daciones y adjudicaciones

English translation: Deeds in lieu and foreclosures

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:daciones y adjudicaciones
English translation:Deeds in lieu and foreclosures
Entered by: Anna Moorby DipTrans

09:00 Apr 16, 2018
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / balance sheet entries and financial reporting
Spanish term or phrase: daciones y adjudicaciones
Los activos inmobiliarios procedentes de daciones y adjudicaciones en balance se reducen un 5,8%, hasta los 1.927 millones € en términos netos.

I assume this is when banks repossess properties when the borrower defaults on payment but what would the official expression be in a financial report?

Many thanks
Anna Moorby DipTrans
Local time: 11:07
Deeds in lieu and foreclosures
Explanation:
Robert wisely asks which country this is from and my bet's on Spain, although I admit this may be due to "deformación profesional", as it's been constantly in the news in Spain since 2009 throughout the mortgage crisis and also because one of my best clients is a bank.

These are the two common procedures when dealing with a real-estate NPL.

When unable to honour the mortgage payments the borrower may:

a) Simply hand over the keys. This is commonly called a "Deed in lieu (of payment)".
R. Jowers suggests "substituted payment" but I believe this could be construed as referring to some other asset offered in lieu of payment (objects of value, etc) whereas "Deeds" would clarify that it refers to real property.

b) If the mortgagor holds out until the bank forecloses on the property, it is then auctioned off and, if the reserve is not met, the bank can then snatch it up for 60% of the tasación or appraisal value. In the vast majority of cases, no-one attempts to outbid the bank so they now have ownership of the property and the borrower is saddled with the remaining debt ad infinitum. (Though murder is subject to a twenty-year statute of limitations)

In bank reports b) is generally referred to simply as "foreclosures". The auction process is implicit.
Selected response from:

Andy Watkinson
Spain
Local time: 11:07
Grading comment
Thanks so much everyone!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1Deeds in lieu and foreclosures
Andy Watkinson
4donations and transfer of ownership/property rights
David Hollywood
3dation or adjudication
neilmac
3surrender or adjuducation
patinba


Discussion entries: 3





  

Answers


2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
surrender or adjuducation


Explanation:
in lieu of payment

Not many examples, but I think this is what it means.

PDF]No. XVII. - NSW Legislation
https://www.legislation.nsw.gov.au/acts/1841-17a.pdf
And be it enacted That after surrender or adjudication, of sequestration of any estate as insolvent it shall and may be lawful for the Supreme Court or any Judge thereof upon the application of the said trustee or trustees to summon before the said Court or any. Commissioner the wife of the insolvent or any other person .

patinba
Argentina
Local time: 06:07
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 1200
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17 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
donations and transfer of ownership/property rights


Explanation:
https://definicion.de/adjudicacion/
La adjudicación es el acto judicial que consiste en la atribución de una cosa (mueble o inmueble) a una persona a través de una subasta, licitación o partición hereditaria. El ganador del proceso, por lo tanto, se adjudica el bien y pasa a ser su propietario o responsable. Por ejemplo: “La concesionaria informó esta ...

David Hollywood
Local time: 06:07
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 730
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18 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Deeds in lieu and foreclosures


Explanation:
Robert wisely asks which country this is from and my bet's on Spain, although I admit this may be due to "deformación profesional", as it's been constantly in the news in Spain since 2009 throughout the mortgage crisis and also because one of my best clients is a bank.

These are the two common procedures when dealing with a real-estate NPL.

When unable to honour the mortgage payments the borrower may:

a) Simply hand over the keys. This is commonly called a "Deed in lieu (of payment)".
R. Jowers suggests "substituted payment" but I believe this could be construed as referring to some other asset offered in lieu of payment (objects of value, etc) whereas "Deeds" would clarify that it refers to real property.

b) If the mortgagor holds out until the bank forecloses on the property, it is then auctioned off and, if the reserve is not met, the bank can then snatch it up for 60% of the tasación or appraisal value. In the vast majority of cases, no-one attempts to outbid the bank so they now have ownership of the property and the borrower is saddled with the remaining debt ad infinitum. (Though murder is subject to a twenty-year statute of limitations)

In bank reports b) is generally referred to simply as "foreclosures". The auction process is implicit.

Andy Watkinson
Spain
Local time: 11:07
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 92
Grading comment
Thanks so much everyone!

Peer comments on this answer (and responses from the answerer)
agree  Robert Carter: Perfect. In Mexican law, "adjudicación" means the creditor taking title after foreclosure, but for these purposes I think foreclosure sounds fine. I just wasn't sure if it applied to Spain though.
18 hrs
  -> Thanks Robert. It's the shortest term I know that expresses the meaning, though not with all its "matices"...
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6 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
dation or adjudication


Explanation:
An option.

http://legalspaintrans.com/legal-translation/spains-housing-...

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Note added at 9 hrs (2018-04-16 18:20:14 GMT)
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https://thelawdictionary.org/dation/

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Note added at 22 hrs (2018-04-17 07:24:24 GMT)
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DATION, civil law, contracts. The act of giving something. It differs from the donation, which is a gift; dation, on the contrary, is giving something without any liberality; as, the giving of an office.
2. Dation in payment, datio in solutionem, which was the giving one thing in payment of another which was due, corresponds nearly to the accord and satisfaction of the common law.

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Note added at 22 hrs (2018-04-17 07:26:24 GMT)
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So, whether you've heard of it or not, the term is different from "foreclosure", which implies forcing the obligation. And it's not a donation either.

Example sentence(s):
  • A dation in payment allows any taxpayer to give one thing in exchange for another ...

    https://www.merriam-webster.com/dictionary/dation
    https://legal-dictionary.thefreedictionary.com/Dation
neilmac
Spain
Local time: 11:07
Native speaker of: Native in EnglishEnglish
PRO pts in category: 199

Peer comments on this answer (and responses from the answerer)
neutral  Robert Carter: I'm not sure "dation" would be understood anywhere beyond Louisiana, and even then probably only by lawyers rather than accountants.//Nice reference, by the way, but I'd plump for "deed in lieu" rather than "dation".
2 hrs

neutral  AllegroTrans: "dation" is unintelligible to me (in GB)
7 hrs
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