Uniform Nonjudicial Foreclosure Act Law and Legal Definition
The Uniform Law Commissioners promulgated the Uniform Nonjudicial Foreclosure Act in 2002. This act creates a power-of-sale foreclosure law that is separate from the Uniform Land Security Interest Act. It provides procedures for mortgage foreclosures without judicial involvement.
The Uniform Nonjudicial Foreclosure Act provides for three methods of nonjudicial foreclosure and permits the secured creditor to elect the method to be used. The first is conventional foreclosure by means of an auction sale, which combines the evaluation of the collateral by means of the high bid at the sale) and liquidation (by means of a foreclosure deed to the high bidder. The second method is foreclosure by negotiated sale, which is consummated similarly to other real property sales listed with a real estate broker and advertised extensively. The third method is foreclosure by appraisal, which accomplishes only the evaluation of the collateral. The third method leaves the secured creditor with the burden of liquidating it after the foreclosure is completed. However, more extensive safeguards are used to ensure the integrity of the appraisal's result. With all three of these foreclosure methods, sufficient protections have been included to assure protection of the legitimate interests of debtors and subordinate interest holders.
Legal Definition list
- Uniform Multiple-Person Accounts Act
- Uniform Money Services Act
- Uniform Mediation Act
- Uniform Marriage and Divorce Act
- Uniform Marital Property Act
- Uniform Nonjudicial Foreclosure Act
- Uniform Nonprobate Transfers on Death Act
- Uniform Parentage Act
- Uniform Partnership Act
- Uniform Periodic Payment of Judgments Act
- Uniform Photographic Copies of Business and Public Records as Evidence Act
