power of sale

Definition of "power of sale"
  1. It is the authority given, usually through a legal document like a will, trust, or mortgage, that allows the property involved to be sold, often under certain conditions such as a mortgage default
How to use "power of sale" in a sentence
  1. In the mortgage agreement, the bank retained the power of sale in case the borrower defaults on the loan payments.
  2. The trust document included a power of sale provision to allow the trustee to sell the property if necessary.
  3. Should the mortgagee fail to meet repayment obligations, the power of sale clause could be enacted to recover the owed sum.

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