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Tag: due diligence

Understanding Municipal Tax Sales: Legal Challenges

Other Legal Challenges Earlier we have discussed three Municipal Tax Sales clauses, which if applicable, leads to cancellation of sale. Besides cancellation by the treasurer, the tax sale could be challenged by others as voidable for neglect, omission, or error as provided in s. 382 (1).21RedemptionThe statute states that the cancellation price has to be paid within one year from the date of registration of the tax arrears certificate because the tax arrears certificate is required to announce that the land will be sold by public sale if the cancellation price is not paid within one year following the date of its registration. In addition, the tax deed has to include a statement that the cancellation price was not paid within one year following the date of the registration of the tax arrears certificate.It has been seen, however, that a treasurer has the discretion under s. 12(6) of the Rules to cancel a tax sale any time up to registration of the tax deed. The failure to exercise such discretion is a lapse against which a court can grant relief.  This, however, is of no consequence as the Courts have found that a municipality has no obligation in law to complete the tax sale.

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MORTGAGES & FINANCE: What you don’t know; Securitization & Due Diligence!

Ever wonder why your mortgage has so many restrictions and requirements/conditions? Why are there so many different types of mortgages in the UK? Why does your lender require provisions for prepayment penalties, restrictions on subsequent encumbrances (such as no second mortgages), title insurance and opinions, the mortgage becomes due on sale or due on encumbrance, the lender can assign the mortgage

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DIRECTOR’S LIABILITY

Having regard to the wide scope of authority exercised by a company’s management (its directors and senior management officers), a broad range of duties and liabilities are  vested on them by the applicable laws. Actually, those onerous responsibilities are a measure of the complete and unquestioned trust, which the company and its owners (the shareholders) repose on such personnel. Quite a few of those

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