strict foreclosure

strict foreclosure

glossary /

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: […]

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strict foreclosure

glossary / ,

strict foreclosure (1)抵押物回赎权丧失程序 它非经拍卖，而通过衡平法上的诉讼及由此发出的法院命令完成。命令要求抵押人于法院指定的合理期限内履行为抵押物所担保的债务，否则，抵押物上的所有权益即全部移转于原告——抵押权人。 (2)土地买卖合同撤销程序 在英国及美国的部分司法管辖区内，土地买卖合同的卖方可依此程序恢复土地所有权。卖方可请求法院以命令方式规定一定期限，若期满买方未付价金，则土地买卖合同可以以法院命令或判决方式撤销，卖方又成为该土地所有人。

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