foreclosure

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noun fore·clo·sure \(ˌ)fȯr-ˈklō-zhər\

Definition of foreclosure

  1. :  an act or instance of foreclosing; specifically :  a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate

1713

First Known Use of foreclosure

1713


Law Dictionary

foreclosure

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noun fore·clos·ure \fōr-ˈklō-zhər\

Legal Definition of foreclosure

  1. 1 :  a legal proceeding that bars or extinguishes a mortgagor's equity of redemption in mortgaged real property — see also deficiency judgment at judgment, redeem, right of redemption, statutory foreclosure, strict foreclosure 1

  2. 2 :  the extinguishment (as under the provisions of Article 9 of the Uniform Commercial Code) of the rights of a debtor in personal property subject to a security interest by judicial proceedings and especially by judicial sale — see also strict foreclosure 2



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