Strict Foreclosure - Law Dictionary Search Results
Home Dictionary Name: strict foreclosurestrict 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 ...
statutory 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 ...
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 ...
strict
strict 1 : characterized by narrowness : not demonstrating a broad or liberal view [ interpretation] 2 a : firm or rigid in requirement or control b : severe in discipline 3 a : inflexibly maintained or adhered to b : rigorously conforming to a principle or norm or condition [a bill of interpleader] 4 : not requiring fault see also strict liability at liability strictly adv ...
Conditio beneficialis, qu' statum construit, benigne secundum verborum intentionem est interpretanda; odiosa autem qu' statum destruit, stricte secundum verborum proprietatem accipienda
Conditio beneficialis, qu' statum construit, benigne secundum verborum intentionem est interpretanda; odiosa autem qu' statum destruit, stricte secundum verborum proprietatem accipienda. 8 Rep. 90. (A beneficial condition, which creates as estate, ought to be construed favourably according to the intention of the words; but a condition which destroys an estate is odious, and ought to be construed strictly according to the letter of the words.)...
Locus pro solutione reditus aut pecunia secundum conditionem dimissionis aut obligationis est stricte observandus
Locus pro solutione reditus aut pecunia secundum conditionem dimissionis aut obligationis est stricte observandus [Lat.], the place, according to the condition of a lease or bond, for the payment of rent or money, is to be strictly observed....
Strict settlement
Strict settlement, a settlement of land, the object of which was, usually, to keep the estates as far as possible in the male line, the eldest son taking in fee or in tail with successive limitations in tail to the exclusion of the younger children, who are pro-vided for by means of portions charged on the property. The limitations vary according to the circumstances of each particular case, but the following may be taken as usual limitations in the case of an ordinary settlement on marriage before 1926: To the use of the husband for life, remainder, subject to a jointure rent-charge to the wife and a term for raising portions for younger children, to the first and other sons in tail-male, remainder to the first and other sons in tail general, remainder to the daughters as tenants in common in tail with cross remainders between them, remainder to the husband in fee. Where the estate also comprised copyholds and leaseholds, these were conveyed to trustees upon trusts to correspond with ...
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