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Dictionary of Law |
judicial foreclosure :: legal definitionJudicial foreclosure - n. a judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt. The party suing probably has chosen to seek a judicial foreclosure rather than use the foreclosure provisions of the mortgage or deed of trust. Usually this move is made to get a "deficiency judgment" for any amount still owed after the foreclosure sale. In many states (such as California) a foreclosure on the deed of trust limits the recovery to the amount of sale proceeds (sales price minus other debts), so a lawsuit for judicial foreclosure may help the party recover the total money owed to him/her if it was secured by the debtor's real property. See also: deed of trust foreclosure mortgage and Related Law Terms ↓ Related Law Termsabstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lienaccount stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debt after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal." assume :: v. to take over the liability for a debt on a prom ... he assumption. See also: assumption attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title." commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. confidential relation :: n. a relationship in which one person has confiden ... remely obvious. See also: fiduciary consent decree :: n. an order of a judge based upon an agreement, al ... he same. See also: consent judgment consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor corporation :: n. an organization formed with state governmental ... ation public corporation securities covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance deficiency judgment :: n. a judgment for an amount not covered by the val ... o: foreclosure judicial foreclosure delivery :: n. the actual handing to another of an object, mon ... rties. See also: contract deed sale due :: n. and adj. owed as of a specific date. A popular ... ecessarily mean that a debt is due. encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point. escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution fictitious defendants :: n. when a party suing (plaintiff) is not sure if h ... are not permitted in federal cases. 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 grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will in lieu :: prep. instead. "In lieu taxes" are use taxes paid ... go through the foreclosure process. joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed motion for a summary judgment :: n. a written request for a judgment in the moving ... strict procedures. See also: motion nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice offset :: 1) n. also called a "setoff," the deduction by a d ... e also: counterclaim defense setoff out of court :: adj. referring to actions, including negotiations ... is dismissed. See also: settlement paid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleader proper party :: n. a person or entity who has an interest (financi ... lf. See also: necessary party party race to the courthouse :: n. slang for the rule that the first deed, deed of ... e also: deed judgment lien mortgage real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit. real party in interest :: n. the person or entity who will benefit from a la ... st is the beneficiary of the trust. reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial redeem :: v. to buy back, as when an owner who had mortgaged ... so: foreclosure mortgage redemption reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation. remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment several liability :: n. referring to responsibility of one party for th ... n joint and several promissory note specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage summary adjudication of issues :: n. a court order ruling that certain factual issue ... is made. See also: summary judgment summary judgment :: n. a court order ruling that no factual issues rem ... tion summary adjudication of issues title search :: n. the examination of county records for the prope ... e escrow lien title title insurance toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry. trust deed :: n. another name for a deed of trust, a form of mor ... paid back. See also: deed of trust Popular Law Searcheslegal 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 - JJ :: n. abbreviation for Judge, as in the Hon. William ... as in the Hon. William B. Boone, J.Jane Doe :: n. 1) a fictitious name used for a possible female ... lso: fictitious defendants John Doe jaywalking :: n. walking across a street outside of marked cross ... jury to the jaywalker by a vehicle. JD :: n. short for Juris Doctor, identifying the holder ... law degree. See also: Juris Doctor jeopardy :: n. peril, particularly danger of being charged wit ... ar Evers. See also: double jeopardy jobber :: n. a merchant who buys products (usually in bulk o ... buys and acts for specific clients. John Doe :: n. 1) a fictitious name used for a possible male d ... lso: fictitious defendants Jane Doe joinder :: n. the joining together of several lawsuits or sev ... er misjoinder multiplicity of suits joinder of issue :: n. that point in a lawsuit when the defendant has ... matters are to be decided by trial. joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common joint adventure :: n. when two or more people go together on a trip o ... e activity. See also: joint venture joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint joint custody :: n. in divorce actions, a decision by the court (of ... em. See also: child custody divorce joint enterprise :: n. a generic term for an activity of two or more p ... liability joint venture partnership joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several joint powers agreement :: n. a contract between a city, a county and/or a sp ... istrict or other government entity. joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title joint tortfeasors :: n. two or more persons whose negligence in a singl ... : comparative negligence negligence joint venture :: n. an enterprise entered into by two or more peopl ... s terminated. See also: partnership Jones Act :: n., adj. a federal law which covers injuries to cr ... ." See also: admiralty maritime law |