Key Real Estate Security Interests & Property Rights
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Understanding Mortgages: Security and Rights
A mortgage is a real right of security established on a property, which remains in the debtor's possession, to guarantee a cash credit. It functions as a security interest. Mortgages apply specifically to property.
Key Characteristics of a Mortgage
- Accessory: It is an accessory right because if the principal obligation it guarantees is extinguished, the mortgage is also extinguished.
 - Indivisible: Each part of the mortgaged property, and every part thereof, is liable for the payment of the entire debt and each share of it.
 - Conventional: It arises from an agreement between parties.
 - Formal: It must be executed by a public deed and registered at the land registry.
 
Effects of a Mortgage
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