Meaning of a dependant as provided in the Law of Succession Act.

  • 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.
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