strict foreclosure

A rare procedure that gives the mortgagee title to the mortgaged property — without first conducting a sale — after a defaulting mortgagor fails to pay the mortgage debt within a court-specified period.

• The use of strict foreclosure is limited to special situations except in those few states that permit this remedy generally. [Cases: Mortgages 384. C.J.S. Mortgages § 694.]

---

词条贡献者

译者Terence，毕业于国内顶尖法学院，擅长翻译各种与复杂结构性融资相关的法律文件。