Glossary J

Wednesday, August 17 2005 @ 04:31 PM CDT

Contributed by: admin

Joint Tenancy - Ownership by two or more persons with rights of survivorship; all joint tenants own equal interests and have equal rights in the property; each owner is possessed of an undivided part of the whole.

Joint Venture - A joining of two or more people in a specific business enterprise: similar to a partnership, and generally with no intention of a continuing relationship beyond the original purpose.

Judgment - The final determination of the rights and liabilities of the parties by a court in an action before it.

Junior Lien - A subordinate lien.

Junior Mortgage - A mortgage which is subordinate to prior existing mortgage on the same realty.

 

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