inverse order of alienation
- The doctrine that where land subject to a paramount encumbrance is subsequently sold or encumbered in parts or parcels at different times, no intention being disclosed in the instrument that the purchaser or the encumbrancer of the part should pay the whole or his proportion of the paramount encumbrance, the parcel retained by the grantor should be first subjected to the discharge or payment of the paramount encumbrance, and the parcels alienated or encumbered should be reached only in the event the parcel retained by the grantor is not sufficient to pay the paramount encumbrance in full, and then only to the extent of the deficiency and in the inverse order of alienation; and that if all of the land covered by the paramount encumbrance has been successively alienated or encumbered in parcels, the parcel last alienated or encumbered must be first exhausted for the payment or discharge of the paramount encumbrance, before the parcel alienated or encumbered next preceding to the last may be reached, and so on in that order until the parcel first alienated or encumbered is reached, if need there be, provided the alienee or the junior encumbrancer of the party against whose parcel recourse must be had had notice of the prior alienation or encumbrance of another part. 35 Am J1st Marsh A § 32. A doctrine analogous to but at the same time in contrast with the doctrine of marshaling assets. 35 Am J1st Marsh A § 33.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
inverse order of alienation doctrine — Under this doctrine, mortgage or other lienor, where land subject to lien has been aliened in separate parcels successively, shall satisfy his lien out of land remaining in grantor or original owner if possible, and, if that be insufficient, he… … Black's law dictionary
sale in inverse order of alienation — The doctrine of inverse order of alienation. 35 Am J1st Marsh A § 32. See inverse order of alienation … Ballentine's law dictionary
subjecting to debts in inverse order of alienation — See inverse order of alienation … Ballentine's law dictionary
alienation — An estrangement, as in alienation of affections; also a mental derangement. A transfer of property in such manner as to transfer title. Butler v Fitzgerald, 43 Neb 192. Within the meaning of a statute requiring the concurrence of both spouses to… … Ballentine's law dictionary
Mortgage law — This article is about the legal mechanisms used to secure the performance of obligations, including the payment of debts, with property. For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see … Wikipedia
Mortgage — A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the… … Wikipedia
marshaling assets — The principle that where two or more creditors seek satisfaction out of the assets of their debtor, the creditor who has a lien on only a part of the assets shall be protected so far as possible without doing violence to the rights of the other… … Ballentine's law dictionary
doctrine — A rule or principle of law which has been developed by the decisions of the courts. For definition of a particular doctrine, see the concrete term, such as anticipatory breach; earmark; inverse order of alienation; laches; pin money; res ipsa… … Ballentine's law dictionary
marshalling assets — Also known as marshalling assets and securities, marshalling of liens or marshalling of remedies, it is an equitable doctrine requiring a senior creditor, having two funds to satisfy his debt, to resort first to the one fund which is not subject… … Black's law dictionary
Australia — /aw strayl yeuh/, n. 1. a continent SE of Asia, between the Indian and the Pacific oceans. 18,438,824; 2,948,366 sq. mi. (7,636,270 sq. km). 2. Commonwealth of, a member of the Commonwealth of Nations, consisting of the federated states and… … Universalium