Chapter

The Later Development of Commercial Interests in Land

A. W. B. Simpson

in A History of the Land Law

Second edition

Published in print July 1986 | ISBN: 9780198255376
Published online March 2012 | e-ISBN: 9780191681585 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198255376.003.0010
The Later Development of Commercial Interests in Land

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Conveyancers have employed a large number of different techniques in order to make land into a security for a debt; two main forms of mortgage were commonly employed. By the first the mortgagor conveyed his lands outright in fee simple to the mortgagee, with a covenant for reconveyance if the debt was repaid on time. This is the classical common-law mortgage, and it was in general use until 1926. It seemed to have come into prominence in the sixteenth century, when the Chancellor became ready to enforce the covenant specifically. At the level of the common law the remedy for breach of covenant was an action for damages only.

Keywords: mortgage; fee simple; common law; Chancellor; damage action; covenant

Chapter.  12356 words. 

Subjects: History of Law

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