Pooling and servicing agreement

What pooling and servicing agreement means

Put simply, pooling and servicing agreement is part of the working vocabulary of a civil case. The short definition above covers the usual meaning. Still, a specific rule, statute or contract can give it a narrower meaning. For that reason, check how it is used in your own documents.

Where pooling and servicing agreement comes up

The term is used across many kinds of cases. For example, you may see it in pleadings, motions and court orders. To see it in context, browse the motions and procedures library or the Learn the Law topics.

How to research the term

First, read the term where it actually appears. A rule, statute or court decision may define it for its own purposes. Next, check whether your court has a local rule that uses pooling and servicing agreement in a special way. Then look at recent decisions from courts in your jurisdiction. They show how judges apply the term today. Also, remember that state law can differ from federal law. For that reason, use our state procedures guide to find your state’s rules. Finally, confirm every source is current before you rely on it.

You can read the current federal court rules online for free.

Related legal terms

• Securitization: pooling loans or receivables and selling interests in the pool to investors, who are paid from the pooled assets.
• Security (investment): under federal securities law, a broad category of investments including notes, stocks, bonds, evidences of indebtedness and investment contracts.
• Plaintiff: the person or entity that starts a civil lawsuit by filing a complaint.
• Pleading: a formal written statement of a party's claims or defenses. Under Federal Rule of Civil Procedure 7(a), the pleadings are the complaint, the answer, and certain other listed documents. Motions are not pleadings.
• Power of sale: a clause in a mortgage or deed of trust allowing the property to be sold after default without a court proceeding, following state statutory procedures.

Why precise terms matter

Legal words often look like everyday words, but they can carry a precise meaning. Because of that, a small misreading can change how you understand a deadline, a duty or a right. Our glossary keeps each definition short and links it to the procedures where it matters.