foreclosure

foreclosure
/forklowzhsr/
To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246.
A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a mortgagor of real or personal property, or other owner of property subject to a lien, is deprived of his interest therein. A proceeding in equity whereby a mortgagee either takes title to or forces the sale of the mortgagor's property in satisfaction of a debt. Procedure by which mortgaged property is sold on default of mortgagor in satisfaction of mortgage debt. If proceeds from sale fail to pay debt in full, mortgagee creditor may obtain a deficiency judgment (q.v.).
A default under a security interest in personal property can be foreclosed by a judicial sale of collateral. U.C.C. No. 9-501.
In common usage, refers to enforcement of lien, trust deed, or mortgage in any method provided by law.
See also equity of redemption.
@ statutory foreclosure
The term is sometimes applied to foreclosure by execution of a power of sale contained in the mortgage, without recourse to the courts, as it must conform to the provisions of the statute regulating such sales.
@ strict foreclosure
A decree of strict foreclosure of a mortgage finds the amount due under the mortgage, orders its payment within a certain limited time, and provides that, in default of such payment, the debtor's right and equity of redemption shall be forever barred and foreclosed; its effect is to vest the title of the property absolutely in the mortgagee, on default in payment, without any sale of the property
@ foreclosure decree
Properly speaking, a decree ordering the strict foreclosure of a mortgage; but the term is also loosely and conventionally applied to a decree ordering the sale of the mortgaged premises and the satisfaction of the mortgage out of the proceeds
@ foreclosure sale
A sale of mortgaged property to obtain satisfaction of the mortgage out of the proceeds, whether authorized by a decree of the court or by a power of sale contained in the mortgage.
See also deficiency judgment
@

Black's law dictionary. . 1990.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

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  • foreclosure — /forklowzhsr/ To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246. A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a …   Black's law dictionary

  • foreclosure — /fawr kloh zheuhr, fohr /, n. Law. the act of foreclosing a mortgage or pledge. [1720 30; FORECLOSE + URE] * * * Legal proceeding by which a borrower s rights to a mortgaged property may be extinguished if the borrower fails to live up to the… …   Universalium

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