quit claim

quit claim
A deed releasing interest in real property. Sometimes, when a Trustee has real property vested in him pursuant to the bankruptcy and there is no equity in that property, he may quit claim it to the mortgage holder, thereby saving the mortgage holder time and expense. The Trustee should charge the mortgage holder for executing this deed. (Dictionary of Canadian Bankruptcy Terms)

United Glossary of Bankruptcy Terms 2012.

Glossary of Bankruptcy.

Look at other dictionaries:

  • quit|claim — «KWIHT KLAYM», noun, verb. –n. 1. the act of giving up a claim or right of action. 2. = quitclaim deed. (Cf. ↑quitclaim deed) ╂[< Anglo French quiteclame < quitecmer; see the verb] –v.t. to give up claim to (possession or right of action).… …   Useful english dictionary

  • quit claim — /ˈkwɪt kleɪm/ (say kwit klaym) Law –noun 1. a transfer of all one s interest, as in a parcel of real estate. –verb (t) 2. to quit or give up claim to (a possession, etc.). {Middle English quitclayme, from Anglo French quiteclame, from quiteclamer …   Australian English dictionary

  • Quit claim — A lord s release of all claims he may have had over a *villein in return for which he received a sum of money or *quit rent as compensation for this loss of services …   Dictionary of Medieval Terms and Phrases

  • quit claim deed — A document by which title to real estate is conveyed from one party, the grantor, to another party, the grantee. The distinguishing characteristic of a quit claim deed is that it transfers only such interest, title, or right that the grantor has… …   Financial and business terms

  • quit claim deed — noun the legal instrument effecting a quit claim (distinguished from warranty deed). Compare warranty …   Australian English dictionary

  • quit claim deed — noun a document by which a person (the grantor) disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee) …   Wiktionary

  • Quit rent — A rent paid in lieu of services otherwise owed. Cf. Quit claim …   Dictionary of Medieval Terms and Phrases

  • Quit — Quit, v. t. [imp. & p. p. {Quit} or {Quitted}; p. pr. & vb. n. {Quitting}.] [OE. quiten, OF. quiter, quitier, cuitier, F. quitter, to acquit, quit, LL. quietare, fr. L. quietare to calm, to quiet, fr. quietus quiet. See {Quiet}, a., and cf.… …   The Collaborative International Dictionary of English

  • Quit India Movement — The Quit India Movement (Bharat Chhodo Andolan or the August Movement ) was a civil disobedience movement launched in India in August 1942 in response to Mohandas Gandhi s call for immediate independence. Gandhi hoped to bring the British… …   Wikipedia

  • quit — quit1 quittable, adj. /kwit/, v., quit or quitted, quitting, adj. v.t. 1. to stop, cease, or discontinue: She quit what she was doing to help me paint the house. 2. to depart from; leave (a place or person): They quit the city for the seashore… …   Universalium

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