Power Of Sale
- lender) to sell the property in the event of default, in order to repay the mortgage debt. As a mortgage term, power of sale is equivalent to the term foreclosure.
The power of sale is language added to a mortgage document that allows the lender to sell the property if the mortgage payments are not met, thereby permitting the lender to repay the mortgage debt. A property that is foreclosed is sold by the lender (usually a bank) in order to recover losses incurred by the loan default.
In addition to a mortgage term, power of sale also refers to the power expressed or implied in a trust agreement permitting the trustee to sell the investments comprising the trust.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
power of sale — see power 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. power of sale … Law dictionary
power of sale — The right to sell land when a mortgage is in default. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
power of sale — A provision in a chattel mortgage for the enforcement of the lien of the mortgage by sale, without the necessity of resort to judicial proceedings. 15 Am J2d Chat Mtg §§ 127 et seq. A provision in a real estate mortgage, or in a separate… … Ballentine's law dictionary
testamentary power of sale — A power of sale of real or personal property of a decedent conferred upon the executor of the estate of the decedent by his will. 31 Am J2d Ex & Ad § 437. Where a power of sale is given to an executor by virtue of his office, and not to him as an … Ballentine's law dictionary
power — pow·er n 1: capability of acting or of producing an effect parties of unequal bargaining power 2 a: authority or capacity to act that is delegated by law or constitution often used in pl. commerce power often cap C&P: the power delegated to… … Law dictionary
Power Rangers — The current logo for the Power Rangers franchise … Wikipedia
power — The right, ability, authority, or faculty of doing something. Authority to do any act which the grantor might himself lawfully perform. Porter v. Household Finance Corp. of Columbus, D.C.Ohio, 385 F.Supp. 336, 341. A power is an ability on the… … Black's law dictionary
sale under power — A method of foreclosing a mortgage on real estate without resort to the court. 37 Am J1st Mtg § 647. A method of enforcing a chattel mortgage without the necessity of resort to judicial proceedings. 15 Am J2d Chat Mtg §§ 127 et seq. Broadly, any… … Ballentine's law dictionary
power of disposal — An expression used in reference to the power of one other than the owner of property to dispose of it by will. See power of appointment; power of sale … Ballentine's law dictionary
sale and exchange — See power of sale and exchange … Ballentine's law dictionary