Examlex
Explain assumptive close. When can this be used?
Perfection
The state of being free from all flaws or defects, or achieving the highest degree of excellence.
Balloon-Payment Mortgage
A mortgage that has relatively low fixed payments during the life of the mortgage followed by one large final (balloon) payment.
Equity
Fairness or justice as applied in the correction of law or the ownership interest in a company or property.
Unperfected Security Interests
A security interest in collateral that has not been properly filed or recorded, leaving it vulnerable to claims by other creditors.
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