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New York Legal Blog Round Up

Define That Term #247

Dictionary Thursday's term was deficiency judgment, which is defined as:

n. a judgment for an amount not covered by the value of security put up for a loan or installment payments. In most states the party owed money can only get a deficiency judgment if he/she chooses to file a suit for judicial foreclosure instead of just foreclosing on real property. However, some states allow a lawsuit for a deficiency after foreclosure on the mortgage or deed of trust. The right to a deficiency judgment is often written into a lease or installment contract on a vehicle. There is a danger that the sale of a repossessed vehicle will be at a wholesale price or to a friend at a sheriff's sale or auction, leaving the debtor holding the bag for the difference between the sale price and remainder due on the lease or contract. See also: foreclosure judicial foreclosure.

Edward Wiest's guess was right on target!

Today's term is:

Interlineation.

As usual, educated guesses are welcome; dictionaries are not.

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