equity of redemption. Real estate. The right of a mortgagor in default to recover property before a foreclosure sale by paying the principal, interest, and other costs that are due. • A defaulting mortgagor with an equity of redemption has the right, until the foreclosure sale, to reimburse the mortgagee and cure the default. In […]
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hypothec (hI-poth-ek or hi-).Civil law. A mortgage given to a creditor on property to secure a debt; HYPOTHECA. landlord’s hypothec. Scots law. The lessor’s right of security for rent in articles, furniture, and equipment (other than tools of the tenant’s trade) that the tenant brought onto the leased premises. • Unlike the English remedy of
pignoratio (pig-n[schwa]-ray-shee-oh), n. [Latin] 1. Roman law. The real contract (pignus) under which a debtor handed something over to a creditor as security; the act of depositing as a pledge. — Also spelled pigneratio. 2. Civil law. The impounding of another’s cattle (or other animals) that have damaged property until the cattle’s owner pays for
Bankruptcy. The first meeting of a debtor’s creditors and equity security holders, presided over by the U.S. Trustee and at which a bankruptcy trustee may be elected and the debtor may be examined under oath. 11 USCA § 341. — Also termed meeting of creditors; 341 meeting. [Cases: Bankruptcy 3024. C.J.S. Bankruptcy §§ 193, 373.]
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guarantee (gar-[schwa]n-tee), n. 1. The assurance that a contract or legal act will be duly carried out. 2. GUARANTY(1). “In practice, guarantee, n. , is the usual term, seen often, for example, in the context of consumer warranties or other assurances of quality or performance. Guaranty, in contrast, is now used primarily in financial and
guarantor. One who makes a guaranty or gives security for a debt. • While a surety’s liability begins with that of the principal, a guarantor’s liability does not begin until the principal debtor is in default. Cf. SURETY. [Cases: Guaranty 29, 33.] “A guarantor either guarantees payment or collection, depending on the words used. ‘Payment
perfection. Validation of a security interest as against other creditors, usu. by filing a statement with some public office or by taking possession of the collateral. Cf. ATTACHMENT(4). [Cases: Secured Transactions 81–96, 138–145. C.J.S. Secured Transactions §§ 3, 50–51, 53–77, 88, 90–102, 105–107, 118.] automatic perfection. The self-operative perfection of a purchase-money security interest without
homestead law. A statute exempting a homestead from execution or judicial sale for debt, unless all owners, usu. a husband and wife, have jointly mortgaged the property or otherwise subjected it to creditors’ claims. — Also termed homestead exemption; homestead-exemption statute; homestead right. [Cases: Homestead 1, 118.] “Almost all states also have legislative provisions, commonly
hypothèque (ee-poh-tek), n. French law. Hypothecation; the right vested in a creditor by the assignment to the creditor of real estate as security for a debt, whether or not accompanied by possession. • Hypothèque may be légale, as the charge that the state has over the lands of its accountants, or that a married woman
The continuous perfection of a security interest for a limited period. • For example, a security interest in proceeds from the original collateral is perfected for ten days after the debtor receives the proceeds; the interest will become unperfected after this ten-day period unless certain statutory requirements are met. On most instruments, a secured party
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