due-on-sale provision
USA
A provision in a promissory note, loan or mortgage that allows the lender to demand payment of the full balance owed when the borrower sells or transfers real property used as security. This kind of clause is standard in mortgages executed in the US. However, major statutory exceptions to these provisions exist where a borrower transfers property to a trust to which the borrower is a beneficiary.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • Due-on-sale clause — A due on sale clause is a clause in a loan or promissory note that stipulates that the full balance may be called due upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to …   Wikipedia

  • due-on-sale clause — A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage upon sale or transfer of ownership of the property used to secure the mortgage. (See: acceleration clause) Category:… …   Law dictionary

  • Due-On-Sale Clause — A provision in a mortgage contract that requires that the mortgage be repaid in full upon a sale or conveyance of interest in the property that secures the mortgage. Mortgages with a due on sale clause are not assumable. A due on sale clause… …   Investment dictionary

  • due-on-sale clause — A provision usually found in a note or mortgage whereby the entire debt becomes immediately due and payable at mortgagee s option upon sale of mortgaged property. Such clauses are generally used to prevent subsequent purchasers from assuming… …   Black's law dictionary

  • due-on-sale clause — Fin a provision requiring a homeowner to pay off a mortgage upon sale of the property …   The ultimate business dictionary

  • due-on-sale clause — A provision in a mortgage permitting the lender to demand payment in full when the property is sold. American Banker Glossary A mortgage contract clause stipulating that the borrower pay off the full remaining principal on a mortgage if the… …   Financial and business terms

  • SALE — (Heb. מְכִירָה, mekhirah). Sale may be defined as the permanent transfer for consideration of existing legal rights from one person to another. The consideration may be in money or in kind. By extension the term sale is also used to denote a… …   Encyclopedia of Judaism

  • provision — (pro vi zion ; en vers, de quatre syllabes) s. f. 1°   Terme de palais. Ce qui est adjugé préalablement à une partie en attendant le jugement définitif. Sentence de provision. On lui a adjugé une provision de deux mille francs. •   Appius déclara …   Dictionnaire de la Langue Française d'Émile Littré

  • First-sale doctrine — This article is about the first sale doctrine as applied to copyright. For the analogous first sale doctrine applicable to patents, see Exhaustion doctrine. The first sale doctrine is a limitation on copyright that was recognized by the Supreme… …   Wikipedia

  • United Nations Convention on Contracts for the International Sale of Goods — The United Nations Convention on Contracts for the International Sale of Goods (abbrev. CISG) [United Nations Convention on Contracts for the International Sale of Goods, Vienna, 11 April 1980, S.Treaty Document Number 98 9 (1984), UN Document… …   Wikipedia

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