Loan Acceleration - Law Dictionary Search Results
Home Dictionary Name: loan accelerationloan 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 ...
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) ...
acceleration
acceleration the right of the lender to demand payment on the outstanding balance of a loan. Source: U.S. Department of Housing and Urban Development ...
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 ...
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...
loan
loan 1 a : money lent at interest b : something lent usually for the borrower's temporary use 2 : a transfer or delivery of money from one party to another with the express or implied agreement that the sum will be repaid regardless of contingency and usually with interest ;broadly : the furnishing of something to another party for temporary use with the agreement that it or its equivalent will be returned [the leasing of the vehicle was termed a subject to usury statutes] bridge loan : a short-term loan used as a means of financing a purchase or enterprise prior to obtaining other funds [used a bridge loan to purchase a new home prior to the sale of their previous one] con·ven·tion·al loan [kən-ven-chə-nəl-] : a loan for the purchase of real property that is secured by a first mortgage on the property rather than by any federal agency demand loan : a loan that is subject to repayment upon demand of the lender home equity loan : a loan or line o...
Loan societies
Loan societies, institutions established by the purpose of advancing money on loan to the industrial classes, and receiving back payment for the same by instalments, with interest. They are exempt from the provisions of the Money Lenders Act, 1900.By the (English) Loan Societies Act, 1840 (3 & 4 Vict. c. 110 (continued by 21 & 22 Vict. c. 19, and made perpetual by 26 & 27 Vict. c. 56), forms of proceeding of a similar nature to those prescribed in the Acts regulating savings banks and friendly societies are requisite to enable loan societies to avail themselves of this Act, and see 51 & 52 Vict. c. 41, and 59 & 60 Vict. c.25, s. 2, as to certification of Rules by the Registrar of Friendly Societies.These societies are entitled to issue debentures for money deposited with them (otherwise than by way of gift), and these as well as all other notes and instruments given in pursuance of the Act are exempted from stamp duty. They are also placed on the same footing with savings banks, in the...
Term loan
Term loan, means loan advanced for commercial loans, State Bank of Patiala v. Harbans Singh, (1994) 3 SCC 495.The expression 'term loan' is well understood in banking parlance. The expression implies the grant of loan for a fixed term. It has no relevance with the purpose for which loan is granted. Where the terms for repayment is long, the loan is called 'long term loan' and where the term exceeds one year but not five to seven years, it is commonly known as 'medium term loan, Canara Bank v. P.N.R. Upadhyaya, AIR 1998 SC 3000: (1998) 6 SCC 526....
Public Works Loans Act, 1875 (English)
Public Works Loans Act, 1875 (English), which repeals twenty-seven previous statutes on the same subject, makes provision for the constitution of a body to be called 'The Public Works Loan Commissioners,' who are authorized to make loans for certain public purposes which are enumerated in the first schedule to the Act. They are appointed every five years: see the Public Works Loans Act, 1930 (20 & 21 Geo. 5, c. 49). The Act of 1875 has been extended and amended by numerous Acts.Among the works for the purposes of which the Commissioners were authorized to lend money are as follows: Baths and wash-houses provided by local authorities; burial grounds provided by burial boards or, in Scotland, by either burial or parochial boards; construction or improvement of canals; conservation or improvement of rivers of main drainage; docks, harbours, and piers, and any work for which the Public Works Loan Commissioners are authorized to lend by s. 3 of the Harbour and Passing Tolls Act, 1861; impro...
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