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LSDefine

Simple English definitions for legal terms

power of sale

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A quick definition of power of sale:

Power of sale is a legal right that allows someone to sell a property if the owner doesn't pay their debts. It's like having a special permission to sell something that doesn't belong to you. There are many different types of powers, but this one is specifically related to selling property. It's important to pay your debts on time so you don't have to worry about someone else having the power to sell your property.

A more thorough explanation:

Definition: Power of sale refers to the legal right or authorization given to a lender to sell a property without going to court in order to recover the unpaid mortgage debt. It is a clause included in a mortgage agreement that allows the lender to sell the property if the borrower defaults on the loan.

Example: John took out a mortgage to buy a house. The mortgage agreement included a power of sale clause that allowed the lender to sell the property if John failed to make his mortgage payments. Unfortunately, John lost his job and was unable to keep up with his payments. As a result, the lender exercised their power of sale and sold the property to recover the unpaid debt.

This example illustrates how a power of sale clause gives the lender the legal right to sell a property without going to court in order to recover the unpaid mortgage debt.

power of revocation | power-of-sale foreclosure

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JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
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