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Simple English definitions for legal terms
sharp
Read a random definition: rule of interpretation
A quick definition of sharp:
Term: SHARP
Definition: When someone borrows money, they sign a paper that says if they don't pay the money back, the person who lent them the money can take action right away without having to go to court. This is called a "sharp" clause.
A more thorough explanation:
Definition: Sharp is an adjective used to describe a clause in a mortgage or deed that gives the creditor the power to take quick and decisive action if the debtor fails to meet their obligations.
- "The mortgage agreement included a sharp clause that allowed the bank to foreclose on the property if the borrower missed three consecutive payments."
- "The deed to the land had a sharp provision that allowed the seller to reclaim the property if the buyer failed to make the agreed-upon payments."
These examples illustrate how a sharp clause can give the creditor significant power over the debtor. In both cases, the creditor has the ability to take action quickly and without further notice if the debtor fails to meet their obligations. This can be a powerful tool for creditors to protect their interests and ensure that they are repaid in a timely manner.