MARKET
VALUE:
An average between the highest price which a buyer,
willing but not compelled to buy, would pay and
the lowest price a seller, willing, but not compelled
to sell, would accept.
MARKETABLE
TITLE:
A title which is free from encumbrances and any
reasonable doubt as to its validity, and such
as a reasonably intelligent person, who is well
informed as to facts and their legal bearings,
and ready and willing to perform his contract,
would be willing to accept in exercise of ordinary
business prudence. Sinclair v. Weber, 204 Md.
324, 104 a.2d 561, 565.
MARSHALING:
Arranging, ranking, or disposing in order; particularly,
in the case of a group or series of conflicting
claims or interests, arranging them in such an
order of sequence, or so directing the manner
of their satisfaction, as shall secure justice
to all persons concerned and the largest possible
measure of satisfaction to each. Equitable doctrine
of "marshaling" rests upon principle
that creditor having two funds to satisfy his
debt may not, by his application of them to his
demand, defeat another creditor, who may resort
to only one of the funds. Columbia Bank for Cooperatives
v. Lee, C.A.N.C., 368 f2d 934, 939.
MEANDER:
To follow a winding course.
MECHANIC'S
LIEN:
A lien on real estate, created by operation of
law, which secures the payment of debts due to
persons who perform labor or services or furnish
materials incident to the construction of buildings
and improvements on the real estate.
MEETING
OF MINDS:
The state that exists when all parties to a contract
agree to the exact terms thereof.
MERGER
OF TITLE:
Absorption of one estate into another, a uniting
of different interests in a parcel of property
into one ownership.
MERIDIANS:
Imaginary north-south lines that intersect base
lines to form a starting point for measurement
of land.
METES
AND BOUNDS:
A land description in which boundaries are described
by courses, directions, distances, and monuments.
MONUMENT:
Object or mark used by a surveyor to fix or to
establish boundaries or land location.
MORTGAGE:
(From the latin terms "mors" or "mort"
meaning death or dead.) A temporary and conditional
pledge of property to a creditor as security for
the payment of a debt which may be satisfied or
canceled by payment.
MORTGAGE
BOOK:
A book in the public records in which mortgages
are recorded.
MORTGAGEE:
The holder of a mortgage. The party to whom a
mortgage is made.
MORTGAGEE
POLICY:
(Sometimes called a mortgage policy.) A policy
of title insurance insuring the holder of a mortgage
against loss occasioned by the impairment or invalidity
of the lien of the mortgage or because of defects
in, superior liens upon, or unmarketability of
the title.
MORTGAGOR:
A person who mortgages property. A person who
executes a mortgage.
MULTIPLE
LISTING:
The pooling, in a central bureau, of listings
of properties for sale, which listings are held
individually by members of a group of real estate
brokers, with the agreement that any member of
the group may sell the properties and in case
of a sale, the commission will be divided among
the broker making the sale, the broker who filed
the listing, and the bureau.
MUNIMENT
OF TITLE:
(1) Documentary evidence of title. The instruments
of writing and written evidences which the owner
of lands, possessions, or inheritances has, by
which he is enabled to defend the title of his
estate. (2) The records of title transactions
in the chain of title of a person purporting to
create the interest in land claimed by such person
and upon which he relies as a basis for the marketability
of his title commencing with the root of title
and including all subsequent transactions. Black's
Law Dictionary, 5th Edition.
