The period of high inflation during the late 1970s and early 1980s forced lenders to reconsider their methods of financing commercial real estate projects. During this period, lenders began experimenting with various new forms of mortgage documentation designed to support innovative financing techniques. Many of the innovative techniques developed included a participation feature whereby the lender, in addition to earning a fixed rate of interest, also participated in either the income from a project or the increased value in its equity, or both. As a result of instituting these techniques, both lenders and developers expanded their view of what a commercial mortgage entails. It is unlikely that lenders will return to viewing their role as that of simple renters of money. Since the law of mortgages in Canada has not been sufficiently flexible to adequately accommodate these innovative techniques, there is a need for reform of the law of commercial mortgages. In this paper, the writer will review the current commercial lending practices and discuss the advantages and disadvantages of the most commonly used forms of participation financing. The conclusion will set out a proposal for the reform of the law of commercial mortgages. Central to its recommendations will be the concept that the commercial mortgage should be regarded as a contract for a debt and not as a conveyance of an interest in property. This concept will allow the commercial lender and borrower the contractual freedom to enter into the bargain that best reflects their financing intentions without being hampered by the historical incidents of a common law mortgage. / Law, Peter A. Allard School of / Graduate

Through a comparative study of the law in the U.K. and Canada, the thesis will examine the law of ship mortgages in China. / In the beginning, the thesis will discuss the concept of ownership in ships, ships' registration and the concept of ship mortgages. After laying the theoretical basis, the author will go on to talk about the rights and obligations of the mortgagor and mortgagee. Furthermore, the priority of maritime claims under Chinese maritime law will be presented. The last part of the thesis will be dedicated on the subject of conflict of laws in the domain of the law of ship mortgages. / After the comparative study, the author intends to show that legal comparison might be a possible methodology in the theoretical preparatory process of the amendment of the Maritime Code of China 1993.

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