Under the Registry System,when a First Mortgagee Gives a Discharge

question 37

Multiple Choice

Under the registry system,when a first mortgagee gives a discharge of its mortgage to the mortgagor,the effect of the discharge if registered is to

• A)act to reconvey legal title of the land to the mortgagor.
• B)acknowledge that the mortgage debt has been paid in full.
• C)act as a cancellation of the encumbrance on the land.
• D)act to bring all rights and remedies of the mortgagee to an end.
• E)all of the above

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Definitions:

Liable

Legally responsible or obligated.

Manufacturer's Warranty

A promise by the maker of a product regarding the condition, quality, or lifespan of the item they sell.

Sale of Goods Act

Legislation regulating the sale of goods, ensuring certain standards for transactions.

Title

The legal right to own, use, or dispose of property.