‘A mortgagee is entitled as of right to a judgment for whatever sum of money is due and payable under the terms of the mortgage. He is entitled to exercise all his remedies concurrently and cannot, in respect of the money claim, be in a worse position than if he had lent unsecured. If default on an instalment mortgage has resulted in the whole advance becoming immediately repayable, then that is the amount for which he is entitled to judgment. This does not mean, however, that he is entitled forthwith to execute upon the judgment.’
Lord Justice Hoffmann Cheltenham and Gloucester Building Society v Grattidge [1993] 25 H.L.R. 454
Task: Critically analyse the above quotation in the context of the mortgagor and mortgagee’s rights and remedies and how these have been interpreted and applied since the decision in 1993.
Learning Outcomes for the assessment
This item of assessment covers the following learning outcomes.
• Demonstrate a detailed knowledge and critical understanding of the key theories, concepts and principles of land law
• Identify the limitations to current law and critically evaluate the proposals for reform
• Undertake independent and self-directed research and evaluate the relevant sources
• Synthesise and critically evaluate different academic views on selected aspects of Land Law
• Identify and analyse the different estates and interests in land and the various rights and liabilities attached to them
• Critically evaluate the importance of formality requirements and distinguish between legal and equitable interests
• Identify and critically assess the different rules on registered and unregistered land