Power v Authority

[CYNthesys]

Hi, I posted the following question on a legal forum a couple of days ago, but have not received any replies so far. Does anyone have any ideas please?

If a legal charge secured against a commercial property confers eg power of sale, are there any circumstances where authority needs to be obtained before that power can be exercised?
eg. If the owner of the property is made bankrupt, would his property vest in his trustee/ Official Receiver, or would the chargee be lawfully entitled to dispose of the bankrupt's property without obtaining the trustee's authority?

or

eg if the property owner died, would the chargee be allowed to dispose of the property to realise his security prior to probate being obtained

[Esio Trot]

Re: Power v Authority

I would guess that it depends on the terms contained in the legal charge.

Your question as is, is too vague to be answered otherwise.

[strangewayofsavin]

Re: Power v Authority

having been through this recently, anything left goes to the estate of the deceased, anything that is owed by the deceased can be charged to the estate, once claim is made, anything that can be legally charged will be deducted by the controling council i.e family solicitor.
Once a successful charge is put against the will, it will, unless countered, will be paid.
The remaining funds will be divided as per will. If there is no will, it will be put towards probate.

[CYNthesys]

Re: Power v Authority

Can a secured lender just take possession of and dispose of a mortgaged property prior to probate being obtained?
I would have thought that all the deceased's assets went into the "probate pot" and any secured lender would be guaranteed money that was outstanding.