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DEFICIENCY Definition & Legal Meaning

Definition & Citations:

A lack, shortage, or insufficiency. The difference between the totalamount of the debt or payment meant to be secured by a mortgage and that realizedon foreclosure and sale when less than the total. A judgment or decree for the amountof such deficiency is called a “deficiency judgment” or “decree.” Goldsmith v. Brown, 35Barb. (N. Y.) 492.


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