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P

PACKAGE MORTGAGE

A mortgage commonly used in subdivision developments whereby chattels such as appliances are "packaged" into the mortgage along with the real property.

PARTITION

Court proceedings by which co-owners of commonly owned property seek to sever their common ownership.

PARTITION BY LICITATION - Civil Law Term

A judicial order to sell property at a cash sale to the highest bidder and divide the proceeds fractionally among co-owners.

PARTITION IN KIND - Civil Law Term

A judicial order to divide the property physically and place each undivided owner in sole ownership of 100 percent of a portion of said property.

PARTNERSHIP

A contract between two or more persons to carry on as co- owners of a business, and to share the profits in certain proportions.

PARTNERSHIP IN COMMENDAM - Civil Law Term

A Louisiana term for the limited partnership as known in Common Law.

PARTY WALL

A wall erected on the line between adjoining properties which are under separate ownership, for the use of both owners.

PATENT

A conveyance for the transfer of title to land owned by the government; land patent.

PERCENTAGE LEASE

A lease of property in which the rental is based upon the volume of gross sales made on the leased premises.

PERIODIC TENANCY

Tenancy of property for an indefinite period which can be terminated by either party with proper notice.


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