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

译者Scott，毕业于一所旨在培养高级翻译专业人才的翻译院校，擅长翻译各种与环境诉讼相关的法律文件。