Foreclosure Sale Shortfall
Warren Woods borrowed from Westbrook Dynamics to purchase land. After default the lender foreclosed and the sale price fell short of the debt. The mortgagee obtained a judgment for the wantage against Warren.
Also known as: wantages · shortage · deficiency
Written by attorneys · grounded in primary & secondary sources — see below
An allowance or deduction for the shortfall in a vessel's cargo capacity caused by leakage during a voyage.
Warren Woods borrowed from Westbrook Dynamics to purchase land. After default the lender foreclosed and the sale price fell short of the debt. The mortgagee obtained a judgment for the wantage against Warren.
Wrightway Engineering promised to deliver custom equipment to Willow Walker. The equipment arrived with missing components that reduced its value. Willow recovered damages measured by the wantage in performance value.
Wyatt Wilson, an adult with a diagnosed mental condition, operated a vehicle that struck Walter Washington. The wantage in Wyatt's mental capacity did not relieve him of liability under the reasonable-person standard.
Select any source to read its text and confirm it supports the definition.
Warwick Electronics contracted to sell identified servers to Whitney White. A storm damaged part of the servers before risk passed. Whitney inspected and accepted the goods with an allowance for the wantage in quantity.
Wren Wright died leaving household goods worth less than the statutory exempt amount. The surviving spouse received other estate assets to cover the wantage up to the fifteen-thousand-dollar limit.
Westmont Healthcare and Wren Wright reached an oral services agreement. Wren signed one page that referred to an unsigned second page listing terms. The two pages together supplied the wantage in the memorandum.
Wantage measures the amount by which the foreclosure sale price falls short of the secured debt. The mortgagee may obtain a deficiency judgment for that amount unless state law prohibits or limits such judgments.
Wantage is the reduction in value to the injured party caused by the other party's deficient performance. That amount is added to any incidental or consequential losses and then reduced by costs avoided.
No. Unless the actor is a child, mental deficiency does not relieve the actor from liability for conduct that fails to meet the reasonable-person standard under like circumstances.
When identified goods suffer partial casualty before risk passes, the buyer may inspect and then either treat the contract as avoided or accept the goods with a price allowance for the wantage in quantity or condition.
When exempt chattels fall short of the statutory value, the surviving spouse or children may claim other estate assets to make up the wantage, subject to priority rules for homestead and family allowances.
Separate writings may be read together when the signed writing refers to the unsigned writing or the documents clearly relate to the same transaction and the party to be charged has acquiesced in the unsigned contents.
…of a threat to the health or life of the mother, or that the child "may be born with incapacitating physical deformity or mental deficiency," or that a pregnancy "resulting from legally established statutory or forcible rape or incest may constitute a threat to the mental or physical health of the patient," two other physicians…