Deficiency Judgment - Law Dictionary Search Results
Home Dictionary Name: deficiency judgmentdeficiency judgment
deficiency judgment see judgment ...
Deficiency
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)...
judgment
judgment also judge·ment [jəj-mənt] n 1 a : a formal decision or determination on a matter or case by a court ;esp : final judgment in this entry compare dictum, disposition, finding, holding, opinion, ruling, verdict NOTE: Under Rule 54 of the Federal Rules of Civil Procedure judgment encompasses a decree and any order from which an appeal lies. cog·no·vit judgment [kÄ g-nō-vit-] : an acknowledgment by a debtor of the existence of a debt with agreement that an adverse judgment may be entered without notice or a hearing : confession of judgment consent judgment : a judgment approved and entered by a court by consent of the parties upon agreement or stipulation : consent decree at decree declaratory judgment : a judgment declaring a right or establishing the legal status or interpretation of a law or instrument [seeking a declaratory judgment that the regulation is unconstitutional] compare damage, injunction specific performance at per...
Deficient
Wanting to make up completeness wanting as regards a requirement not sufficient inadequate defective imperfect incomplete lacking as deficient parts deficient estate deficient strength deficient in judgment...
strict foreclosure
strict foreclosure 1 : a proceeding in which the amount due on a mortgage is determined and a period of time within which it must be paid is fixed with the understanding that in the event of the mortgagor's default title will be vested in the mortgagee free of any right of the mortgagor to redeem compare statutory foreclosure 2 : the acceptance by a creditor of collateral as discharge of an obligation which under the Uniform Commercial Code denies the creditor the right to a deficiency judgment NOTE: Under the U.C.C.'s strict foreclosure provision, notice must be given to other parties having a security interest in the property. If one of these parties objects to the strict foreclosure, there must be a foreclosure sale instead. In some states, deficiency judgments are allowed in strict foreclosure cases as well as foreclosures by sale. ...
foreclosure
foreclosure 1 : a legal proceeding that bars or extinguishes a mortgagor's equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem, right of redemption, statutory foreclosure, strict foreclosure 2 : the extinguishment (as under the provisions of Article 9 of the Uniform Commercial Code) of the rights of a debtor in personal property subject to a security interest by judicial proceedings and esp. by judicial sale see also strict foreclosure ...
Absolute-bar rule
Absolute-bar rule, means the principle that, when a creditor sells collateral without giving reasonable notice to the debtor, the creditor may not obtain a deficiency judgment for any amount of the debt that is not satisfied by the sale, Black Law Dictionary, 7th Edn., p. 7....
Judgment
Judgment [fr. judgment, Fr.], judicial determination; decision of a Court.Under the former practice of the superior Courts, this term was usually applied only to the Common Law Courts, the term 'decree' being in general use in the Court of Chancery. The expression 'Judg-ment,' however, is now used generally except in matrimonial causes, the term 'judgment' including 'decree' [(English) Jud. Act, 1925, s. 225, replacing Jud. Act,1873, s. 100].The several species of judgments are either:-(a) Interlocutory, given in the course of a cause, upon some plea, proceeding, or default, which is only intermediate, and does not finally determine or complete the action. See INQUIRY; SUMMONSES; and ORDERS; and the various titles of the subjects of such judgments as MANDAMUS; INJUNC-TION, etc.(b) Final, putting an end to the action by an award of redress to one party, or discharge of the other, as the case may be.By the (English) C.L.P. Act,1852, s. 120, a plaintiff or defendant having obtained a verd...
Foreign judgment
Foreign judgment, it is a well established pro-position in Private International law that unless a foreign Court has jurisdiction in the international sense, a judgment delivered by that Court would not be recognised or enforceable in India, Sankaran Govindan v. Lakshmi Bharathi, AIR 1974 SC 1764: (1975) 3 SCC 351: (1975) 1 SCR 57.Means the judgment of a foreign Court. [Code of Civil Procedure, 1908 (5 of 1908), s. 2 (6)]--A foreign judgment, i.e., a judgment of a foreign court, stands on a very different footing from a judgment of a court of this country. It cannot be enforced here by execution like an English judgment; it can only be enforced by bringing an action on it as if it were a contract, which of course it is not, though it is convenient to treat it as such. It is not strictly in this country res judicata, and therefore does not create an absolute estoppel. Nevertheless it is practically conclusive between the parties on the merits. Every presumption will be made in favour of...
Arrest of judgment
Arrest of judgment, Formerly an unsuccessful defendant might move that the judgment for the plaintiff be arrested or withheld, notwithstanding a verdict given, on the ground that there was some substantial error appearing on the face of the record which vitiated the proceedings. (See now R.S.C. Ords. XXVII. And XXXIX.) Judgment may be arrested for good cause in criminal cases, if the indictment be insufficient. See Archbold's Criminal Pleading.Means the staying of judgment after its entry, especially, a court's refusal to render or enforce a judgment because of a defect apparent from the record. At Common Law, courts have the power to arrest judgment for intrinsic causes appearing on the record, as when the verdict differs materially from the pleading or when the case alleged in the pleadings is legally insufficient. Today, that type of defect must typically be objected to before trial or before judgment is entered, so that the motion in arrest of judgment has been largely superseded, ...
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