(Ch. 15) Vocab (Liens, Foreclosure And Redemption)

Question 1

Evaluation, appraisal…

Answer 1

Assessment

Question 2

The act of taking realty by judicial order and placing it within the custody of the court. (15-194)

Answer 2

Attachment

Question 3

A judgement for the balance of a debt, issued when the difference between the indebtedness sued upon and the sale price obtained at the foreclosure sale is less than the debt (14-169)

Answer 3

Deficiency Judgement

Question 4

The final determination of the rights and liabilities of the parties by a court in an action before it. (15-194)

Answer 4

Judgment

Question 5

The interest or value which an owner has in real estate over and above the liens against it; branch of remedial justice by and through which relief is afford to parties in courts of equity. (14-171)

Answer 5

Equity

Question 6

The right of an to reclaim property before it is sold through foreclosure proceedings by payment of the debt, interest and cost. (15-192)

Answer 6

Equity of Redemption

Question 7

Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.

Answer 7

Foreclosure

Question 8

A lien which attaches to all property owned by the debtor

Answer 8

General Lien

Question 9

A lien imposed against property without consent of an owner: e.g., tax, special assessment and federal income tax liens. (15-191)

Answer 9

Involuntary Lien

Question 10

A right, given by law, whereby a creditor may satisfy a debt out of the proceeds of the sale of real or personal property belonging to the debtor; an encumbrance, usually naming property as security for payment of a debt or for the discharge of an obligation (15-191)

Answer 10

Lien

Question 11

A legal document giving constructive notice that legal action is pending. (15-191)

Answer 11

Lis Pendens

Question 12

A lien which exist against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate. (15-193)

Answer 12

Mechanic’s Lien

Question 13

A federal law that protects servicemen and women, including reservists and members of the National Guard (when on active duty) from loss of their homes through foreclosure. (15-193)

Answer 13

Servicemember’s Civil Relief Act

Question 14

A lien which which is applicable to one property in particular versus a general lien, which applies to all property of the individual involved. (15-191)

Answer 14

Specific Lien

Question 15

A lien on the defendant’s real estate from the time it is issued.

Answer 15

Writ of Attachment

Question 16

A court order authorizing and directing and officer of the court to carry out the judgement or decree of the court (15-194)

Answer 16

Writ of Execution