University

Relative to the above definition, there is controversy as to which university is the world's oldest. The original Latin word "universitas", first used in time of renewed interest in Classical Greek and Roman tradition, tried to reflect this feature of the Academy of Plato. If we consider university simply as a higher education institution, then it could be Shang Hsiang, founded before the 21st century BC in China according to legend. Later Taixue and Guozijian serve as the highest level of educational etablishment while academies became very popular as non-governmental etablishments teaching Confucianism and Chinese literature among other things. The choice for the oldest university is usually among Nalanda, Constantinople, Al Karaouine or Al-Azhar universities. Nalanda University, founded in Bihar, India around the 5th century BC conferred academic degree titles to its graduates, while also offering post-graduate courses. Another Indian university whose ruins were only recently excavated was Ratnagiri University in Orissa. Al-Azhar University, founded in Cairo, Egypt in the 10th century, offered a variety of post-graduate degrees, and is often regarded as the first full-fledged university. The University of Constantinople, founded in 849, by the regent Bardas of emperor Michail III, is generally considered the first institution of higher learning with the characteristics we associate today with a university (research and teaching, auto-administration, academic independence, et cetera). The Guinness Book of World Records recognizes the University of Al Karaouine in Fez, Morocco as the oldest university in the world with its founding in 859.

Foreclosure

Foreclosure is the legal proceeding in which bank or other secured creditor sells or reclaims a part of real property due to the owner's failure to comply with the agreement between the lender and borrower called a "mortgage" or "deed of trust". Usually, the abuse of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the transaction is complete, it is normally said that the lender has foreclosed its mortgage or lien.

In US, there are two kinds of foreclosure in common law states. Using a deed in lieu of foreclosure, the bank claims the title and possession of the property back in full satisfaction of a debt, usually on contract. Many states needs the latter sort of proceeding in some or all cases of foreclosure, in order to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is significantly less than the market value of the immovable assets.