A person creates a mortgage when he or she gives someone else a right over his or her land as security for a loan.
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What is mortgager?
A mortgager is a person who owns the land.
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What is a mortgagee?
He or she who grants the right (mortgage) is known as the mortgagee. Nowadays, Mortgagees are banks and building societies.
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What are trusts?
The essence of a trust is that one person is the legal owner of the property for the benefit of another.
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What is a trustee?
The trustee is the legal owner of the property. The trustee must make decisions about the property (which can be land, money or other assets) but must act in the beneficiaries best intetests. Trustee Act 2000
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What is a beneficiary?
E.g. If a parent (the trustee) opens a bank account for the child (the beneficiary) the parents have the legal rights to that account but the contents of the account none the less belong to the child. The parents cannot use it for themselves.
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