power of sale

power of sale
A provision in a chattel mortgage for the enforcement of the lien of the mortgage by sale, without the necessity of resort to judicial proceedings. 15 Am J2d Chat Mtg §§ 127 et seq. A provision in a real estate mortgage, or in a separate instrument, whereunder a sale may be had by way of enforcement of the mortgage upon default of the mortgagor. 37 Am J1st Mtg § 652. A power given a life tenant to dispose of the estate for the purposes of obtaining means of support, maintenance, education, etc. 28 Am J2d Est § 86. Authority conferred upon an agent for the sale of property of the principal. 3 Am J2d Ag §§ 99 et seq. See testamentary power of sale.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

  • power of sale — see power 2b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. power of sale …   Law dictionary

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  • Power Of Sale — A clause written into a mortgage authorizing the mortgagee (lender) to sell the property in the event of default, in order to repay the mortgage debt. As a mortgage term, power of sale is equivalent to the term foreclosure. The power of sale is… …   Investment dictionary

  • testamentary power of sale — A power of sale of real or personal property of a decedent conferred upon the executor of the estate of the decedent by his will. 31 Am J2d Ex & Ad § 437. Where a power of sale is given to an executor by virtue of his office, and not to him as an …   Ballentine's law dictionary

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  • sale under power — A method of foreclosing a mortgage on real estate without resort to the court. 37 Am J1st Mtg § 647. A method of enforcing a chattel mortgage without the necessity of resort to judicial proceedings. 15 Am J2d Chat Mtg §§ 127 et seq. Broadly, any… …   Ballentine's law dictionary

  • power of disposal — An expression used in reference to the power of one other than the owner of property to dispose of it by will. See power of appointment; power of sale …   Ballentine's law dictionary

  • sale and exchange — See power of sale and exchange …   Ballentine's law dictionary

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