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.]

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词条贡献者

法律翻译Dan，在一家专注于能源领域的国际律师事务所担任全职法律翻译，擅长翻译有关新兴技术领域的法律文件。