moratorium

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Moratorium

A temporary delay. An example of a moratorium is a delay in the payment of debt. That is, if too many people are unable to repay loans, the government may declare that no one is legally obligated to make debt service payments for a period of six months. Likewise, if a company is having a difficult year, it may declare a moratorium on research and development funding for two years in order to save money.

moratorium

the suspension of repayment of DEBT, or INTEREST, for a specified period of time. For example, the freezing of debt repayment obligations extended by advanced country governments and private banks to a developing country that is experiencing acute balance of payments difficulties or the suspension of debt payments owing to dealers in a commodity market that has suffered a dramatic price collapse. See DEBT SERVICING, INTERNATIONAL DEBT.

moratorium

A temporary cessation.Usually encountered in real estate when a local government suspends issuance of building permits in a particular area because, for example, the existing water line or sewer line capacity will not accommodate new growth.

References in periodicals archive ?
Moratoria were imposed in a few states with comparatively little farm mortgage distress, suggesting that urban mortgage distress or other factors influenced the decision to impose moratoria in some states.
In most states, foreclosure moratoria were limited to borrowers who had some chance of paying or refinancing their loans.
Foreclosure moratoria resulted in both winners and losers.
At least some contemporaries recognize that even temporary foreclosure moratoria can impose costs on future borrowers.
Contract Theory and Mortgage Foreclosure Moratoria.
14) See Central Housing Committee (1936), Poteat (1938), or Skilton (1944) for additional information about the provisions of moratoria and other legislation affecting the rights of mortgagors and lenders enacted in different states during the Depression.
Unlike Alston, I treated Arkansas and Oregon as having had moratoria, based on Skilton (1944), and used the farm foreclosure rate for 1932, rather than the average farm foreclosure rate for 1932 and 1933, as an explanatory variable.
Jaffe and Sharp (1996) describe the economics of foreclosure moratoria in the context of alternative legal theories of contracts.