Sellers of fixed property can bridge sales proceeds, estate agents bridge estate agents' commission, and mortgagors bridge the proceeds of further or switch bonds.
These concern, first, the common law, statutory and regulatory rules to protect the mortgagor (i.e. the borrower) at the time of concluding the mortgage agreement.
The surviving trustee of the settlement afterwards reconveyed part of the property to the mortgagor on payment of part of the mortgage money, which he appropriated.
The mortgagee therefore never holds any title documents, and there is a statutory process for initiating and conducting a mortgagee sale in the event that the mortgagor defaults.
The amount of the receiver's uncapped fees, costs and expenses of $209,844.37 also formed part of a deed of settlement entered into with the mortgagor.