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Simple English definitions for legal terms

title jurisdiction

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A quick definition of title jurisdiction:

Title jurisdiction refers to the concept in property law that when a person takes out a mortgage on a property, legal ownership of the property is transferred to the lender until the mortgage is paid off or foreclosed. This is only practiced in a few American states, known as title states or title-theory jurisdictions. In contrast, most states follow the lien theory, where the borrower retains legal ownership of the property and the lender has a lien on it until the mortgage is satisfied.

A more thorough explanation:

Definition: Title jurisdiction refers to the legal concept in property law that a mortgage transfers the legal title of the property to the mortgagee. The mortgagee retains the title until the mortgage has been satisfied or foreclosed. This concept is also known as title theory and is only adopted by a few American states.

Example: In a title jurisdiction state, if a person takes out a mortgage to buy a house, the legal title of the property is transferred to the mortgage lender until the mortgage is paid off. This means that the lender has the right to foreclose on the property if the borrower fails to make payments.

Explanation: This example illustrates how title jurisdiction works in practice. The mortgage lender holds the legal title of the property until the mortgage is satisfied, which gives them the right to foreclose on the property if the borrower defaults on the loan. This concept is different from lien theory, where the borrower retains legal title of the property and the lender only has a lien on the property as security for the loan.

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CynicalOops
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Calvinamala Harris
jackfrost11770
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Dkk
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@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
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@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
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I will take In N Out everyday over it when I can though.
texaslawhopefully
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In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
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Indeed, indeed.
BulbasaurNoLikeCardio
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@texaslawhopefully: best prices and only fast food that doesn't make me sick
matt gaetz ethics report released
paid for sex with a junior in high school
guarantee people still defend him
BulbasaurNoLikeCardio
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I only read headlines and skimmed a random article of it since I am the only one at work this week. Seems like he is Republican Hunter Biden but not at the paying rent with poop paintings stage
ImpartialLion
9:55
Sent in my transcript at 6 am today and it’s processing. Think it will be processed before lsac closes tmrw?
BulbasaurNoLikeCardio
9:58
I would say it is a toss up, for how much LSAC charges us for everything they are extremely efficient in processing and sending stuff out BUT with a 30% uptake in applicants and the holidays it may be significantly slower unless it is ran through and processed by a computer program. Even if it takes them longer to process it, not like there is anyone at a school to request and review it after LSAC does their thing
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BulbasaurNoLikeCardio
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Hope schools are chill and just send As leaving the Rs for next month lol
soap
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Fingers crossed for good luck today
BulbasaurNoLikeCardio
10:56
@soap: really hoping to get that UTK call today
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@chickenburgahfart: cauc is the zezemzer with a plan
@chickenburgahfart: Thanks, I guess? lol
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