ENCUMBERED Definition

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ENCUMBERED is when an asset is owned by one party subject to the legal claims of another party. One example is a homeowner that owns a home that is subject to (encumbered by) the claims of the mortgage holder.

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EXPIRED EXPENSE is an expense having come to an end or become void after passage of a period of time.

FORCED LIQUIDATION VALUE is the value at which the asset or assets are sold as quickly as possible, such as at auction.

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