Two Step Mortgage - Law Dictionary Search Results
Home Dictionary Name: two step mortgagetwo step mortgage
two step mortgage an adjustable-rate mortgage (ARM) that has one interest rate for the first five to seven years of its term and a different interest rate for the remainder of the term. Source: U.S. Department of Housing and Urban Development ...
Pace
Pace, a measure of length containing two feet and a half. The geometrical pace is five feet long; the common pace is the length of a step, the geometrical is the length of two steps, or the whole space passed over by the same foot from one step to another....
Step in aid of execution of the decree
Step in aid of execution of the decree, the expression 'step in aid of execution of the decree' not defined in the Limitation Act nor is it capable of a precise or exhaustive definition. It will have to be construed in the light of the facts and circum-stances in each case and the present case is indeed a peculiar one with litigation raised on two fronts; the parties with diametrically opposite avowed objects one (namely, the appellant) to execute and reap the fruit of the foreclosure decree and the other (namely, the respondent, judgment-debtor's son) seeking the assistance of the court to completely nullity the very decree in order to maintain his title to and possession of the suit property, Prem Raj v. Ram Charan, AIR 1974 SC 968: (1974) 3 SCR 494: (1974) 2 SCC 1. (Limitation Act, 1908, Art. 182)...
Mortgage by conditional sale and sale with a condition of repurchase
Mortgage by conditional sale and sale with a condition of repurchase, there is a clear legal distinction between the two concepts, a mortgage by condition sale and a sale with a condition of repurchase. The former is a mortgage, the relationship of debtor and creditor subsists and the right to redeem remains with the debtor. The latter is an out and out sale whereby the owner transfers all his rights in the property to the purchaser reserving a personal right of repurchase, Bhoju Mandal v. Debnath Bhagat, AIR 1963 SC 1906 (1907). [Transfer of Property Act, 1882, s. 58 (c)]...
Contributory mortgage
Contributory mortgage, a mortgage in which the money secured is advanced by two or more lenders in separate amounts. It is not available for trustees in the absence of an express power, Webb v. Jonas, (1888) 39 Ch D 660....
Mother and step mother
Mother and step mother, There is inherent distinction between the status of a 'mother' and 'stepmother' and they are two distinct and separate entities and both could not be assigned the same meaning. The expression 'mother' clearly means only the natural mother who has given birth to the child and not the one who is the wife of one's father by another marriage, Kirtikant D. Vadodaria v. State of Gujarat, (1996) 4 SCC 479. [Criminal Procedure Code, 1973, s. 125 (1) (d)]...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Step or proceeding
Step or proceeding, explanation (a) to s. 20(4) of the U.P. Act, provides: 'For the purposes of this sub-s.:- (a) the expression 'first hearing' meant the first date for any step or proceedings mentioned in the summons served on the defendant. The step or proceeding mentioned in the summons referred to in the definition should be construed to be a step or proceeding to be taken by the Court for it is, after all, a 'hearing' that is the subject-matter of the definition, unless there be something compelling in the said Act to indicate otherwise. Further, it is not possible to construe the expression 'first date for any step or proceeding' to mean the step of filing the written statement, though the date for that purpose may be mentioned in the summons, for the reason that, it is permissible under the Code for the defendant to file a written statement even thereafter but prior to the first hearing when the Court takes up the case, since there is nothing in the said Act which conflicts wit...
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