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LEARNING OBJECTIVES
- Understand the terminology used in mortgage transactions, and how mortgages are used as security devices.
- Know a bit about the history of mortgages.
- Understand how the mortgage is created.
Having discussed in Secured Transactions and Suretyship security interests in personal property and suretyship—two of the three common types of consensual security arrangements—we turn now to the third type of consensual security arrangement, the mortgage. We also discuss briefly various forms of nonconsensual liens (see Figure 34.1).
Figure 34.1 Security Arrangements
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