Deficiency - Definition - Law Dictionary Home Dictionary Definition deficiency

Definition :

Deficiency, means any fault, imperfection, shortcoming or inadequacy in the quality, nature and manner of performance which is required to be maintained by or under any law for the tie being in force or has been undertaken to be performed by a person in pursuance of a contract or otherwise in relation to any service. [Consumer Protection Act, 1986 (68 of 1986), s. 2 (1) (g)]

That part of debt secured by mortgage not realised from sale of mortgaged property. A judgment or decree for the amount of such deficiency is called 'a deficiency judgment' or decree (stroud)