Mortgage Secures Immovable Property
Benito Benitez pledges his ranch to secure a loan from Bayside Shipping. The lender records a mortgage on the land and buildings. Upon default the lender forecloses on the immovable property to satisfy the debt.
Also known as: immobilia bona · immovable goods · real property
Written by attorneys · grounded in primary & secondary sources — see below
Immovable property consisting of land and things permanently affixed to it.
Benito Benitez pledges his ranch to secure a loan from Bayside Shipping. The lender records a mortgage on the land and buildings. Upon default the lender forecloses on the immovable property to satisfy the debt.
Bella Barnes lists her home for sale through Benson Motors. An appraiser values the dwelling and attached garage as bona immobilia under fair housing rules. The valuation proceeds without regard to prohibited characteristics.
Bobby Brady's will describes a parcel that extrinsic evidence shows matches land he actually owns. The court construes the description to pass the intended immovable property rather than allow the gift to fail.
Select any source to read its text and confirm it supports the definition.
Bharat Bhatia installs heavy machinery bolted to the floor of his factory. The equipment becomes so related to the real property that it qualifies as bona immobilia under real property law.
Brooke Bryant serves as personal representative of her aunt's estate. She takes possession of the decedent's farmland when administration requires it to protect the immovable property for creditors.
Belinda Baxter acquires title to adjacent acreage through adverse possession. The transfer occurs by operation of law without a deed and passes the immovable property directly to her.
Bona immobilia refers to land and things permanently attached to it while bona mobilia refers to movable personal property. The distinction determines remedies such as foreclosure on real property versus replevin for chattels.
Supporting sources
A mortgage creates a security interest in real property pledged to secure a debt. The mortgagor retains possession and the right to redeem until default triggers foreclosure.
Supporting sources
Extrinsic evidence may cure a latent ambiguity so that the intended immovable property passes rather than failing for lack of an adequate description.
Supporting sources
Goods become fixtures when they are so related to particular real property that an interest in them arises under real property law.
Supporting sources
…enhances the economic position of the landmark owner in one significant respect. Under New York City’s zoning laws, owners of real property who have not developed their property to the full extent permitted by the applicable zoning laws are allowed to transfer development rights to contiguous parcels on the same city block. See…