The Mortgagor’s surrender: understanding the cession of rights in mortgage bonds
Most people are familiar with the concept of transferring ownership of a tangible object– e.g., the sale of a car or home. But what happens when the subject of the transfer isn’t the object itself, but the right to that object? This is where the concept of cession comes into play. A cession agreement is a powerful legal mechanism that allows one person to transfer their personal right in an object to another, often as a means of securing the fulfilment of an obligation.
