Power of Sale
/ˈpaʊ.ər əv seɪl/
Definitions
- (n.) A contractual or statutory right allowing a mortgagee or secured party to sell property to satisfy a debt on default without court intervention.
The lender exercised the power of sale after the borrower defaulted on the mortgage.
Related terms
See also
Commentary
Typically found in mortgage and property law, the power of sale provision must be explicitly granted in the security instrument or statute and is subject to statutory notice and procedural requirements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.