Final answer:
Under the Registry Act, another term for 'Lender' is 'Mortgagee', which refers to the entity providing the loan secured by property.
Step-by-step explanation:
In the context of property law and the Registry Act, another term for 'Lender' is commonly referred to as the "Mortgagee." The mortgagee is the entity, such as a financial institution or lender, that provides a loan to a borrower, known as the "mortgagor," for the specific purpose of acquiring or refinancing real property.
When a property is subject to the Registry Act, the mortgagee's interest is officially recorded and registered in the public records. This registration establishes a formal claim or lien on the property, serving as security for the loan provided. The mortgagee's interest is documented in a mortgage deed or instrument, and the registration ensures that the legal rights of the mortgagee are recognized and protected.
For lenders, registering their interest under the Registry Act is a critical step to secure their position in the event of default on the loan. This formal registration provides transparency in property transactions, establishes a priority of interests among creditors, and reinforces the mortgagee's legal right to take possession of the property or pursue foreclosure proceedings in case the borrower fails to meet their obligations under the mortgage agreement.