Term
|
Definition
- must be legally competent
- must be legal and proper
- must be evidenece of an offer and an acceptance
- must be consideration |
|
|
Term
|
Definition
- primary legal document in a loan contract
- a written promise of the borrower to repay a loan
-can be secured or unsecrued
- purpose of security or collateral is to reduce the default risk |
|
|
Term
|
Definition
-Deed of Trust is the instrument used to establish a security interest in real property
- three party instrument( lender, borrower, trustee)
|
|
|
Term
|
Definition
- instrument that transfers title in real property
- seller is guaranteeing that the title is free and clear of encumbrances |
|
|
Term
|
Definition
| - seller is agreeing only to convey any interest in the property, but not guaranteeing that the property is free of encumbances by others |
|
|
Term
|
Definition
| - all laws that govern tangible and intangible personal property |
|
|
Term
|
Definition
| - shows the name and mailing address of the borrower and secured party and a description of the collateral and must be signed by both parties |
|
|
Term
|
Definition
| - all deeds, mortgages, forclosures, and other pertinent facts that affect title to land |
|
|
Term
|
Definition
| - used in place of an abstract |
|
|
Term
|
Definition
| - a claim or encumbance on a property |
|
|
Term
|
Definition
| - the process under which lenders exercise their rights to have security sold and the proceeds applied to the outstanding loan balance |
|
|
Term
|
Definition
| - provides for liquidation of asstes for the satisfaction of legally dischargeable debts |
|
|
Term
|
Definition
- For farmers only, allows reorganization of the business to meet debt- enacted in 1986 in response to the farm financial crisis of the 1980s
- modifies chapter 11 procedure by permitting farmers to submit a reorganization plan directly to the bankruptcy court, with no review by creditors
- gives farmers power to demand concessions from lenders relative to chapter 11 |
|
|
Term
|
Definition
| - allows debt adjustment and reorganization and is commonly used for business reorganization |
|
|
Term
|
Definition
| - Involves reorganization or adjustment of debts of an individual with regular income |
|
|
