- Statutory Power of Sale: this is the power of the mortgagee to sell the security if Roy fails to repay the loan. The mortgagee must give the requisite notices to the mortgagor i.e. Roy.
- Fore Closure: this is a foreclosing order which bars the mortgagor from redeeming his security.
- Appointment of receiver: the bank is ordinarily empowered by the mortgage to appoint a receiver to take over the security given by the mortgagor to facilitate payment of the debt.
- Suit on personal covenant: This is the right of mortgagee to sue the mortgagor in the event of default. It is an action for recovery of the amount due from the mortgagor.
(Visited 28 times, 1 visits today)