installment sale. A conditional sale in which the buyer makes a down payment followed by periodic payments and the seller retains title or a security interest until all payments have been received. — Also termed installment plan; retail installment sale. [Cases: Sales 82(4).] disguised installment sale. Bankruptcy. A debtor’s leasing ploy to try to keep […]
correal (kor-ee-[schwa]l or k[schwa]-ree-[schwa]l), adj. [fr. Latin correus “codebtor”] Roman law. Of or relating to liability that is joint and several. • A correal debtor who paid an entire obligation had no right of action against a codebtor. See CORREUS; SOLIDARY. “If Aulus, having first obtained from Titius the promise of a hundred aurei, turned
payee. One to whom money is paid or payable; esp., a party named in commercial paper as the recipient of the payment.
adstipulator (ad-stip-y[schwa]-lay-t[schwa]r), n. [Latin] Roman law. An additional party to a contract who could enforce the contract along with the principal (i.e., the stipulator). • An adstipulator who enforced an agreement would have to, in turn, pay the stipulator. An adstipulator was brought in to avoid the rule that a person could not directly stipulate
A change in the nature of property so that real property is treated as personal property, or vice versa, in certain circumstances. • Equitable conversion is based on the maxim that equity regards as done that which ought to be done. The most common situation involves transferring real property as the parties to a contract
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item. 1. A piece of a whole, not necessarily separated. 2. Commercial law. A negotiable instrument or a promise or order to pay money handled by a bank for collection or payment. • The term does not include a payment order governed by division 11 of the UCC or a credit- or debit-card slip. UCC
bond coupon. The part of a coupon bond that is clipped by the holder and surrendered to obtain an interest payment. See coupon bond under BOND(3).
liquidated-damages clause. A contractual provision that determines in advance the measure of damages if a party breaches the agreement. • Traditionally, courts have upheld such a clause unless the agreed-on sum is deemed a penalty for one of the following reasons: (1) the sum grossly exceeds the probable damages on breach, (2) the same sum
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apply, vb. 1. To make a formal request or motion (apply for a loan) (apply for injunctive relief). 2. To employ for a limited purpose (apply payments to a reduction in interest). 3. To put to use with a particular subject matter ( apply the law to the facts) (apply the law only to transactions
dead rent. A mining-lease payment, either in addition to or as part of the royalty, that must be made whether or not the mine is working. • The purpose of the provision is to secure the working of the mine. See delay rental under RENTAL. [Cases: Mines and Minerals 70. C.J.S. Mines and Minerals §§