Definition of waiver of exemption

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TeachMeFinance.com - explain waiver of exemption



waiver of exemption -- a loan contract clause that contains a waiver or limitation of the borrower's right to exempt his or her personal or real property from attachment, execution or other legal process in the event of a default. This credit practice was prohibited by federal regulation in 1985.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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