non-purchase money
- A term referring to a debt that isn't backed by the property purchased with the borrowed money
- The court determined that the debt was considered non-purchase money because the loan was not secured by the property bought with the borrowed funds.
- The creditor made a mistake in regarding the transaction as non-purchase money since the house was actually collateral for the loan.
- Due to the classification of the debt as non-purchase money, the debtor was unable to claim the property as exempt.
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