Collateral Note - Law Dictionary Search Results
collateral note
Matched in: Term collateral note
note
Matched in: Term note
mortgage
a written obligation (as a note) which is pledged as collateral security for a principal obligation see also collateral note at note construction mortgage : a mortgage that secures a loan which finances construction conventional mortgage 1 in
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recognized market
recognized market : a market in which a secured party sells collateral upon a debtor's default, which does not rely on competitive bidding or haggling, and in which prices are … on competitive bidding or haggling, and in which prices are stated publicly and presumed to be commercially reasonable NOTE: Under the Uniform Commercial Code, a creditor is not required to notify a debtor of the sale of
ownership
property by an innocent third party [a dispute arising from the dealer's ostensible ownership and sale of the collateral] NOTE: A purchaser from a person with ostensible ownership of property may be able to defeat the claim to
privity
party in ] see also predecessor in interest NOTE: A claim may be barred by res judicata or collateral estoppel if the plaintiff's interests are identical, by relationship or subject matter, to those of a party to
self-help
by one's own actions rather than through legal proceedings NOTE: The Uniform Commercial Code permits creditors to repossess collateral by self-help if it can be done without a breach of the peace.
strict foreclosure
any right of the mortgagor to redeem compare statutory foreclosure 2 : the acceptance by a creditor of collateral as discharge of an obligation which under the Uniform Commercial Code denies the creditor the right to a … of an obligation which under the Uniform Commercial Code denies the creditor the right to a deficiency judgment NOTE: Under the U.C.C.'s strict foreclosure provision, notice must be given to other parties having a security interest in
financing statement
financing statement : a statement that contains information about a security interest in collateral used to secure a debt and that is filed to provide notice to other creditors of the security … of the security interest see also perfect Uniform Commercial Code in the Important Laws section compare financial statement NOTE: Under Article 9 of the Uniform Commercial Code, a financing statement must 1) give the names of the
fraud
intent to deceive and thereby injure another called also fraud in fact compare constructive fraud in this entry collateral fraud : extrinsic fraud in this entry constructive fraud : conduct that is considered fraud under the law … a fraud 2 : the crime or tort of committing fraud [convicted of securities ] see also misrepresentation NOTE: A tort action based on fraud is also referred to as an action of deceit. actual fraud :
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