mortgage loan
A loan secured by a mortgage or deed of trust on real property. [Cases: Mortgages 14. C.J.S. Mortgages §§ 143–150.]
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catching bargain
An agreement on unconscionable terms to purchase real property from — or loan money secured by real property to — a person who has an expectant or reversionary interest in the property.
collateralized mortgage obligation
collateralized mortgage obligation. Securities. A bond secured by a group of mortgage obligations or pass-through securities and paid according to the payment schedule of its class (or tranche). • CMOs are issued by the Federal Home Loan Mortgage Corporation, and benefit from predictable payments of interest and principal. — Abbr. CMO. See pass-through security under
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single asset real estate
single-asset real estate. Bankruptcy. A single piece of real property (apart from residential property with fewer than four residential units) that a debtor operates for business purposes, that provides the debtor with substantially all his or her gross income, and that carries aggregate, liquidated, noncontingent secured debts of $4 million or less. 11 USCA §
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respondentia
respondentia (ree-spon-den-shee-[schwa] or res-pon-). [Law Latin fr. Latin respondere “to answer”] A loan secured by the cargo on one’s ship rather than the ship itself. Cf. BOTTOMRY. [Cases: Shipping 88. C.J.S. Shipping § 221.]
commodity loan
A loan secured by a commodity (such as cotton or wool) in the form of a warehouse receipt or other negotiable instrument.
special tax bond
A municipal bond secured by taxes levied for a specific governmental purpose, usu. improvements. — Also termed special-assessment bond. [Cases: Municipal Corporations 950. C.J.S. Municipal Corporations §§ 1708–1709.]
security agreement
security agreement. An agreement that creates or provides for an interest in specified real or personal property to guarantee the performance of an obligation. • It must provide for a security interest, describe the collateral, and be signed by the debtor. The agreement may include other important covenants and warranties. [Cases: Secured Transactions 41–51. C.J.S.
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subordination agreement
An agreement by which one who holds an otherwise senior interest agrees to subor-dinate that interest to a normally lesser interest, usu. when a seller agrees to subordinate a purchase-money mortgage so that the buyer can obtain a first-mortgage loan to improve the property. [Cases: Secured Transactions 147. C.J.S. Secured Transactions § 108.]
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