Fixed Rate Mortgage - Law Dictionary Search Results
Home Dictionary Name: fixed rate mortgage Page: 2Expectant heir
Expectant heir. A person to whom property will accrue on the death of another person. expectant heirs wishing to anticipate this property have frequently borrowed money, to be repaid when the expected property shall devolve upon them. From the uncertainty of this period, the unsoundness of the security which the expectant heir can offer, and from the pressing character of his immediate necessities, the rate of interest is necessarily higher than that upon an ordinary loan, and is frequently very much higher than the risk run by the lender requires. At Common Law all such loans are good, and the interest upon them, however high, recoverable. By the Usury Acts, indeed-which, however, did not apply to loans to expectant heirs with any greater rigour than to loans to other persons'they were for a long period of yeas subject to the restriction that only a fixed maximum rate of interest could be exacted, but the Usury Acts were repealed in 1854 by 17 & 18 Vict. c. 90. See USURY.From very ear...
note
note 1 a : a written promise to pay a debt ;specif : promissory note in this entry bank note : a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note [kÄ g-nō-vit-, kōg-] : a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note : a note payable on demand compare time note in this entry floating rate note : a negotiable note that yields an indexed and periodically adjusted variable rate of interest called also floater hand note : a note for an obligation secured by a collateral note non-recourse note : a note whose satisfaction upon default may be obtained only out of the collateral securing it promisso...
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