Purchase-money

PURCHASE-MONEY. The consideration which is agreed to be paid by the purchaser of a thing in money. It is the duty of the purchaser to pay the purchase-money as agreed upon in making the contract, and, in case of conveyance of an estate before it is paid, the vendor is entitled according to the laws of, England, which have been adopted in several of the states, to a lien on the estate sold for the purchase-money so remaining unpaid. This is called an equitable lien. This doctrine is derived from the civil law. Dig. 18, 1, 19. The case of Chapman v. Tauner, 1 Vera. 267, decided in 1684, is the first where this doctrine was adopted. 7 S. & R. 73. It was strongly opposed, but is now firmly established in England, and in the United States. 6 Yerg. R. 50; 4 Bibb, R. 239 1 John. Ch. R. 308; 7 Wheat. R. 46, 50 5 Monr. R. 287; 1 liar. & John. 106; 4 Har. & John. 522; 1 Call. R. 414; 1 Dana, R. 576; 5 Munf. R. 342; Dev. Eq. R. 163 4 Hawks, R. 256; 5 Conn. 468; 2 J. J. Marsh, 330; 1 Bibb. R. 590.
     2. But the lien of the seller exists only between the parties and those having notice that the purchase-money has nut been paid. 3 J. J. Marsh. 557; 3 Gill & John. 425 6 Monr. R. 198.

References in periodicals archive ?
Many credit unions seek to build up purchase-money loans as a hedge against the day when the numbers of refinance loans decline and because they often include significantly more cross-selling opportunities.
To further challenge their balancing capabilities, they often differentiated service qualities between purchase-money loans and refinance loans.
The taxpayer will acquire title to the replacement property at the close of the exchange and obtain purchase-money financing for that property at that time.
If the seller of specific property reduces the purchaser's debt that arose out of the purchase, and the reduction to the purchaser does not occur in a bankruptcy case or when the purchaser is insolvent, the reduction to the purchaser of the purchase-money debt is to be treated (for both the seller and the buyer) as a purchase price adjustment on that property.
As a result of the exchange and retirement of these two notes, the Company no longer has any material debt other than approximately $190,000 in purchase-money financing for equipment.
If the debtor is solvent, income realized from a discharged debt may still escape taxation, if the obligation is purchase-money indebtedness still held by the original seller of the property and the other requirements of Sec.
MEM offers purchase-money, refinance, new construction and home equity loans to the conventional, sub-prime, jumbo, modular and manufactured housing markets, as well as commercial real estate products, using over 120 mortgage lenders.
Until now, a realtor would contract their client for purchase of a home, and send them off to arrange purchase-money financing on their own.
Gibbons, President and CEO of Salem Five, recently announced the launch of a new online Instant Pre-Approval application for consumers seeking purchase-money mortgages and refinancing.
Also serving to bolster volume is the likely continuation of strength in the purchase-money mortgage market, as interest rate increases are not expected to be severe enough to chokeoff strong demand for housing.
Under the Program, the minimum borrower FICO score allowed is 700, and all loans must be purchase-money and have full or alternative to full documentation.
Recently, it has begun to insure purchase-money second mortgages made simultaneously with the first mortgage.

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