Solution Library

How the Little Bank will be Able to Recover the Funds

Question

Dylan is the registered proprietor of an old house on a large block. Dylan wants to build a substantial extension, so applies to Little Bank for a loan secured by a mortgage. The local manager of Little Bank advances the funds to Dylan, but the paperwork gets lost in a pile on his very messy desk, and he forgets to register the mortgage.

Dylan’s business goes into liquidation and he is unable to make the loan repayments to Little Bank. He tells his mates at the golf club that he is in a bit of financial bother and has given up on the idea of extending the property. Elliot offers to buy the land from him. Dylan decides on the spur of the moment that this is the best way to solve the problem, so he makes a quick sale of the land to Elliot.

Little Bank realises that Dylan has stopped making repayments and wants to sell the land to recover the debt.

With reference to the material covered in this course, and giving reasons for your answers:

  • Outline whether Little Bank will be able to recover the funds.
  • Does it make any difference whether or not Elliot has become the registered proprietor?
  • Would your answer be any different if the land was old system land?

Summary

This question belongs to business law and discusses about a case study on a bank recovery of funds from a customer.

Total word count: 426

 

Download Full Solution

Comments

  • HWA
    Rasha

    this is a very good website

  • HWA
    maani

    I have 50 questions for the same test your page is showing only 28

  • HWA
    joeanne

    hi can you please help or guide me to answer my assignments. thanks

  • HWA
    joeanne

    hi can anyone help or guide me to my assignments. thanks

  • HWA
    Monik


  • HWA
    Cristina

    This solution is perfect ...thanks

  • HWA
    Janete

    Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes

  • HWA
    Sandeep

    Perfect bank of solution. 

  • HWA
    Oxana

    great !

  • HWA
    Paul Brandon-Fritzius

    thanks for the quick response. the solution looks good. :)

  • HWA
    tina Johnson

    thnx for the answer. it was perfect. just the way i wanted it. 

  • HWA
    Giuseppe

    works fine.