THE PROTECTION OF PURCHASERS OF THE MORTGAGED PROPERTY IN TANZANIA
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Abstract
The term security here is applied to mean an obligation, pledge, mortgage, deposit, or lien, given by a debtor in order to assure the payment or performance of his debt, by furnishing the creditor with a resource to be used in case of failure in the principal obligation. In a simple language, one may define security as a transaction of offering some property for a loan or advance given. Indeed, it is worth noting that every lender has a right to demand and accept some security against an advance he grants. This is because the possibility of a borrower to default in due repayment is always there. The mortgage is a security created by contract by conferring an interest in the property, redeemed upon the performance of a duty or condition of payment of loan with or without interest. In case the borrower defaults in repayment of the loan, the security is deposited; the mortgaged property can be sold to a third party; the purchaser by the lender to recover the same.
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