The book "Mortgages and Securities" by E. A. Francis and K. J. Thomas is a comprehensive legal treatise focusing on the laws and practices related to mortgages and securities in Australia. Here is a detailed overview of the book:

Key Themes

1. Mortgage Law: The book covers the fundamental principles of mortgage law, including the creation, enforcement, and termination of mortgages. It delves into the various types of mortgages and the rights and obligations of both the mortgagor and the mortgagee.
2. Securities: The treatise also explores the concept of securities, including the different types of securities that can be used to secure debts. It discusses the legal framework governing the creation, transfer, and enforcement of securities.
3. Equity of Redemption: The book examines the concept of equity of redemption, which is the right of a mortgagor to redeem the mortgage by paying off the debt. It discusses how this right can be affected by various clauses in the mortgage agreement, including those that might clog the equity of redemption.
4. Assignment of Mortgages: The authors delve into the legal implications of assigning mortgages, including how pre-assignment indebtedness is treated and the potential for clogging the equity of redemption. This is illustrated through case law, such as the decision in Kreglinger v New Patagonia Meat and Cold Storage Co Ltd where the court considered whether moneys already owing to the assignee by the mortgagor were included as part of the secured debt consequent upon the assignment.

Plot Summary

The book is structured as a legal textbook, providing detailed explanations and analyses of various aspects of mortgage and security law. It is divided into sections that cover different topics, including the creation and enforcement of mortgages, the role of securities, and the implications of assigning mortgages. The third edition, published in 1986, is notable for its comprehensive coverage of Australian mortgage and security law at that time.

Critical Reception

While there is no specific critical reception provided in the available sources, the book's reputation as a reliable and authoritative treatise on Australian mortgage and security law is evident. The third edition, in particular, has been cited in legal literature as a valuable resource for understanding the complexities of these legal concepts. The book's thoroughness and accuracy have likely made it a trusted reference for legal professionals and students of law.

Editions

The book has been published in at least three editions, with the third edition being the most commonly referenced. The first edition was titled "The Law and Practice in all States of Australia Relating to Mortgages and Securities for the Payment of Money," while subsequent editions retained this focus but updated the content to reflect changes in the law.

In summary, "Mortgages and Securities" by E. A. Francis and K. J. Thomas is a seminal work in Australian legal literature, offering a comprehensive and authoritative treatment of mortgage and security law. Its detailed analysis and practical insights make it a valuable resource for legal professionals and students alike.