Shared Flashcard Set

Details

6.02
Vocabulary
29
Law
12th Grade
04/27/2012

Additional Law Flashcards

 


 

Cards

Term
Adjusted balance method
Definition
Finance charges are added after subtracting payments made during billing period
Term
Artisan’s Lien
Definition
Lien for unpaid services assessed against personal property that has been improved
Term
Average daily balance method
Definition
Finance charges figured by adding balances for each day in billing period and then divide by the number of days in the billing period.
Term
Collateral
Definition
Property that is the subject of a secured loan
Term
Cosigner
Definition
Helps protect a loan when a borrower’s credit rating is poor or has not been established
Term
Credit card
Definition
Card or other device used to obtain goods, money, or services on credit
Term
Creditor
Definition
A party who sells on credit or lends money
Term
Debtor
Definition
A party who buys on credit or borrows money
Term
Financial agreement
Definition
A written notice of existence of a security interest in identified property
Term
Garnishment
Definition
Court-ordered procedure by which a portion of a delinquent debtor’s wages are paid to satisfy the debt
Term
Grace period
Definition
Interest-free period before payment is due
Term
Guarantor
Definition
Party agreeing to be secondarily liable in case of default by the principal debtor
Term
Lien
Definition
Legal right in another’s property as security for the performance of an obligation such as the repayment of a loan
Term
Mechanic’s lien
Definition
Lien against realty available to one who has supplied labor or materials to improve it
Term
Open-end credit
Definition
Credit that can be increased by debtor up to a limit set by creditor
Term
Pawn
Definition
Pledge of tangible personal property
Term
Pledge
Definition
Creditor obtains possession of collateral by written or oral agreement
Term
Pledgee
Definition
Creditor in a pledge who takes possession of property given up by pledgor
Term
Pledgor
Definition
Debtor in a pledge who voluntarily gives up possession of the property
Term
Previous balance method
Definition
Finance charges figured as if no payments made during billing period
Term
Revolving charge account
Definition
An account in which you can keep an outstanding balance and pay a small amount each month
Term
Right of contribution
Definition
Cosurety who pays the full debt is entitled to judgment against the other cosureties for their proportionate share of the debt
Term
Secured loan
Definition
Creditors obtain an interest in something of value
Term
Secured party
Definition
Lender or seller who holds secured interest
Term
Security agreement
Definition
A contract where debtor retains possession of collateral under a written contract
Term
Security interest
Definition
Interest given to creditors
Term
Surety
Definition
Third party agreeing to be primarily liable for debt in case of default by the principal debtor
Term
Suretyship
Definition
Being primarily liable for a debt created in favor of the principal debtor
Term
Usury
Definition
Charging a greater amount of interest on a loan than is allowed by law
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