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PRESCRIPTION The acquiring of a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period. HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). FILLED LAND An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock. CALL OPTION A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender. EQUAL CREDIT OPPORTUNITY ACT (ECOA) Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. RIGHT OF SURVIVORSHIP The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings. PREPAYMENT PRIVILEGE The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale. |
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