power of sale

power of sale definition - business

power of sale

A section in a mortgage, trust agreement, or will allowing for the sale or transfer of assets under specified conditions. For example, a lender is permitted to sell real property securing a loan in the event the borrower defaults.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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