Execution Sale (Noun)
Meaning
A sale of property by the sheriff under authority of a court's writ of execution in order satisfy an unpaid obligation.
Classification
Nouns denoting communicative processes and contents.
Examples
- The creditor obtained a court order for an execution sale of the debtor's property to collect on the outstanding debt.
- After the borrower defaulted on the mortgage, the lender initiated an execution sale of the foreclosed home.
- The sheriff conducted an execution sale of the defendant's assets to satisfy the judgment awarded to the plaintiff.
- As a last resort, the bank sought an execution sale of the business owner's equipment to recover the unpaid loan balance.
- The court authorized an execution sale of the property to settle the tax lien that had gone unpaid for several years.