Mortgagor’s Rights in a Mortgaged Property considered.

Abstract

The ever-expanding scope of global commerce with the attendant rise in the demand for fiscal liquidity for business exigencies has given credence to the growing relevance of mortgage financing specifically and secured credit transactions generally. One of the most fascinating aspects of the intricate concept of mortgage at common law is the myriad of opportunities afforded a mortgagor to redeem a property used as security as against the stringent and often technical conditions a mortgagee must comply with to enforce mortgage security. It is often assumed that most of the principles regulating mortgages at common law are designed to favour a mortgagor in addition to the ample protection afforded a mortgagor as well in equity. This paper seeks to examine the position of the law and equity vis-à-vis the rights of a mortgagor over a mortgaged property as well as the legal limits of a mortgagee seeking to enforce his security.