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ARTICLE · 06 NOVEMBER 2013

Mortgage Collections In British Columbia

Gowling WLG
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mortgage is "a conveyance of property as a security for the payment of a debt or the discharge of some other obligation for which it is given, the security being redeemable on the payment or discharge of such debt or obligation."1 So a mortgage is comprised of two parts.

CanadaFinance and Banking
Andrew Bury
Andrew Bury
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WHAT IS A MORTGAGE

A mortgage is "a conveyance of property as a security for the payment of a debt or the discharge of some other obligation for which it is given, the security being redeemable on the payment or discharge of such debt or obligation."1 So a mortgage is comprised of two parts:

(a) a promise to satisfy an obligation (usually; pay a debt) (a "Covenant"); and

(b) a conveyance of property2 as security for the Covenant (a "Charge").

WHAT DOES A MORTGAGE CHARGE?

Although mortgages most commonly charge only real property (land), the Charge can be over any type of property; real property, personal property, incorporeal property or any combination of those. Mortgages of real property are exactly that; the Charge gives the lender as security for the Covenant an interest in the real property charged and buildings and fixtures (which at law are treated as part of the real property), and nothing more.

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