The Enforcement Of Mortgage-type Security Over Real Estate

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The Enforcement Of Mortgage-type Security Over Real Estate

Description

This Discussion Paper is prepared in response to a referral by the Honourable Attorney General, dated 30th January, 2018

Terms of Reference

This Discussion Paper is prepared in response to a referral by the Honourable Attorney General, dated 30th January, 2018, requesting that the Law Reform Commission (the Commission) review and consider whether it is necessary to reform the law relating to the enforcement of mortgage-type security over land and, in particular, over residential properties. The request followed a heightened level of public comment, and concern, regarding the number of such procedures, colloquially referred to as 'foreclosures', in the recent past. The dominant theme of the public commentary has been the level of hardship, it is claimed, that has been experienced by the owners of residential property, who have been affected by these procedures. These concerns were echoed by Members in the Legislative Assembly and prompted the Minister of Financial Services and Home Affairs to request, through the Honourable Attorney General, that the Law Reform Commission conduct a comprehensive legislative review of the mortgage framework in the Cayman Islands.

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