equitable foreclosure

A foreclosure method in which the court orders the property sold, and the proceeds are applied first to pay the costs of the suit and sale and then to the mortgage debt.

• Any surplus is paid to the mortgagor. [Cases: Mortgages 386. C.J.S. Mortgages § 693.]

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词条贡献者

译者Pablo，毕业于国内一流的高级翻译学院，擅长翻译各种与消费者财务监管相关的法律文件。