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Under the first paragraph of section 82 of the Transfer of Property Act, 1882, property under one…

Section 82 makes the different shares contribute rateably, absent a contract to the contrary. The statute measures each share at the mortgage date and deducts other…

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Under the first paragraph of section 82 of the Transfer of Property Act, 1882, property under one mortgage is owned in distinct shares by several people. There is no agreement to the contrary. How is the contribution of their shares to the mortgage debt determined?

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Answer and explanation

Correct answer C

Section 82 makes the different shares contribute rateably, absent a contract to the contrary.

The statute measures each share at the mortgage date and deducts other mortgages or charges then affecting it.

Option feedback

Option A

Section 82 deducts any other mortgage or charge then affecting the share.

Option B

The statute uses the mortgage date. Later enforcement does not change the valuation date.

Option C

Section 82 uses the value at the date of the mortgage, less other mortgages or charges then affecting the share.

Option D

The valuation date is the date of the mortgage, regardless of when a person acquired a share.

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