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MAJOR DAMAGE INCIDENT

Major damage incident reported by an independent source.

MANUFACTURER BUYBACK

Vehicle was repurchased by the manufacturer.

MARKET VALUE

An average between the highest price which a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing, but not compelled to sell, would accept.

MARKETABLE TITLE

A title which is free from encumbrances and any reasonable doubt as to its validity, and such as a reasonably intelligent person, who is well informed as to facts and their legal bearings, and ready and willing to perform his contract, would be willing to accept in exercise of ordinary business prudence. Sinclair v. Weber, 204 Md. 324, 104 a.2d 561, 565.

MARSHALING

Arranging, ranking, or disposing in order; particularly, in the case of a group or series of conflicting claims or interests, arranging them in such an order of sequence, or so directing the manner of their satisfaction, as shall secure justice to all persons concerned and the largest possible measure of satisfaction to each. Equitable doctrine of "marshaling" rests upon principle that creditor having two funds to satisfy his debt may not, by his application of them to his demand, defeat another creditor, who may resort to only one of the funds. Columbia Bank for Cooperatives v. Lee, C.A.N.C., 368 f2d 934, 939.

MEANDER

To follow a winding course.

MECHANIC'S LIEN

A lien on real estate, created by operation of law, which secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.

MEETING OF MINDS

The state that exists when all parties to a contract agree to the exact terms thereof.

MERGER OF TITLE

Absorption of one estate into another, a uniting of different interests in a parcel of property into one ownership.

MERIDIANS

Imaginary north-south lines that intersect base lines to form a starting point for measurement of land.

METES AND BOUNDS

A land description in which boundaries are described by courses, directions, distances, and monuments.

MILEAGE OK

Odometer reading is valid in the opinion of an authorized officials.

MONEY

A medium of exchange authorized or adopted by a domestic or foreign government.

MONUMENT

Object or mark used by a surveyor to fix or to establish boundaries or land location.

MORTGAGE

(From the latin terms "mors" or "mort" meaning death or dead.) A temporary and conditional pledge of property to a creditor as security for the payment of a debt which may be satisfied or canceled by payment.

MORTGAGE BOOK

A book in the public records in which mortgages are recorded.

MORTGAGEE

The holder of a mortgage. The party to whom a mortgage is made.

MORTGAGEE POLICY

(Sometimes called a mortgage policy.) A policy of title insurance insuring the holder of a mortgage against loss occasioned by the impairment or invalidity of the lien of the mortgage or because of defects in, superior liens upon, or unmarketability of the title.

MORTGAGOR

A person who mortgages property. A person who executes a mortgage.

MOTOR CHANGE

Vehicle had motor change.

MULTIPLE LISTING

The pooling, in a central bureau, of listings of properties for sale, which listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and in case of a sale, the commission will be divided among the broker making the sale, the broker who filed the listing, and the bureau.

MUNIMENT OF TITLE

(1) Documentary evidence of title. The instruments of writing and written evidences which the owner of lands, possessions, or inheritances has, by which he is enabled to defend the title of his estate. (2) The records of title transactions in the chain of title of a person purporting to create the interest in land claimed by such person and upon which he relies as a basis for the marketability of his title commencing with the root of title and including all subsequent transactions. Black's Law Dictionary-5th Edition

MUNICIPAL USE

Vehicle was used/owned by a federal, state or local government agency.