11:44
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Simple English definitions for legal terms
judicial mortgage
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A quick definition of judicial mortgage:
A judicial mortgage is a type of loan where a person borrows money and uses their property as security. If they don't pay back the loan, the lender can take possession of the property. It is called "judicial" because it is created by a legal judgment. This type of mortgage is common in civil law systems.A more thorough explanation:
A judicial mortgage is a type of mortgage that is created by a recorded legal judgment. It is a lien against property that is granted to secure an obligation, such as a debt, and is extinguished upon payment or performance according to stipulated terms.
For example, if a person owes money to a creditor and fails to pay, the creditor can obtain a judgment against the person. The judgment can then be recorded as a judicial mortgage against the person's property, giving the creditor a security interest in the property. If the person pays the debt, the judicial mortgage will be released.
Another example is when a court orders a property to be sold to satisfy a debt owed by the owner. The court can record a judicial mortgage against the property to ensure that the debt is paid from the proceeds of the sale.
In summary, a judicial mortgage is a type of mortgage that is created by a legal judgment and is used to secure an obligation. It is an important tool for creditors to ensure that they are paid what they are owed.