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The latter describes a contract that, because of some error, either party can choose to affirm or reject (e.g., an express misrepresentation about the condition of a property for sale).
The former describes a contract that has no effect whatsoever and the condition giving rise to unenforceability cannot be waived (e.g., a contract to pay a real estate commission to an unlicensed person).
It is called a self-liquidating loan because the proceeds from the sale of the assets provide the capital with which the debtor may repay the loan.
New Century Mortgage Corporation and Why It’s Nice to Actually Own the Debt Before You Foreclose In a February decision, absurdly hailed as “groundbreaking,” the California Supreme Court sought to clean up one aspect of the litigation morass created in the wake of the mortgage-backed securities crisis.
Otherwise, the Court reasoned, a borrower, like Yvanova, would be unable to protect her home from an unlawful foreclosure by a party lacking ownership of the underlying debt.
The Court drew the critical distinction between “void” and merely “voidable” agreements.
As a general proposition, a person lacks standing to challenge either the terms or enforcement of an agreement to which he or she is not a party.
Since only the actual owner of a secured debt can foreclose on the security, however, the Court permitted Yvanova to challenge the validity of the assignment of the secured debt – e.g., whether the assignee actually received assignment of the debt.Ensure that the business plan you drew up in order to avail the loan is adhered to after the approval.This will enable you not only to sustain the cash flow but also empower you to repay the amount as fast as possible.Images “ Business loan road sign / Shutterstock.com“ ________________________________________________________________________________ Tweak Your Biz is a thought leader global publication and online business community.Today, it is part of the Small Biz Trends stable of websites and receives over 300,000 unique views per month. Both young and old professionals are increasingly venturing into a space where they want to break free from regular employment and do something of their own.