If a credit union loans out money to someone for say a business, and a relation lodges their deeds to a property, but nothing is signed, no personal guarantee document or any kind of document between the person who owns the deeds and the credit union, what is the right of the person who owns the deeds? Can the credit union force the sale of the property by going to court without anything other than the fact they hold the deeds. Is this enough to force the sale?
Can a contract be implied in this situation, that the person lodging the deeds agrees that the deeds are in lieu of the debt? A verbal contract?
Do those who advance monies have to abide by laws in relation to guarantees, that the person handing over the deeds signs something and gets independant legal advice for example. In this case it is an elderly person.
Can a contract be implied in this situation, that the person lodging the deeds agrees that the deeds are in lieu of the debt? A verbal contract?
Do those who advance monies have to abide by laws in relation to guarantees, that the person handing over the deeds signs something and gets independant legal advice for example. In this case it is an elderly person.