Statutory Foreclosure - Law Dictionary Search Results
Home Dictionary Name: statutory foreclosurestatutory foreclosure
statutory foreclosure : a foreclosure in which a mortgagee or trustee executes a power of sale given in a mortgage or deed of trust and does so in accordance with statutory provisions compare strict foreclosure ...
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 ...
Foreclosure
Foreclosure. A mortgagee, or any person claiming an interest in the mortgage under him, can compel the mortgagor, after breach of the condition, to elect either to redeem the pledge or that his equity of redemption be extinguished by an order of the Court. The foreclosure of mortgages is one of the matters assigned to the Chancery Division of the High Court. [Jud. Act, 1925, s. 56(1)]A legal proceeding to terminate a mortgagor's interest in property, instituted by lender either to gain title or to force a sale in order to satisfy the unpaid debt secured by property, Black's Law Dictionary, 7th Edn.Law of Property Act, 1925 (English) s. 91, replacing the Conveyancing Act, 1881 (44 & 45 Vict. c. 41), s. 25, replacing the (English) Chancery Procedure Act, 1852 (15 & 16 Vict. c. 86), s. 48, empowers either mortgagor or mortgagee to obtain an order for sale instead of redemption or foreclosure.See ss. 88 and 89 of the (English) L.P. Act, 1925, in regard to the estate acquired by the mortgag...
pre-foreclosure sale
pre-foreclosure sale allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure. Source: U.S. Department of Housing and Urban Development ...
foreclosure sale
foreclosure sale see sale ...
Statutory tenant
Statutory tenant, a person remaining in occupation of premises let to him after the determination of or expiry of the period of the tenancy is commonly, though in law not accurately, called a statutory tenant. Statutory tenant being a person who enjoys the status of irremovability, would enjoy the protection of the statute until he is evicted from the premises under the enabling provisions of the statute. A statutory tenancy would, therefore, come to an end on either the surrender of premises by such a tenant or if a decree of eviction, Biswabani Pvt. Ltd. v. Santosh Kumar Dutta, AIR 1980 SC 226: (1980) 1 SCR 650: (1980) 1 SCC 185.Statutory tenant, a tenant continuing in possession of a rented land or building after its termination of tenancy is 'statutory tenant', AIR 1989 P&H 9(10). [Haryana Urban Control of Rent and Eviction) Act, 1973, s. 4(2)(b)]Statutory tenant, can be described more conveniently as a tenant whose contractual tenancy has been terminated, Ratanlal v. Raniram, 1986...
Statutory Declarations Act, 1835
Statutory Declarations Act, 1835 (English) (5 & 6 Wm. 4, c. 62), which substitutes declarations for oaths in a large number of cases.The expression 'statutory declaration' in a statute means declaration under the above Act, Interpretation Act, 1889, s. 21.As to the punishment if a person 'knowingly and wilfully makes a statement false in a material particular' in a statutory declaration see (English) Perjury Act, 1911, s. 5....
Statutory Rules and Orders
Statutory Rules and Orders. Very numerous Acts of Parliament, especially those passed in recent years, empower the Sovereign in Council, some Govern-ment Department, or Courts of Justice, to make rules, having the same effect as the statute under which they are made, to regulate details left unprovided for by such statute. Thus, there are the Bankruptcy Rules regulating the practice under the Bankruptcy Acts; the Rules of the Supreme Court, regulating the practice of the High Court and the Court of Appeal; Orders of the Ministries of Health, Labour, etc., and Orders of the Ministry of Agriculture and Fisheries, under the (English) Diseases of Animals Act, 1894, and other Acts; and hundreds of other rules, orders, and regulations, in some cases requiring to be laid before Parliament, and in other cases not, and in some cases required to be published in the London, Edinburgh, or Dublin Gazette, and in others not.The (English) Rules Publication Act 1893 (56 & 57 Vict. c. 66), directs that...
Statutory tenancy
Statutory tenancy, 'statutory tenancy' is a con-venient expression for referring to a tenant whose tenancy has been terminated and who would be liable to be evicted but for the protecting statute, Damadilal v. Parashram, AIR 1976 SC 2229: (1976) 4 SCC 855: (1976) Supp SCR 645. [M.P. Accomoda-tion Control Act, 1961, s. 2(1) and 14]Statutory tenancy, is a mere status of irremovability. It commences after the contractual tenancy has come to an end in any manner provided by law, Nagar Palika Nigam, Gwalior v. Rajeshwar Dayal, 1996 MPLJ 97....
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