BORROWER - A person or entity to whom money or other property is loaned at his request.
BORROWER, contracts. He to whom a thing is lent at his request.
2. The contract of loan confers rights, and imposes duties on the borrower' 1.
Definition: borrower
Antonyms: creditor
Law Encyclopedia:
Debtor ...
Mortgagor
The borrower of money or the giver of the mortgage document.
Mortgage Insurance
Insurance required for loans with a loan above 80.01%.
Often the property itself remains in the hands of the borrower, and the lender holds only a paper interest (lien, mortgage, etc.) in the collateral that is enforceable if the borrower defaults. Sever To cut into parts.
Financing - A continuing agreement by a bank, factor or other means of financing such as, to make a loan secured by its customer's receivables; to retain right of recourse for losses, and to advance funds on accounts without notice to borrower's ...
Even though there has been no payments, the borrower retains a equitable right of redemption if, some day, he or she were able to find the money and try to exercise their right of redemption.
Redemption: Repayment of a mortgage, so the equitable estate of the lender and the legal estate of the borrower merge in the mortgagor.
Some mortgages have clauses that allow acceleration if the borrower sells or transfers the mortgaged property. These clauses are intended to protect the lender's security interest in the mortgaged property.
There are always moments between the extension of considerable monies to a borrower, and the moment when that money is applied in the purchase of real property.
Law Terms credit insurance is Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance.
: a trust agreement between a lender and a borrower by which the lender gives up possession of goods without abandoning title and the borrower agrees to hold the goods in trust for the lender and if the goods are sold to turn the proceeds over to the ...
It refers to collection of the money as an installments for the repayment of the loan along with some extra funds to pay the property tax and the insurance of the property against which the borrower has borrowed the money This helps the lender meet ...
When this is done the share or stock certificate is usually accompanied by a blank transfer - that is, a transfer executed by the shareholder borrower, but with a blank left for the name of the transferee.
Other novations can occur when an original borrower is substituted by a new borrower; the original borrower is released from all liability to the original maker of the loan.
(Compare with "assignment", "sub-participation", "subrogation") ...
COLLATERAL: An asset that a borrower agrees to give up if he or she fails to repay a loan.
COLLECTIVE BARGAINING AGREEMENT: The contract that spells out the terms of employment between a labor union and an employer.
This protects the lender or seller from the borrower's possible failure to keep up the insurance or a mounting tax bill which is a lien on the property. 2) to take away records, money or property, such as an automobile or building, ...
Where a mortgage lender (mortgagee) can apply to the High Court to force a borrower (mortgagor) to pay off their mortgage completely or have the lender seize and sell the property to in order to pay off the debt.
VADIUM VIVUM,
contracts. A species of security by which the borrower of a sum of money, made over his estate to the lender, until he had received that... more ...
foreclosure A proceeding that bars or extinguishes a mortgagor's right to redeem a mortgaged estate; often used in a general sense to refer to the procedure by which a lender takes possession of property given as security by the borrower.
 See also: Law, State, Person, Will, Term
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