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The Right to Release a Mortgage in English Law
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Journal Article
The Right to Release a Mortgage in English Law
2025
Overview
The right to release the mortgage is one of the equitable rights enjoyed by the current debtor towards the mortgagee creditor in English law, which was established for him by the rules of justice and fairness. It is required for the current debtor to pay the amount of the loan debt represented by the debt secured by the mortgage and to terminate the mortgage on the mortgaged property as it is the natural way to pay the debt secured by the mortgage. As for the Iraqi Civil Law No. (40) of 1951 and the UAE Federal Civil Transactions Law No. (5) of 1985, they have identified two ways for the owner of the property to release the mortgage, the first is to fulfill the debt secured by the insurance mortgage, and the second is for the owner of the property to release the mortgaged property as an insurance mortgage or purify it. The research problem is reflected in the question of the permissibility of postponing the release of the mortgage for a reasonable period in the Iraqi and UAE laws, if it is in the interest of the current debtor. The most prominent results of the study are that English law allows the postponement of the current debtor's exercise of his right to release the mortgage, provided that this postponement is agreed upon by a contractual clause, which is not an arbitrary condition as long as the agreed period for the postponement is a reasonable period. The failure of the current debtor to exercise his right to release the mortgage also entails the mortgagee demanding the closure of the mortgage. The most important recommendations are the possibility of Iraqi and Emirati legislators benefiting from the provisions contained in the English law on the permissibility of postponing the release of the mortgage for a reasonable period, the mortgage contract shall include a condition that allows the mortgagor to agree with the mortgagee to postpone the period of release of the mortgage if this is in his interest and for a reasonable period.
Publisher
جامعة زيان عاشور الجلفة
Subject
