Consumer Debts - Page 2 - Law Dictionary

credit repair companies

credit repair companies Private, for-profit businesses that claim to offer consumers credit and debt repayment difficulties assistance with their credit problems and a bad credit report. Source: U.S. Department of Housing and Urban Development ...

Deficiency

Deficiency, means any fault, imperfection, shortcoming or inadequacy in the quality, nature and manner of performance which is required to be maintained by or under any law for the tie being in force or has been undertaken to be performed by a person in pursuance of a contract or otherwise in relation to any service. [Consumer Protection Act, 1986 (68 of 1986), s. 2 (1) (g)]That part of debt secured by mortgage not realised from sale of mortgaged property. A judgment or decree for the amount of such deficiency is called 'a deficiency judgment' or decree (stroud)...

delinquency

delinquency pl: -cies 1 a : the quality or state of being delinquent b : juvenile delinquency [contributing to the of a minor] 2 : a debt on which payment is overdue [consumer loan delinquencies] ...

lien waiver

lien waiver A document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full. Lien waivers typically are used by homeowners who hire a contractor to provide work and materials to prevent any subcontractors or suppliers of materials from filing a lien against the homeowner for nonpayment. Source: U.S. Department of Housing and Urban Development ...

Money

Money, means current coin; metal stamped in pieces as a medium of exchange and measure of value. Hence, anything serving the same purpose as coin, late ME. In mod. use applied indifferently to coin and to such promissory documents representing coin as are currently accepted as a medium of exchange, Shorter Oxford English Dictionary; see also C.I.T. v. Kasturi & Sons Ltd., (1999) 3 SCC 346.Money, the Black's Law Dictionary 5th Edn., defines the word 'money' thus: 'In usual and ordinary acceptation. It means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate, Lane v. Railey, 280 Ky 319, 133 SW 2d 74, 79, 81. See also Currency; Current money; Flat money; Legal tender; Near money; Scrip; Wampum. A medium of exchange authorized or adopted by a domestic or foreign Government as a part of its currency, VCC $1-2-1(24).' Stroud's Judicial Dictionary, 5th Edn., defines it as follows: 'Money as cu...

Money Bill

Money, means current coin; metal stamped in pieces as a medium of exchange and measure of value. Hence, anything serving the same purpose as coin, late ME. In mod. use applied indifferently to coin and to such promissory documents representing coin as are currently accepted as a medium of exchange, Shorter Oxford English Dictionary; see also C.I.T. v. Kasturi & Sons Ltd., (1999) 3 SCC 346.Money, the Black's Law Dictionary 5th Edn., defines the word 'money' thus: 'In usual and ordinary acceptation. It means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate, Lane v. Railey, 280 Ky 319, 133 SW 2d 74, 79, 81. See also Currency; Current money; Flat money; Legal tender; Near money; Scrip; Wampum. A medium of exchange authorized or adopted by a domestic or foreign Government as a part of its currency, VCC $1-2-1(24).' Stroud's Judicial Dictionary, 5th Edn., defines it as follows: 'Money as cu...

Goods

Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...

sale

sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...

Composition

Composition. 1. An amicable arrangement of a law-suit. See COMPROMISE.2. An agreement between a parson, patron, or ordinary, and the owner of lands, for commutation of tithes, e.g., that such lands shall for the future be discharged from payment of tithes, by reason of some land or other real recompense given to the parson in lieu and satisfaction thereof. Tithe Act, 1832, s. 2, and see TITHES.3. Also an agreement made between an insolvent debtor and his creditors, by which the latter accept a part of their debts in satisfaction of the whole. See ARRANGEMENTS.(According to Mr. Brandenstein) within the original meaning of that expression which -- at least in part -- were not consumed before the transfer to private use, or independently (or additionally) acquired goods, Fisher v. Finanzamt Burgdorf (ECJ), (2002) 2 WLR 1207.Is an agreement between the compounding debtor an all or some of his creditor by which the compounding creditors agree with the debtor, and, expressly or impliedly, wi...

False pretence, obtaining property

False pretence, obtaining property, this offence, though allied to larceny, is distinguishable from it, as being perpetrated through the medium of a mere fraud; it is a misdemeanour at Common Law. By the Larceny Act, 1916, s. 32:-Every person who, by any false pretence:(1) with intent to defraud, obtains from any other person any chattel, money or valuable security, or causes or procures any money to be paid or any chattel or valuable security to be delivered to himself or to any other person for the use or benefit or on account of himself or any other person; or(2) with intent to defraud or injure any other person fradulently causes or induces any other person:(a) to execute, make, accept, endorse or destroy the whole or any part of any valuable security; or(b) to write, impress or affix his name or the name of any other person, or the seal of any corporate body or society, upon any paper or parchment in order that the same may be afterwards made or converted into, or used or dealt wi...

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