What is the definition of Prepayment privilege? | Dictionary.net

PREPAYMENT PRIVILEGE

\pɹɪpˈe͡ɪmənt pɹˈɪvɪlɪd͡ʒ], \pɹɪpˈe‍ɪmənt pɹˈɪvɪlɪd‍ʒ], \p_ɹ_ɪ_p_ˈeɪ_m_ə_n_t p_ɹ_ˈɪ_v_ɪ_l_ɪ_dʒ]\

Definitions of PREPAYMENT PRIVILEGE

1910 - Black's Law Dictionary (2nd edition)

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The prepayment privelege or right is the authority given to the borrower to settle the principal balance before the payoff date, without incurring a penalty.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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