Uniform Commercial Code: Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.
Urban Property: City property; closely settled property.
Usury: On a loan, claiming a rate of interest greater than that permitted by law.
Vendee: A purchaser; buyer.
Vendor: A seller.
Verification: Sworn statement before a duly qualified officer to correctness of contents of an instrument.
Void: To have no force or effect; that which is unenforceable.
Voidable: That which is capable of being adjudged void, but is not void unless action is taken to make it so.
Voluntary Lien: Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.
Warranty Deed: A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons. It is commonly used in many states, but in others the grant deed has supplanted it due to the modern practice of securing title insurance policies which have reduced the importance of express and implied warranty in deeds.
Wrap Around Mortgage: A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.