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A deficiency judgment is a court judgment that is a public record of the amount owed and by whom. In many states, items included in calculating the amount of a deficiency judgment include: the loan principal, accrued interest and attorney fees, less the amount the lender bid at the foreclosure sale. [3]
"Abstract of judgment" is a written summary of a judgment which states how much money the losing defendant owes to the person who won the lawsuit (judgment creditor), the rate of interest to be paid on the judgment amount, court costs, and any specific orders that the losing defendant (judgment debtor) must obey, which abstract is acknowledged ...
The fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Cas.
The proper amount is that which gives the non-breaching party the "benefit of the bargain." However, it is important to note that expectation damages are not punitive ; its theoretical purpose is to place the injured, non-breaching party in the same position that they would have occupied had there been full performance of the contract. [ 10 ]
An action for money had and received to the plaintiff's use is the name for a common law claim derived from the form of action known as indebitatus assumpsit.The action enabled one person to recover money which has been received by another: for example, where a plaintiff paid money to the defendant while labouring under a mistake of fact or where there was a total failure of consideration.
A writ of execution (also known as an execution) is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court. [1] When issuing a writ of execution, a court typically will order a sheriff or other similar official to take possession of property owned by a judgment debtor.
The Abrahamic religions discouraged lending and prohibited creditors from collecting interest on debts owed. By the Middle Ages, laws came into being to deal specifically with debtors. If creditors were unable to collect a debt they could take the debtor to court and obtain a judgment against the debtor.
Most common law jurisdictions avoid all this confusion by holding that one rescinds a contract and cancels a deed (i.e., of real property), and treat rescission as a contractual remedy rather than a type of procedural remedy against a court judgment. In Australia, the Court of Equity may grant partial relief under the contract if good ...