美国法律重述(英文)Restat 3d of Property Mortgages

57DOCUMENTS Restatement Law,Third, Property (Mortgages) Copyright AmericanLaw Institute Case Citations Foreword Foreword Real estate fundamentalform hasbeen since sedentarycivilization. real-estatemortgage primarymechanism extendingcredit, both realproperty financingother ventures. longhas been fundamentalinstitution common-lawsystem. mortgagelaw today,being ancientderivation, technicalanachronisms. Many law'soscillations basicbalance required onehand, seeking assurefirm security creditorwho advanced money; otherhand, restraining creditors from exacting exploitive concessions from needy borrowers. pointedout balanceinvolved providingadequate remedies stillprotecting mortgagor'sequity creditbased realproperty mortgages alsosocially politicallysensitive. pervasivelegislative interventions. interventionshave also oscillated properbalance between conflictingobjectives mortgagelaw. Indeed, some technical complexities can tracedthrough cycles interactionamong judicial precedent, conveyancer ingenuity, legislativeresponse. Modern legislation codificationhas sought once again coherent reconciliation. However, legislative reform has beenuniform constant,so continuingneed clarifyingjudicial resolutions variousissues. Hence, firsteffort Reporters,Professors Nelson fullyconversant policy,economics, history, legaltechnicality. havebrought scholarlymastery basicsubstantive concepts, remedies thirdparties, othertypes recurrentlyrelevant practicalmatter. Among thosewhen mortgagedproperty questionsarise concerning rights insuranceproceeds; when eminentdomain; primaryvalue propertyresults fromoccupancy fromrents payable tenants.Thus, Reportershave framed practicalcontemporary issues classiclegal concepts. skillfulformulation commonlawrules informed appropriatedeference prevailinglegislative mandates thoughtfulsocial economicanalyses. We express our gratitude efficientperformance. We also recognize expressappreciation both MembersConsultative Group, who provided continuous critical review innumerablehelpful suggestions. GEOFFREY HAZARD,JR. Director AmericanLaw Institute January 23, 1997 57DOCUMENTS Restatement Law,Third, Property (Mortgages) Copyright AmericanLaw Institute Case Citations Introduction Introduction typicallytwo documents. One represents obligationitself, promissorynote, bond, realproperty mostcommonly called somelocales trust,security deed, contract deed,installment contract, absolutedeed. Restatementtreats all securitydevices alike, AmericanLaw Institute has never previously adopted realproperty security. seemssurprising obviousimportance law.Several factors may explain heavystatutory control mostjurisdictions. Another court-madelegal rules from one state another,particularly mortgagesubstitutes installmentland contracts absolutedeeds. uniformitymay have been only minorinconvenience earlierera; today seriousobstacle nation'seconomic well-being. vastexpansion fundsacross state lines realestate financing purposes. mortgagemarket, which 30 years ago almostentirely local natureexcept FederalNational Mortgage Association's trading VAloans, has become truly national scope.Mortgage loans, debtinstruments collateralized mortgageloans, constantlytraded across state lines vastvolumes. hasbecome common originatemortgage loans servicingrights otherentities, often otherjurisdictions. All consciousnational policy borrowerswhere policyhas been remarkablesuccess. legaldifferences from state stateact seriousimpediment carryingout businessarrangements. majorgoal realproperty security articulatinglegal rules legitimateneeds lendingindustry while sametime providing reasonable protection borrowers.Lenders UnitedStateshave made use realestate security devices. medievalEngland, itsvirtual twin, trust.Other devices include absolutedeed "negativepledge." Lenders developed instrumentsbecause feltdissatisfied mortgage,either because its foreclosure procedure consideredunduly cumbersome substantiveprotection provided consideredexcessive. resulthas been correspondingprofusion legaluncertainty mostjurisdictions. efficientone. Restatementproceeds onlyone real property security device herereferred mortgage,since termhas history itsside. rulesgoverning efficient,flexible, bothborrower otherdevices, effectencourages unifiedbody governreal property security instruments, irrespective namegiven them signatories.Protection courtshave developed two fundamental rights mortgageborrowers mortgagor'sequity redemption,which arose Englishequity courts during 16thcentury. borrower,although tardy redeemhis herland debtprior somefixed date established rightcontinues everyAmerican jurisdiction. Where nonjudicial foreclosure UnitedStates, typicallyestablished statuteproviding fixednumber daysfrom whetherset courtorder equitableright generallyconsidered fundamentalfairness fullyrecognized equalimportance equitableright mortgageclause contemporaneousagreement. borrower'sright realproperty until redeemuntil foreclosure occurs, cannot impairedwhen principle,too, secondbasic right borrowers,developed Americancourts nearlyuniversally recognized today, anysurplus generated foreclosuresale. Englandforeclosure originally"strict," lendersimply retaining title borrowerdid redeemprior UnitedStates nearly all states today employ auctionsale. saleserves two functions simultaneously: currentvalue realestate, marketingdevice, liquidating transferringtitle somenew owner. presentlyemployed procedures sale.One can well argue whileattempting twofunctions mentioned above, foreclosure salemanages performneither task very well, servesboth borrowers lendersinadequately. However, foreclosureprocess nearlyall American jurisdictions, directreach Restatement.Still, fundamentalright otherjunior interest holders property'svalue established, receivepayment valueinsofar debtplus accrued interest, foreclosure expenses recognized.Moreover, surplus,like redemptionitself, contemporaneousdocuments. While widelyrecognized today formalmortgages, meansuniversally agreed certainmortgage substitutes, installmentland contract. Since mentionedabove, regards all real property security devices mortgages,its effect ensureall debtors (including purchasers under installment contracts) surplusvalue franklyrecognized twoprinciples, parties'freedom havebeen justified oftennecessitous frequentlyagree exceedinglyimprovident arrangements whichcountless individual exceptions might importantelement truth.One might, example,propose regimeunder which individual borrowers "protectedparties," like)have principles,while corporate borrowers commercialborrowers, "non-protectedparties," like)do somecontexts distinctionhas great value, Restatement'sview twinrights surplusshould allborrowers against waiver mortgagetransaction. socialutility legalrule permitslenders cutoff borrowers' rights precipitously, propertymay have surplus value allexpenses exists.Real property security should windfallprofit borrower'sdefault. individualborrowers comes borrowersgenerally. Precluding lenders from garnering borrower'sequity inevitablyreflected higherborrower costs allmortgage loans. Still, amplyjustified because oftenoppressive bargaining power lenders exercise over borrowers. otherhand, borrowerprotection should unnecessarilyinhibit developingnew sociallyuseful forms financingtransactions. Restatementdraws sharpdistinction between devices purchasewhen employed defaultremedy, similardevices when used outside defaultcontext investmentreturn lender.When sophisticated parties create novel untriedloan arrangements economicbenefits carefulnegotiation fullagreement, lawshould mostreluctant wayunless clearviolation publicpolicy would otherwise ensue. Restatement'ssubject matter. gooddeal mortgages.Hence numerousdoctrines directlyrelated mortgagelaw may render mortgageunenforceable. Examples doctrinesinclude recordingacts, fraudulenttransfers, BankruptcyCode, rulesgoverning validity artificialentities corporations,trusts, partnerships.Except specificallynoted, Restatementdoes concernitself itscommentary Illustrationsassume questionsatisfies otherhand, numerouslegal doctrines so closely related mortgageenforcement treatingthem someextent equitableconcepts subrogation.See 5.1-5.3,7.6. addition,since mortgages exist only secureother obligations, hasbeen necessary somemeasure negotiableinstruments generalprinciples governing enforceability promissorynotes othercontracts. See, e.g., 1.2-1.5,5.4-5.5, 6.1-6.4, 8.2.Since mortgages mustmeet conveyancinglaw. Thus partiesmust realproperty must describedadequately, words conveyancemust acceptance.Since specificallymentioned applythroughout. manyjurisdictions, numerous aspects mortgagelaw beyond foreclosureprocess statutescommonly cover mortgage formalities, foreclosure procedures, surplus distribution, deficiency judgments, future advances, limitations periods, othermatters. Where statutory schemes sortexist, course,prevail over any conflicting provisions Restatement.Restatements oftencited directly legislativeprocess, nonethelesshoped assistlegislators improvingexisting statutes. Restatementfrequently includes comments addressed statutoryissues. finalword terminologymay Restatementconstantly employs words"mortgagor" termsrefer originalparties mortgagetransaction, alsocomprehend thoseparties. wouldhave been cumbersome speakso frequently itssuccessors like.Hence readermust understand words"mortgagee" "mortgagor"include successors whenever contextso

美国法律重述(英文)

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