Which of the Following Is Not True Regarding a Charge

question 42

Multiple Choice

Which of the following is not true regarding a Charge and Mortgage?

• A) The remedy for a default under a Charge is the sale of the land that is charged.
• B) Under the land titles system, mortgages are called charges.
• C) A Charge is a lien upon the land.
• D) A Charge is conveyance of the legal title.
• E) A mortgage is the conveyance of the legal title as security for a debt.

---

Definitions:

Capital Balances

The amounts of capital attributed to each partner's or shareholder's account in a business, showing their equity or ownership stake.

Partnership Income

Partnership Income is the earnings distributed to partners in a partnership based on the agreed-upon proportions, taken from the partnership's total profit.

Partner Admission

The process by which a new partner is accepted into a partnership, often involving the purchase or contribution of capital into the partnership.

Ownership Interest

The legal rights and claims a person has in a company or property, often expressed as a percentage of ownership.