The fact that a mortgage advance was to be paid by stages as a building progressed, did not mean that the mortgage securing the advance was delivered in escrow until the building work was complete. If the mortgagee defaulted in his payments the lender was entitled to seek possession of the land at that time.
Citations:
Times 07-Jun-2000
Jurisdiction:
England and Wales
Land, Financial Services
Updated: 17 May 2022; Ref: scu.77758