What does it mean when something is encumbered?
transitive verb. 1 : weigh down, burden tourists encumbered by heavy luggage. 2 : to impede or hamper the function or activity of : hinder negotiations encumbered by a lack of trust. 3 : to burden with a legal claim (such as a mortgage) encumber an estate.
What does encumbrance mean in a contract?
An encumbrance on property can be a restriction regarding the use and enjoyment of the land. It is an agreement with various obligations on the parties, restricting or forbidding the commission of some act or acts and can be satisfied by inaction.
What is an encumbered contract?
Contract Encumbrance means any pledge, security interest, trust interest or similar lien granted to a Third Party with respect to the relevant Contract.
What are encumbrances in property law?
An encumbrance is a claim against an asset by an entity that is not the owner. Common types of encumbrances against real property include liens, easements, leases, mortgages, or restrictive covenants. Encumbrances impact the transferability and/or use of subjected properties.
What are types of encumbrances?
There are many types of encumbrances, but four of the most common are easements, deed restrictions, encroachments, and liens.
- Property easements. An easement gives a non-owner the right to use your land.
- Deed restrictions. Deed restrictions are another type of encumbrance on real estate.
- Encroachments.
- Liens.
What does the word encumbered mean?
Definition of encumber. transitive verb. 1 : weigh down, burden tourists encumbered by heavy luggage. 2 : to impede or hamper the function or activity of : hinder negotiations encumbered by a lack of trust.
What does encumber mean?
Encumber(verb) to impede the motion or action of, as with a burden; to retard with something superfluous; to weigh down; to obstruct or embarrass; as, his movements were encumbered by his mantle; his mind is encumbered with useless learning. Encumber(verb) to load with debts, or other legal claims; as, to encumber an estate with mortgages.
What does encumbered position mean?
Encumbered jobs mean that there is someone who has taken a temporary re-assignment (most likely an overseas job) and has return rights to the job. If he comes back, you are most likely out of a job.
What is encumbered property?
Encumbered Property means the real property (including all improvements, buildings, fixtures, building equipment and personal property thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other collateral securing repayment of the debt comprised in a Mortgage Loan, or, in the case of any