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FORECLOSURE , in the See also: law of See also:mortgage; the extinguishment by See also:- ORDER
- ORDER (through Fr. ordre, for earlier ordene, from Lat. ordo, ordinis, rank, service, arrangement; the ultimate source is generally taken to be the root seen in Lat. oriri, rise, arise, begin; cf. " origin ")
- ORDER, HOLY
order of the See also:court of a mortgagor's See also:equity of redemption. In the law of equity the See also:object of every mortgage transaction is eventually the repayment of a See also:debt, the mortgaged See also:property being incidental by way of See also:security. Therefore, although the See also:day named for repayment of the See also:loan has passed and the mortgagor's See also:estate is consequently forfeited, equity steps in to mitigate the harshness. of the See also:common law, and will See also:decree a reconveyance of the mortgaged property on See also:payment of the See also:principal, See also:interest and See also:costs. This-right of the mortgagor to See also:relief is termed his " equity of redemption." But the right must be exercised within a reasonable See also:- TIME (0. Eng. Lima, cf. Icel. timi, Swed. timme, hour, Dan. time; from the root also seen in " tide," properly the time of between the flow and ebb of the sea, cf. O. Eng. getidan, to happen, " even-tide," &c.; it is not directly related to Lat. tempus)
- TIME, MEASUREMENT OF
- TIME, STANDARD
time, :otherwise he will be •foreclosed his equity of redemption and the mortgagee's See also:possession converted into an See also:absolute ownership. Such fore-See also:closure is enforced in equity by a foreclosure See also:action. An action is brought • by the mortgagee against the mortgagor in the See also:chancery See also:division of the High Court in See also:England, claiming that an See also:account may be taken of the principal and interest due to the mortgagee, and that the mortgagor may be directed to pay the same, with costs, by a day to be appointed by the court and that in See also:default thereof he may be foreclosed his equity of redemption. See also:English See also:county courts have See also:jurisdiction in fore-closure actions where the mortgage or See also:charge does not exceed £Soo; or where the mortgage is for more than Soo, but less than that sum has been actually advanced. In a Welsh mortgage there is no right to foreclosure.
End of Article: FORECLOSURE
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