Powers of a mortgagee
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A mortgage is a right over land granted to a lender in security for a loan. For this security to be of any value, it must give reasonably extensive powers to the Mortgagee (the lender). These powers are defined by s.101 Lpa (1925) and a number of other places. In outline, the mortgagee has a right
- to take possession of the property (this follows from the definition of the mortgage as a form of lease) (see mortgagees power of possession)
- to sell the property (see mortgagees power of sale)
- to appoint a receiver (see mortgagees power to appoint receiver)
- to foreclose (see Foreclosure).