Separate answer page · Chapter 3

Chapter 3: Mortgages - Part 2 — Answers

1F

2A

U

C

T

I

O

N

R

3P

R

O

C

E

E

D

S

4N

C

O

L

5R

T

6V

7P

O

S

S

E

S

S

I

O

N

8C

A

S

C

C

9D

E

F

A

U

L

T

L

U

E

E

C

U

R

I

10M

A

R

K

E

T

V

A

L

U

E

V

M

T

E

11S

A

L

E

12N

I

X

O

N

R

R

O

13D

A

M

A

G

E

S

14I

N

J

U

N

C

T

I

O

N

#	Direction	Clue	Answer
1	Down	Court process that extinguishes the mortgagor's equity of redemption.	FORECLOSURE
2	Across	Method normally contemplated for a prescribed home mortgage unless another method is appropriate.	AUCTION
3	Across	Money received from a mortgagee sale and distributed according to statutory priorities.	PROCEEDS
4	Down	Before exercising certain statutory remedies, the mortgagee commonly must give this.	NOTICE
5	Down	A person appointed to manage the mortgaged property and collect income.	RECEIVER
6	Down	Evidence commonly obtained to support a proper sale process.	VALUATION
7	Across	A mortgagee may take this of the mortgaged property after default.	POSSESSION
8	Down	Leading authority on reasonable care in mortgagee sale: ______ Brick Co v Mutual Finance.	CUCKMERE
9	Across	The event that usually triggers enforcement powers under a mortgage.	DEFAULT
10	Across	The benchmark relevant to a mortgagee's duty when selling the security.	MARKETVALUE
11	Across	The remedy mortgagees usually prefer to foreclosure.	SALE
12	Across	Commercial and General Acceptance Ltd v ______ confirms the sale duty cannot be escaped by delegation.	NIXON
13	Across	Monetary relief available for breach of the mortgagee sale duty.	DAMAGES
14	Across	Urgent equitable relief that may be sought to restrain an improper sale before completion.	INJUNCTION