Generally under mortgage, ownership of an asset is transferred (by way of security for the loan) on the express or implied condition that it will be returned when the loan is repaid.
In most jurisdictions mortgages are st ... read full comment
Generally under mortgage, ownership of an asset is transferred (by way of security for the loan) on the express or implied condition that it will be returned when the loan is repaid.
In most jurisdictions mortgages are strongly associated with loans secured on real estate.A mortgage is therefore the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources.
As his security the lender has the right to sell the property to pay off the loan if the borrower fails to pay but this must be governed by law.In order to take possession the lender must go through the courts to effect this right but the court must make sure that taking possession is not arbitrary and that a short term bleep in the contract is not used as grounds for repossession.
Under equity the court is also bound to protect the borrowers right to insist on reconveyance on redemption even if mortgage is long due.This right of the borrower is known as the equity of redemption.
In the past the courts have just gone on to give judgement for repossession without due regard to equity and courts are therefore asked to address this anomaly with care.
Seriously thinking 10 years ago
I hope the government is listening.
I hope the government is listening.
Abeeku Mensah 10 years ago
The old adage “ignorance of the law is no excuse" presupposes that at the very least a party to a contract or dispute is very much aware of the laws to be able to submit a case with some minimal merit to the courts. It is a ... read full comment
The old adage “ignorance of the law is no excuse" presupposes that at the very least a party to a contract or dispute is very much aware of the laws to be able to submit a case with some minimal merit to the courts. It is also presumed the people sitting as judges on the court benches in Ghana are worth their knowledge in the laws of Ghana or the laws they apply to those before their courts. We have seen how many of these judges have been just as useless if not ignorant as Ghana's under educated and or uneducated. For it is those very judges who have rendered decision in favor of plaintiffs against the national government when there was no basis for either their decisions and or for the litigants to be in court.
For example why would the Supreme Court of Ghana concur, with former AG Martin Amidu, there was no contract between Alfred Woyome and yet an appellate judge ruled in his favor asserting that the government owed Woyome money based on an invalid contract. Are officers of Ghana's courts supposed to be just as ignorant as the next ignorant Ghanaian? What is and has been happening in Ghana is that we have a legal profession that will not allow anyone to play on their turf; it’s a money grabbing stage and they refuse to let common sense win over folly and greed. This is why a simple case can drag on for years while the legal representatives of litigants and a bribery prone judge can gobble up as much money as possible. The courts and government institutions in civilized and developed nations have used the courts to improve the lots of people, private and government alike. It forces people not to cheat financial institutions, for institutions not to bully borrowers but also for the government to take possession of private property that is in arrears of their taxes. No one should be allowed to feed freely at any trough.
Akua Antwi 9 years ago
the article has been so useful
am a career magistrate trainee at the GLS.
the article has been so useful
am a career magistrate trainee at the GLS.
Generally under mortgage, ownership of an asset is transferred (by way of security for the loan) on the express or implied condition that it will be returned when the loan is repaid.
In most jurisdictions mortgages are st ...
read full comment
I hope the government is listening.
The old adage “ignorance of the law is no excuse" presupposes that at the very least a party to a contract or dispute is very much aware of the laws to be able to submit a case with some minimal merit to the courts. It is a ...
read full comment
the article has been so useful
am a career magistrate trainee at the GLS.