Examlex
The value of an option must always be expressed in monetary terms.
Equity of Redemption
The right of a mortgagor to reclaim property on which a mortgage exists by repaying the debt before a foreclosure sale.
Legal Title
The legal entitlement to possess property, safeguarded and upheld by the legal system.
Acceleration Clause
A clause in a debt instrument (e.g., a mortgage) that requires the payment of the balance of the debt on the happening of a specific event, such as default on an installment payment.
Equitable Mortgage
A mortgage subsequent to the first or legal mortgage. A mortgage of the mortgagor’s equity.
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