As a name, Fergus forms a link between Ireland and Scotland, as Gaelic tradition has it that Irish Prince Fergus Mac Eirc and his two brothers crossed the sea and founded the kingdom of Argyll in Scotland, thereby making this an excellent choice for parents of either ora combined heritage.n Celtic lore, Fergus was the ideal of manly courage; Fergus is a charming, slightly quirky Scottish and Irish favorite.
Soâ¦What is the mortgagee clause? The mortgagee clause is the legal description of the entity that has financial interest in any piece of property. Typically, the mortgagee clause contains the name and address of the lender as well as the loan number. Pretty straightforward. You may also see the following letters or words contained in the mortgagee clause.
If the mortgagor failed to pay the debt, even by only one day, the mortgagee's title became an estate in fee simple absolute, which gave the mortgagee absolute ownership of the property. A defeasance clause embodies these common-law principles that govern this type of mortgage agreement. Defeasance clauses are not found in mortgages based upon the lien theory, observed in most states. The mortgage creates a lien for the mortgagee on the mortgaged property, which gives the mortgagee the right to its possession only after the mortgage has been foreclosed.