Subject: MORTGAGE LAW AND PRACTICE
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- 20 Marks
MLP – JUL 2020 – L4 – Q4 – Fraud Definition, Elements, Remedies
Define fraud, outline its elements, and explain the remedies available for fraud in the context of contract law relevant to mortgage practices.
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- Tags: Contract Law, Definition, Elements, Fraud, Misrepresentation, Mortgage Fraud, Remedies
- Level: Level 4
- Topic: General Principles, Outline of the Law of Contract
- Series: JULY 2020
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- 20 Marks
MLP – JUL 2020 – L4 – Q3 – Remedies for Borrower in Mortgage Default Case
Advise Major Munkaila on available remedies, using relevant statutes and case law, regarding claims of improper service of documents and unconscionable interest/expenses in a mortgage default leading to possession order.
Question
In March 2016 Major Munkaila applied to Hallmark Bank for and was granted a loan of GHc50,000.00 to purchase a four bedroom property at Cantonments Accra. The loan of GHc50,000.00 was secured with a legal mortgage over the property.
The facility letter granting the loan which was duly signed by Major Munkaila stated among others that upon default by Major Munkaila in fulfilling all his obligations under the mortgage Hallmark Bank would exercise its power to recover the principal sum, the interest thereon as well as incidental expenses incurred by Hallmark Bank such as solicitors fees and bailiffs fees.
In December 2018 Major Munkaila relocated to Congo. He left the property in the care of his sister Afia Cash who informed Major Munkaila was a tenant in the property.
Upon default by Major Munkaila in monthly repayments Hallmark Bank instituted an action in the High Court for recovery of the outstanding balance and for an order of possession of the property. The bank obtained judgment in default and sent its loan officers to deliver the writ of possession to Major Munkaila but on each visit the property was locked and the bank officers left the writ at the gate. Akua Konkonsa who occupies the adjoining property had told the bank officers that Major Munkaila had relocated to Congo and had rented the property to Afia Cash. The Bailiff of the court went to the property and never met anyone.
After the case the High Court ordered the bailiff to forcible enter the property. Major Munkaila is claiming he was not served with the demand letters, notice to possess the property and all the court processes. He also claims the Bank charging him with the interest and other incidental expenses is unconscionable and unfair.
Advise Major Munkaila with the aid of relevant statutes and case law on any remedies available to him.
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- 20 Marks
MLP – JUL 2020 – L4 – Q2 – Alternative Dispute Resolution in Mortgage Law
Explain the concept of 'Alternative Dispute Resolution' in the context of mortgage law and practice, focusing on its application to disputes in mortgage agreements.
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- 20 Marks
INS – JUL 2020 – L4 – Q2 – Alternative Dispute Resolution
Explain the understanding of the term 'Alternative Dispute Resolution' in the context of insurance law and practice.
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- 20 Marks
MLP – JUL 2020 – L4 – Q1 – Legal Position of Bank in Company Diversification Loan
Advise Agyakrom Bank on its legal position regarding a negotiated loan to Ayensu Books plc for investing in a cinema and leisure complex, considering the company's objects clause, authorization requirements, and potential ultra vires issues.
Question
The main business of Ayensu Books plc is the running of a publishing company in Accra. The objects clause of the company’s regulations includes a power to borrow money as authorized by a general resolution of members. It further states that the directors may do all things that are conducive or incidental to the general business of the company and concludes with a paragraph stating that all the objects are to be regarded as distinct and separate.
The directors decided that the company should invest in a cinema and leisure complex on the Motorway Extension as a means of diversifying and offsetting its risks.
The finance director, acting on behalf of Ayensu Books, negotiated with the manager of Agyakrom Bank plc, the company’s bankers, for the borrowing of GH¢5 million to finance the development. The money is due to reach Addick’s Books bank account next month. In turn, the managing director contracted with Power Construction plc for the construction of the complex, which Power Construction has started to build, but for which it has yet to receive any payment.
Advise Agyakrom Bank on its legal position.
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- 20 Marks
MLP – JUL 2020 – L4 – Q4 – Fraud Definition, Elements, Remedies
Define fraud, outline its elements, and explain the remedies available for fraud in the context of contract law relevant to mortgage practices.
Find Related Questions by Tags, levels, etc.
- Tags: Contract Law, Definition, Elements, Fraud, Misrepresentation, Mortgage Fraud, Remedies
- Level: Level 4
- Topic: General Principles, Outline of the Law of Contract
- Series: JULY 2020
Report an error
- 20 Marks
MLP – JUL 2020 – L4 – Q3 – Remedies for Borrower in Mortgage Default Case
Advise Major Munkaila on available remedies, using relevant statutes and case law, regarding claims of improper service of documents and unconscionable interest/expenses in a mortgage default leading to possession order.
Question
In March 2016 Major Munkaila applied to Hallmark Bank for and was granted a loan of GHc50,000.00 to purchase a four bedroom property at Cantonments Accra. The loan of GHc50,000.00 was secured with a legal mortgage over the property.
The facility letter granting the loan which was duly signed by Major Munkaila stated among others that upon default by Major Munkaila in fulfilling all his obligations under the mortgage Hallmark Bank would exercise its power to recover the principal sum, the interest thereon as well as incidental expenses incurred by Hallmark Bank such as solicitors fees and bailiffs fees.
In December 2018 Major Munkaila relocated to Congo. He left the property in the care of his sister Afia Cash who informed Major Munkaila was a tenant in the property.
Upon default by Major Munkaila in monthly repayments Hallmark Bank instituted an action in the High Court for recovery of the outstanding balance and for an order of possession of the property. The bank obtained judgment in default and sent its loan officers to deliver the writ of possession to Major Munkaila but on each visit the property was locked and the bank officers left the writ at the gate. Akua Konkonsa who occupies the adjoining property had told the bank officers that Major Munkaila had relocated to Congo and had rented the property to Afia Cash. The Bailiff of the court went to the property and never met anyone.
After the case the High Court ordered the bailiff to forcible enter the property. Major Munkaila is claiming he was not served with the demand letters, notice to possess the property and all the court processes. He also claims the Bank charging him with the interest and other incidental expenses is unconscionable and unfair.
Advise Major Munkaila with the aid of relevant statutes and case law on any remedies available to him.
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- 20 Marks
MLP – JUL 2020 – L4 – Q2 – Alternative Dispute Resolution in Mortgage Law
Explain the concept of 'Alternative Dispute Resolution' in the context of mortgage law and practice, focusing on its application to disputes in mortgage agreements.
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- 20 Marks
INS – JUL 2020 – L4 – Q2 – Alternative Dispute Resolution
Explain the understanding of the term 'Alternative Dispute Resolution' in the context of insurance law and practice.
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- 20 Marks
MLP – JUL 2020 – L4 – Q1 – Legal Position of Bank in Company Diversification Loan
Advise Agyakrom Bank on its legal position regarding a negotiated loan to Ayensu Books plc for investing in a cinema and leisure complex, considering the company's objects clause, authorization requirements, and potential ultra vires issues.
Question
The main business of Ayensu Books plc is the running of a publishing company in Accra. The objects clause of the company’s regulations includes a power to borrow money as authorized by a general resolution of members. It further states that the directors may do all things that are conducive or incidental to the general business of the company and concludes with a paragraph stating that all the objects are to be regarded as distinct and separate.
The directors decided that the company should invest in a cinema and leisure complex on the Motorway Extension as a means of diversifying and offsetting its risks.
The finance director, acting on behalf of Ayensu Books, negotiated with the manager of Agyakrom Bank plc, the company’s bankers, for the borrowing of GH¢5 million to finance the development. The money is due to reach Addick’s Books bank account next month. In turn, the managing director contracted with Power Construction plc for the construction of the complex, which Power Construction has started to build, but for which it has yet to receive any payment.
Advise Agyakrom Bank on its legal position.
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