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LSDefine

Simple English definitions for legal terms

indemnity mortgage

Read a random definition: writ of course

A quick definition of indemnity mortgage:

An indemnity mortgage is a type of legal document that is used to secure a loan for a property. It is similar to a mortgage, but it involves a third party who acts as a trustee to hold the property until the loan is repaid. If the borrower fails to repay the loan, the trustee can sell the property to recover the debt. This type of mortgage provides extra protection for the lender, as they are guaranteed to receive their money back even if the borrower defaults on the loan.

A more thorough explanation:

Definition: An indemnity mortgage is a type of mortgage where the borrower is responsible for repaying the loan, but the lender has the right to take possession of the property if the borrower fails to repay the loan. The borrower is also required to indemnify the lender against any losses that may occur if the property is sold for less than the amount owed on the loan.

Example: John wants to buy a house but doesn't have enough money to pay for it outright. He takes out an indemnity mortgage with a bank, which means that he is responsible for repaying the loan, but the bank has the right to take possession of the house if John fails to repay the loan. If the bank sells the house for less than the amount owed on the loan, John is required to indemnify the bank for any losses.

Explanation: This example illustrates how an indemnity mortgage works. The borrower is responsible for repaying the loan, but the lender has the right to take possession of the property if the borrower fails to repay the loan. The borrower is also required to indemnify the lender against any losses that may occur if the property is sold for less than the amount owed on the loan.

indemnity land | indemnity principle

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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