The Mortgages course is designed to equip the student with an understanding of the basic principles of mortgage law. Special emphasis is placed on Tennessee statutes and case law governing mortgage creation, enforcement and priority. Mortgages begins by laying a foundation for mastery of the subject. Definitions of key terms like mortgage, deed of trust, mortgagor, mortgagee, trustee, power of sale, equity of redemption, foreclosure and others, are introduced, as is a summary of the development of mortgage law at common law and in equity. Also covered are equitable mortgages; covenants of the mortgage documents effective prior to foreclosure; principles governing transfer of the owner’s interest in mortgaged property; challenges to the foreclosure process and mortgage priority. Mortgage priority frequently finds a place on the bar examination. The course is designed to arm the student with the tools to successfully tackle mortgage priority both on the bar examination, and in practice. A serious student of Mortgage law must understand some basic bankruptcy concepts, such as the automatic stay, the bankruptcy trustee’s avoidance powers, and the law of fraudulent conveyances, which round out the study of mortgage enforcement.
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