Simple English definitions for legal terms
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Term: SHARP
Definition: When someone borrows money, they sign a paper that says if they don't pay the money back, the person who lent them the money can take action right away without having to go to court. This is called a "sharp" clause.
Definition: Sharp is an adjective used to describe a clause in a mortgage or deed that gives the creditor the power to take quick and decisive action if the debtor fails to meet their obligations.
These examples illustrate how a sharp clause can give the creditor significant power over the debtor. In both cases, the creditor has the ability to take action quickly and without further notice if the debtor fails to meet their obligations. This can be a powerful tool for creditors to protect their interests and ensure that they are repaid in a timely manner.