Cheryl Property Law Advice Assignment Help
Assignment Task:

 

1. Cheryl is the registered proprietor of an estate in fee simple in Goulburn. In January 2017, Cheryl grants a mortgage over her property to Betty to secure a loan
of $250,000 which was advanced to Cheryl. The mortgage provided that Betty could advance a further $50,000 to Cheryl within one year. The mortgage was registered. In June 2017, Cheryl decided that she would like to establish a nail salon. To fund the costs of establishing the business, she obtained a loan from her friend Veronica
for $50,000 which was secured by a mortgage over Cheryl’s property in Goulburn. Veronica was aware of the earlier mortgage to Betty. However, being a close friend
of Cheryl’s, Veronica agreed that instead of registering her mortgage she would lodge a caveat to protect her interest.

In October 2017, Betty advanced the further $50,000 to Cheryl. By December 2017 it is clear that Cheryl is no longer able to repay her mortgage to Betty, and Betty exercises her power of sale under the mortgage. Betty enters into a contract to sell the property to Archie for $300,000. Advise Veronica as to how the proceeds of sale will be distributed.

Must Include the following sections when answering the above problem question: State the person you are advising. State what outcome does s/he/it wants.
Identify the key legal issues and legal principles.

Apply and/or distinguish the principles and authorities you have identified to the facts in order to resolve the issues identified.

State your conclusions to the relevant issues. Consider the consequences of the conclusions that you have made, and how that would impact upon the party that you are advising. What remedy might be appropriate? Do you have any practical advice?

 

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  • Posted on : November 07th, 2018

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