Nonpayment - Law Dictionary Search Results
Home Dictionary Name: nonpaymentaccommodate
accommodate -dat·ed -dat·ing 1 : to make a change or provision for [ a disability] see also reasonable accommodation 2 : to accept without compensation responsibility for a debt of (another person) in the event of nonpayment as a way of reassuring a reluctant creditor see also accommodation paper at paper accommodation party at party NOTE: To accommodate a debtor effectively, the party must sign the debt instrument, adding words describing limitations or conditions to the accommodation, if any. ac·com·mo·da·tion [ə-kÄ -mə-dā-shən] n ...
debt
debt [Old French dette, ultimately from Latin debita, plural of debitum debt, from neuter of debitus, past participle of debere to owe] 1 : something owed: as a : a specific sum of money or a performance due another esp. by agreement (as a loan agreement) [to pay the s…of the United States "U.S. Constitution art. I"] [a for alimony] b : an obligation to pay or perform on another's claim [discharged the ] compare asset, equity NOTE: It is often up to the courts to decide what is or is not a debt under various laws. Courts disagree whether criminal restitution is a debt under the Bankruptcy Code. The historical practice of imprisoning debtors for nonpayment is no longer used. antecedent debt : debt that is incurred prior to a property transfer paying or securing the debt compare preference bad debt : a debt that cannot be collected NOTE: An income tax deduction is allowed for bad debts. consumer debt : debt that is incurred by an individual primarily for the purchase of ...
lapse
lapse : a termination or failure due to events, neglect, or time: as a : the failure of a bequest (as because the intended recipient dies before the testator) compare anti-lapse statute b : the termination of an insurance policy because of nonpayment of premiums or nonrenewal vb lapsed laps·ing vi : to terminate, become ineffective, or fail [the bequest lapsed when the son died before the father] [allowed the insurance policy to ] vt : to cause (as a policy) to lapse [the company lapsed the policy] ...
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 ...
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...
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 ...
standard mortgage clause
standard mortgage clause : a mortgage clause that is usually considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or nonpayment) called also union mortgage clause ...
summary process
summary process : a procedure allowed to enforce a claim or right in a summary manner ;specif : a procedure to repossess real property esp. from a tenant upon nonpayment or other default : a summary eviction ...
Nonpayment
Neglect or failure to pay...
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