When does a charge over land need to be in writing?
A charge over an equitable interest in land must be in writing and signed by the debtor (section 53 (1) (c), Law of Property Act 1925). A charge over a patent must be in writing and signed by the debtor (section 30, Patents Act 1977).
What do you need to know about the charge?
As the charge turns to our duties as citizens we should remember our origins in the Freemen’s guilds of each city or town. The guild owed its authority to a charter from the King and it is thus only right that we, their descendants, should reaffirm our allegiance to the monarch of this land where we live.
What do you mean by charge after initiation?
All will have heard the words of the Charge after Initiation which I am invited to comment on this evening. There then came the day when we had to learn them as Junior Warden of a lodge and, from that moment, we begin to wonder what exactly it was that we, and others, were saying to new members of the Craft.
Can a charge over land be signed by both parties?
For a charge over land, there must be a contract in writing signed by both parties (section 2, Law of Property (Miscellaneous Provisions) Act 1989). A charge over an equitable interest in land must be in writing and signed by the debtor (section 53 (1) (c), Law of Property Act 1925).
What does a further charge on a mortgage mean?
Further charge. A further charge usually refers to a subsequent mortgage to a mortgagee of a property which is already subject to a prior mortgage in favour of the same mortgagee, as security for a further loan to the same borrower as in the prior mortgage not otherwise secured by the prior mortgage with the same mortgagee.
Which is the best definition of the word charge?
transitive verb 1 a (1) : to fix or ask as fee or payment charges $50 for an office visit (2) : to ask payment of (a person) charge a client for expenses b : to record (an item) as an expense, debt, obligation, or liability charged a new sofa
Who is the holder of the first charge?
The lender for whom charge over the assets is first created is called the holder of “First Charge”. A charge can however be created against the same assets by more than one lender. For example, the same developer might seek a further crowdfunded loan because they have decided to make substantial changes to the project that will incur further cost.
When does a second charge come into effect?
This second charge has the same force of law as the first charge, but it only comes into effect once the first charge has been fully satisfied – i.e. the holder of the first charge has sold the assets and received their dues.