- 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 emthe mortgage to appoint a receiver to take over the security given 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 4 times, 1 visits today)