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Simple English definitions for legal terms

tacit mortgage

Read a random definition: general synod

A quick definition of tacit mortgage:

A mortgage is when someone borrows money to buy property and uses that property as collateral. This means that if they don't pay back the money, the lender can take the property. There are different types of mortgages, like adjustable-rate mortgages where the interest rate can change, or fixed-rate mortgages where the interest rate stays the same. A tacit mortgage is a type of legal mortgage where the creditor has a lien on the debtor's property, but it's not explicitly stated in a contract.

A more thorough explanation:

Definition: A type of legal mortgage that arises by operation of law on the debtor's property, without the need for a formal agreement. It is a lien against property that is granted to secure an obligation (such as a debt) and that is extinguished upon payment or performance according to stipulated terms.

Example: If a person takes out a loan from a bank and uses their property as collateral, a tacit mortgage is created on the property. This means that if the person fails to repay the loan, the bank can foreclose on the property to recover the debt.

Explanation: The example illustrates how a tacit mortgage works in practice. When a person uses their property as collateral for a loan, a tacit mortgage is created on the property. This means that the lender has a legal claim on the property until the loan is repaid. If the borrower fails to repay the loan, the lender can foreclose on the property to recover the debt. The tacit mortgage is extinguished once the loan is repaid according to the stipulated terms.

tacit law | tacit prorogation

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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.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
Dkk
9:49
Lmfao, Gross
Dkk
9:49
@glovediedthisishismom: Watch it at the office!
Dkk
9:50
Proton vpn and https://en.solarmovie-official.lol/
let little glovey go home!
babycat
9:55
it’s true he sent me feet pics (unsolicited!)
babycat
9:56
poor little glovey
babycat
9:56
it’s illegal to make you work on a snow day
BulbasaurNoLikeCardio
9:57
Free feet pics sounds like you saved some money
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