Land Law - Mortgages (Part 3)

[@francispowell1811]

As ever, thanks Marcus.

[@felixgreen9094]

That Chris Sale slide at 10:10 :L

[@isaacb468]

Hello and Thank You for these incredibly helpful videos. Out of curiosity, is there any plans to produce more Land Law content (since it does dwarf in comparison to the other topics). Also, COYS!

[@marcuscleaver]

I promise it is in the pipeline but really want to make sure I nail registered/unregistered land!

[@frankbertola3662]

What if the bank ororiginator has converted the property (lot) into a RMBS and obligations of the presumed mortgagor become service fees to that RMBS not principal paments. As is widespread practice here in Australia.

[@Maya-xr6sc]

Such helpful videos, I always watch these prior to my exams. Would you please go through commercial law ( law of agency and sales of goods / passing of title ?) Ive not seen that on your channel but would be extremely useful ..

[@KateExify]

Hey Marcus! Firstly, thank you so much for all your amazingly informative videos! (helped me pass EU with flying colours lol) Random question but I'm in the final year of my Law Degree this year and am currently studying Land. However, we are doing contemporary issues such as the Propertisation of the human body and it's products. Just wondering if you could touch on this in a video it would be really interesting!

[@marcuscleaver]

+Kate P What an odd subject for a land course!!! What does that even mean, selling body parts????

[@KateExify]

marcuscleaver i know right!! it's our lecturers first year at it so I think she's trying to think outside the box lol. We're also discussing whether Itunes accounts etc should be transferable by will. I think the propertisation of the human body is aimed at the creation of Embryos through IVF and who owns those if the couple splits etc./ does anyone own them at all...Very strange, thought i'd chance my arm asking you!

[@marcuscleaver]

+Kate P There are few things worse than lecturers trying to be 'down with the kids'.....

[@KateExify]

i agree! Loving your Equity & Trusts videos at the moment aswell thank you again /)

[@neginamaihanwal6824]

If i understand this correctly does the bank require possession of the property before selling the property?

[@sulekharaja6358]

Hello, I received a statement of claim for foreclosure on my residential property. My Statement of Defense demanded original mortgage/promissory Note ("Note") with my wet ink signature. I also objected to the proceedings to be conducted in a court of law and demanded that court hearing be in a court of equity such as Chancery Court. The court issued an order to foreclose on the property and did not order the bank to supply the original Note, which no doubt was sold in the market soon upon my signature on the Note, thus giving it a monetary value.The court barred me from my rights to The Equity of Redemption to prevent me from directing the Plaintiff to apply the Equity of Redemption to discharge the mortgage and reinstate my name on the Land Title of the Propery. Does the court have the right to violate my right to the Equity of Redemption remedy? I am considering to appeal the court order on the ground that the judge made an error in granting the bank to keep the Note and barred me from my right to the Equity of Redemption. Your insights will be much appreciated.

[@thebeneficiary]

Hi Marcus...How do we know that the bank actually lends anyone any money?As I’m sure you know about the gold standard act...in which gold was removed from backing money, the so called money that is in circulation at the moment is actually debt...as the notes are nothing more than a promise to pay... fiat currency backed only by our trust in essence...I love to hear your thoughts on my comments...

[@marcuscleaver]

+zahir ahmed The bank accepts deposits from people and in return offers a modest interest rate. The bank then loans out a proportion of that money at a higher interest rate. The real point of the Gold Standard Act is that it doesn't matter very much whether money represents gold, debt or colourful shells; it performs a societal function.

[@thebeneficiary]

marcuscleaver I see things quite differently, When a deposit is made into a bank, the bank multiplies this by 9 this is known as fractional-reserve banking... Which is basically creating so called money from fresh air...you state that the gold standard act doesn’t rally matter if so why isn’t it repealed? Moving onto the bills of exchange act 1882...and negotiable instruments in particular promissory notes As they are legal tender and under law they have to be accepted would you be in agreement that if people presented them to banks to discharge their debt, (mortgage)then the bank would have to accept, as if not they would be acting in dishonour... A couple of maxims come to mind here Equity sees that as done what ought to be done.. Equity follows the law... Look forward to your reply...

[@marcuscleaver]

+zahir ahmed Perhaps that first reply of mine was too philosophical as there is of course a distinction between fractional and full reserve banking. It seems you would favour full reserve and while I have sympathies with that I would argue in favour of fractional reserve banking: criticalfinance.org/2017/01/18/full-reserve-banking-the-wrong-cure-for-the-wrong-disease/ although admittedly finance and economics is not my professional background!! On your second point I am probably better placed to answer as a legal question! People in a contract don't have to accept legal tender simply because something holds that status. They have to negotiate that themselves.