foreclosure proceeding
Defined in 1 place of the United States Code.
The term “foreclosure proceeding” means—
(A) a foreclosure or similar legal proceeding to enforce a lien on property, whether real or personal, that secures a nonaccrual or distressed loan; or
(B) the seizing of and realizing on nonreal property collateral, other than collateral subject to a statutory lien arising under subchapter I or II of this chapter, to effect collection of a nonaccrual or distressed loan.
Source
- 1994–201512 U.S.C. § 2202ABanks and Banking · Restructuring distressed loans · as used in this part
The term “foreclosure proceeding” means—
(A) a foreclosure or similar legal proceeding to enforce a lien on property, whether real or personal, that secures a nonaccrual or distressed loan; or
(B) the seizing of and realizing on nonreal property collateral, other than collateral subject to a statutory lien arising under subchapter I or II, to effect collection of a nonaccrual or distressed loan.
Source
- 2015–present12 U.S.C. § 2202ABanks and Banking · Restructuring distressed loans · as used in this part