What is the definition of Parity clause? | Dictionary.net

PARITY CLAUSE

\pˈaɹɪti klˈɔːz], \pˈaɹɪti klˈɔːz], \p_ˈa_ɹ_ɪ_t_i k_l_ˈɔː_z]\

Definitions of PARITY CLAUSE

1910 - Black's Law Dictionary (2nd edition)

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A provision provided in certain mortgage agreements, which gives the option to secure all of the mortgage notes. None of the collateral holders have any precedence over the others, in case the buyer fails to pay up the loan.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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