Collateral Note - Law Dictionary Search Results
interest
an easement does not. purchase money security interest 1 : the security interest held by the seller of collateral to secure payment of all or part of the price 2 : the security interest of a person … remainder or reversion that may take effect upon the divesting of a prior interest or one created simultaneously NOTE: Unlike a remainder, an executory interest does not require the expiration of a prior interest. It was designed
surrender
surrender 1 a : to yield to the control or possession of another [ the leased premises] [ collateral to a creditor] b : to give up completely or agree to forgo c : to cancel (one's … give oneself up n : an act or instance of surrendering [discharge an obligor by of a promissory note] ;esp : the yielding of an estate by a tenant to the landlord so that the leasehold interest
Misrepresentation
has entered into a contractor warranty and not on the ground merely of mis-statement. Such representations may be collateral or not part of the principal contract and upon letting premises may not be required to be put … of the Statute of Frauds, see De Lassale v. Guilford, (1901) 2 KB 215. See also Smith's L.C., notes to Chandelor v. Lopus. Innocent misrepresentation is where a person makes a representation which he reasonably and honestly
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promise
to compensate an insured individual for future loss) whose fulfillment is dependent on a fortuitous or uncertain event collateral promise : a promise usually to pay the debt of another that is ancillary to an original promise, … a promise that is made without consideration and is usually unenforceable called also naked promise compare nudum pactum NOTE: A gratuitous promise may be enforceable under promissory estoppel. illusory promise : a purported promise that does not
redeem
a : to free from a lien or pledge usually by payment of the amount secured thereby [ collateral] b : to exercise an equity of redemption in (real property) by payment in full of a mortgage … by law by a repurchase that voids the effect of foreclosure or sale see also right of redemption NOTE: A mortgagor with a right of redemption might redeem property within the set period following a foreclosure sale
property
acquired after the creation of a lien or security interest that is subject to the lien or becomes collateral for the security interest 3 : property transferred to the estate of a decedent after execution of the … see also asset, estate, interest, possession abandoned property : property to which the owner has relinquished all rights NOTE: When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The finder of
Consideration
for the promise. [Indian Contract Act, 1872 (9 of 1872), s. 2(d)] Consideration does not mean incidental or collateral examination of any matter by the Income-tax Officer in the process of assessment. There must be something in … (Income-tax Act, 1961) The connotation of the word 'consideration' occurring in sub-s. (1) of s. 98 Comprehends 'taking note of or 'paying heed to' depending upon the nature of the subject. It may be open to the
obligation
to a performance (as a payment or transfer) or nonperformance for another party see also contract, offense, quasi-offense NOTE: An obligation under civil law may arise by operation of law, naturally, or by contract or other declaration … Co., 521 N.W.2d 366 (1994)"] 2 : a debt security (as a corporate or government bond) see also collateralized mortgage obligation 3 : what one is obligated to do, satisfy, or fulfill: as a : a commitment
heir
entail heir of the body : an heir who is a lineal descendant esp. as contrasted with a collateral descendant called also bodily heir heir presumptive pl: heirs presumptive : an heir whose right to inherit may … of Louisiana : an heir who inherits a right of action to the estate as distinguished from seisin NOTE: This class of heirs was eliminated as of January 1, 1982. Formerly, a decedent's illegitimate children and spouse
Warranty
(s. 14). See RECOVERY. More generally, a warranty is any agreement either accompanying a transfer of property, or collateral to the contract for such transfer, see Lawrence v. Cassell, (1930) 2 KB 83, and Miller v. Cannon … of duty arising out of the special relations between parties; cf. The judgment of Gould, J., in, and notes to, Coggs v. Bernard, 2 Lord Raymond, 1 Sm. L.C., and see NEGLIGENCE. As a general rule an
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