26] Ibid at 1, p. 100
[27] Supreme Court Act 1981, section 20 (1) (a) and subsection (2) (o)
[28] Bowtle, G, Guinness, K, (2001) The Law of Ship Mortgages, Informa
Professional, London
[29] Jenny Lind (1872) L. R. 3. A & E. 529
[30] Feronia (1868) L. R. 2 A & E. 65
First, when a creditor (ICE) extends credit to a debtor (Top Quality) and takes a security interest in some property of the debtor, Top Qualities inventory in this case, it is called a secured transaction. The inventory is then considered collateral for the financing that ICE provided for Top Quality, which was made clear in the financing statement that ICE filed. Any secured transactions where personal property is used as collateral is governed by Article 9 of the Uniform Commercial Code. The UCC was revised in 2001 to better adhere to modern times, and since this case took place from 2007 to 2009, we will be applying the revised edition. There are many sections of Article 9 that should be considered when examining this case. First, the filing of a financing statement, form UCC-1 in Article 9, should be confirmed as filed with the appropriate state office. Once this has been done, confirming the attachment of Top Quality’s inventory to ICE, we can then look to confirm that the initial sale to Chrisman was paid in full to Top Quality, which it was. If this were not the case, ICE would be entitled to the remaining sale proceeds. Now we move on to the requirements of a buyer in the ordinary course of business, per Article 9 of the UCC. According the textbook, “A buyer in the ordinary course of business who purchases goods from a merchant takes the goods free of any perfected or unperfected security interest in the merchant’s inventory, even if the buyer knows of the existence of the security interest” (Cheeseman). The textbook then continues to explain that this rule is necessary because buyers would be reluctant to purchase goods if the merchant creditors could recover the goods if the merchant defaulted on the loans owed to secured creditors. These statements come from the Revised Article 9, section 320(a). This is based on the idea that the buyer purchases in good faith, meaning that they are
With that in mind, it is important to understand a couple of concepts before analyzing and determining the effectiveness of that document. Although people do not always realize it, the purchase of a home is one of the b...
Historical limitations: - Could only sue in rem - Forbade actions in personam vs. shipowner, master. - Rules precluding admiralty court from hearing matters arising w/in body of the country. - Forbidding admiralty jurisdiction where there is no influence of tide. - Forbidding admiralty jurisdiction involving building or sale of ship. - The
Sase, J. F., and Gerard Senick. Another Mortgage Tsunami? “Let Them Eat Cake” (Part Two). 2010. Print.
9. Woodgate, R., Black, A., Biggs, J., Owens, D. (2003). Legal Studies for Queensland, Volume 1, ForthEdition, Legal Eagle Publications: Queensland. 10. Woodgate, R., Black, A., Biggs, J., Owens, D. (2003).
The General Court. "General Laws." : CHAPTER 265, Section 37. 2014. Web. 20 Apr. 2014. .
The Schedule of Terms provided that the borrower transferred title in the mortgaged property to the lender as security for the repayment of the balance of the loan. If the borrower defaulted under the loan agreement, Palgo Holdings had the right to repossess and sell the property, and apply the proceeds towards repayment of the loan. The Schedule of Terms also included a number of undertakings,...
[8] Colonial Mutual Life Assurance Society Ltd v Producers and Citizens Co-operative Assurance Co. of Australia Ltd (1919) 26 CLR 110
There’s a lot more to being in debt aside from the fact that you owe more than you currently own. In addition to having balances that you need to pay, you also have to deal with calls from collectors or reminders that the bill is overdue — every single day. This alone is enough of a nuisance to make one want to run away from the debt and forget about it. Fortunately, there are ways to solve the problem of debt. One of these is debt settlement.
The Incorporated Council of Law Reporting for England & Wales. - Counsel [24] See footnote 22 – but page 61 [25] GEOFFREY, Marshall, Constitutional Theory, Clarendon Law Series, Oxford 1971 Chapter1 – the Law and the constitution, part 3. Dicey’s doctrine and its critics. [26] REGINA v HER MAJESTY'S TREASURY, Ex parte SMEDLEY, [COURT OF APPEAL], [1985] Q B 657, 19 December 1984, (c)2001 The Incorporated Council of Law Reporting for England & Wales [27] MITCHELL, JDB, Constitutional Law, 2nd edition, Edinburgh, W Green & SON LTD, 1968, Convention, page 31 [28] See footnote 22 but page 64
Bailey Press --------------------------------------------------------------------- [1] (2000) 2 All ER 289, [2] QB 133 [3] (1965) 2 QB 29 [4] 15 Ch D 96 [5] Law Com. No. 164 (1987), para.
Lendlease is a leading international property and infrastructure group, with a business model that contains three basic components. Those three components are development, construction and investments. In development, they focus on developing communities, apartments, retail areas and social/economic infrastructure. In construction, they focus on defense, commercial, residential sectors and pharmaceutical buildings. In investing, the investment management platform also includes the Group’s ownership interest in property and infrastructure co-investments, retirement living and US military housing. Lendlease is an Australian company but has business headquarters in 4 regions of the world. These regions are Australia, Asia, Europe
terms firstly, where it involves two other contracts respectively. Then, I will mainly analyse the duties of the shipper in the contract of carriage. Next, the most discussion will be referred to the contract of marine insurance on the relationship between the assured and insured, as well as the insurance cover. Finally, I will analyse letters of credit as a method of pay... ... middle of paper ... ...
For a goal to be the most efficient it can be, it has to be S.M.A.R.T. as Siegel and Yacht (2009) explain in our textbook, Personal Finance. Personal finance is the way we conduct and work with our own household finances and how we make the best of what we have. Goals we make in doing that have to be specific, measurable, attainable, realistic and timely. Let me explain these five individually. We have to make our goals specific which means nothing general such as, "my goal is to succeed in life.” Those kinds of goals won 't work. Your goal has to be measurable and should be tracked in the process of accomplishing it. It should be attainable, shouldn 't be anything that you as a human being cannot accomplish and it also has to be realistic
Accessed 16/03/2012. http://www.law201.co.uk/95.pdfaccessed on 16/03/2012. http://www.oup.com/uk/orc/bin/9780199219742/01student/mindmaps/loveland_mindmaps_royal_prerogative.pdfaccessed on 17/03/2012. http://www.justice.gov.uk/royal-prerogative.pdf accessed on 17/03/2012. http://www.justice.gov.uk/royal-prerogative.pdf accessed on 18/03/2012.