New Hampshire Revised Statutes 479:27-a – Foreclosure on Personalty
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Terms Used In New Hampshire Revised Statutes 479:27-a
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
In the event that the note or other obligation secured by the mortgage is further secured by a security agreement on personalty situated on the mortgaged premises, the mortgagee may, at his option and upon notice to the mortgagor, foreclose the real estate and the personal property as a single unit, and compliance with the notice provisions of this chapter shall be deemed to be in compliance with the foreclosure requirements of the Uniform Commercial Code.