deficiency judgment
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 313 U.S. 221 - Gelfert v. National City Bank · 1941Most cited · 146 citing opinions
The formula which a legislature may adopt for determining the amount of a deficiency judgment is not fixed and invariable. That which exists at the date of the execution of the mortgage does not become so embedded in the contract between the parties that it cannot be constitutionally altered. Mortgagees are constitutionally entitled to no more than payment in full.