Insurance for a mortgage lender, covering the lender's losses should the buyer default on the loan and the foreclosure sale price is less than the amount remaining on the mortgage and due to the lender. Home buyers who put less than 20% down are frequently required to pay a PMI. … [Read more...]
PRIVILEGE AND IMMUNITIES CLAUSE
Article IV of the U.S. Constitution: Prohibits any state from discriminating against out of state residents and in favor of citizens within its borders. It also provides equal rights and immunities for citizens who travel between states. … [Read more...]
PRIVATE NUISANCE
A private nuisance is a tort whereby the tortfeasor unreasonably interferes with the use or enjoyment of the land of another individual person or party. When the nuisance is private, it affects an individual or small group of individuals - as opposed to a public nuisance which affects more than one person such as the public at large. A private nuisance may be an interference … [Read more...]
PRIVILEGE OF HUSBAND AND WIFE
A legal right of husband and wife that provides protection for private communications between them not to be admissible in a court of law. The law wishes not to breach the sanctity of the marital relationship and compel a spouse to testify against another or to create a chilling effect conversations to a spouse can be witness testimony compelled via subpoena. … [Read more...]
PRIVATE OFFERING
The offer of securities to private investors for purchase but not to the general public. … [Read more...]