power of sale foreclosure

A foreclosure process by which, according to the mortgage instrument and a state statute, the mortgaged property is sold at a nonjudicial public sale by a public official, the mortgagee, or a trustee, without the stringent notice requirements, procedural burdens, or delays of a judicial foreclosure.

• Power-of-sale foreclosure is authorized and used in more than half the states.

— Also termed nonjudicial foreclosure; statutory foreclosure. [Cases: Mortgages 329. C.J.S. Mortgages §§ 490–491, 495, 575, 621.]

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词条贡献者

法律翻译Lester，毕业于英国一流的高级翻译学院，专注翻译各类与消费者与零售产品有关的法律文件。