Dictionary of Law
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

deficiency judgment :: legal definition


Deficiency judgment - n. a judgment for an amount not covered by the value of security put up for a loan or installment payments. In most states the party owed money can only get a deficiency judgment if he/she chooses to file a suit for judicial foreclosure instead of just foreclosing on real property. However, some states allow a lawsuit for a deficiency after foreclosure on the mortgage or deed of trust. The right to a deficiency judgment is often written into a lease or installment contract on a vehicle. There is a danger that the sale of a repossessed vehicle will be at a wholesale price or to a friend at a sheriff's sale or auction, leaving the debtor holding the bag for the difference between the sale price and remainder due on the lease or contract.

See also: foreclosure judicial foreclosure and Related Law Terms ↓


Related Law Terms

antitrust laws :: n. acts adopted by Congress to outlaw or restrict ... so: price fixing restraint of trade
appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities
court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials.
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
full faith and credit :: n. the provision in Article IV, Section 1 of the U ... "foreign" (out-of-state) judgment.
interlocutory decree :: n. a court judgment which is temporary and not int ... ppeared to waste the parties' time.
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
market value :: n. the price which a seller of property would rece ... ich are often called "comparables."
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
resale :: n. selling again, particularly at retail. 2) adj. ... ction of sales tax on retail sales.
sheriff :: n. the top law enforcement officer for a county, u ... ." See also: bailiff sheriff's sale
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
use tax :: n. a state tax on goods purchased in another state ... e" tax equivalent to its sales tax.

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - D

D.A. :: n. slang for District Attorney. ... n. slang for District Attorney.
d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state.
D.U.I. :: n. short for driving under the influence of alcoho ... ing under the influence of alcohol.
D.W.I. :: n. 1) short for driving while intoxicated. 2) abbr ... for dying without issue (children).
damages :: n. the amount of money which a plaintiff (the pers ... liquidated damages special damages
dangerous :: adj. unsafe, hazardous, fraught with risk. It can ... eapon's range. See also: negligence
dangerous weapon :: n. any gun, knife, sword, crossbow, slingshot or o ... igence and possibly win a judgment.
date rape :: n. forcible sexual intercourse by a male acquainta ... physical resistance. See also: rape
day in court :: n. popular term for everyone's opportunity to brin ... rt to protest his speeding ticket."
de facto :: adj. Latin for "in fact." Often used in place of " ... ave not been met. See also: de jure
de facto corporation :: n. a company which operates as if it were a corpor ... also: de facto de jure ultra vires
de jure :: adj. Latin for "lawful," as distinguished from de ... also: de facto de jure corporation
de jure corporation :: n. a corporation in good standing under the law, a ... also: de facto corporation de jure
de minimis :: adj. (dee-minnie-miss) Latin for "of minimum impor ... deal, a $10 mistake is de minimis.
de novo :: adj. Latin for "anew," which means starting over, ... n, de novo. See also: trial de novo
deadly weapon :: n. any weapon which can kill. This includes not on ... See also: assault dangerous weapon
dealer :: n. anyone who buys goods or property for the purpo ... ins taxes by buying other property.
death penalty :: n. the sentence of execution for murder and some o ... rder and some other capital crimes.
death row :: n. nickname for that portion of a prison in which ... o: capital punishment death penalty
debenture :: n. a form of bond certificate issued by a corporat ... n shares of stock or general bonds.