statutory foreclosure

noun

Legal Definition of statutory foreclosure

: a foreclosure in which a mortgagee or trustee executes a power of sale given in a mortgage or deed of trust and does so in accordance with statutory provisions — compare strict foreclosure

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“Statutory foreclosure.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/statutory%20foreclosure. Accessed 25 Jan. 2021.

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