Acceleration Clause - Law Dictionary Search Results

Home Dictionary Name: acceleration clause

mortgage acceleration clause

mortgage acceleration clause a clause allowing a lender, under certain circumstances, demand the entire balance of a loan is repaid in a lump sum. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment. Source: U.S. Department of Housing and Urban Development ...

acceleration clause

acceleration clause : a clause (as in a loan agreement) that accelerates the date of payment in full under specified circumstances (as default by the debtor) ...

accelerate

accelerate -at·ed -at·ing vt : to bring about at an earlier time: as a : to advance (the maturity date of a security agreement) so that payment of the debt in full is due immediately see also acceleration clause b : to cause (a future interest in property) to vest by removing the preceding interests (as by failure or premature termination) vi : to enforce an acceleration clause [held that the creditor's right to was suspended "J. J. White and R. S. Summers"] ac·cel·er·a·tion n ...

loan acceleration

loan acceleration an acceleration clause in a loan document is a statement in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed. Source: U.S. Department of Housing and Urban Development ...

ipso facto clause

ipso facto clause : a clause in an agreement stipulating the consequences (as termination of a lease or acceleration of a payment) of the insolvency of one of the parties called also bankruptcy clause ipso facto bankruptcy clause NOTE: An ipso facto clause is invalid under the Bankruptcy Code because a trustee is not bound by any provision or applicable law that is conditioned on the debtor's insolvency. ...

Particle accelerator

A large and expensive scientific instrument used by physicists to accelerate elementary particles such as protons or electrons to speeds near that of light for the purpose of investigating the fundamental properties of matter sometimes also called an atom smasher since the particles thus accelerated are often directed at targets of atoms which are fragmented by the impact into their more fundamental component particles...

Accelerated Cost Recovery System

Accelerated Cost Recovery System : a method of calculating depreciation introduced in the Economic Recovery Tax Act of 1981 that results in faster recovery of costs for property put into service after 1980 by assigning it a shorter useful life than that previously allowed by the tax code ...

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