Full Faith and Credit for Child-Support Orders Act. A 1994 federal statute designed to facilitate interstate child-support collection. • Under the Act, the state first issuing a child-support order maintains continuing, exclusive jurisdiction to modify the order as long as the child or one or both of the litigants continue to reside there, unless all […]
full faith and credit for child–support orders act Read More »
indemnity clause. A contractual provision in which one party agrees to answer for any specified or unspecified liability or harm that the other party might incur. — Also termed hold-harmless clause; save-harmless clause. Cf. EXEMPTION CLAUSE. [Cases: Indemnity 25, 31(4).]
insecurity clause. A loan-agreement provision that allows the creditor to demand immediate and full payment of the loan balance if the creditor has reason to believe that the debtor is about to default, as when the debtor suddenly loses a significant source of income. Cf. ACCELERATION CLAUSE. [Cases: Bills and Notes 129(1); Secured Transactions 221.
hypothecation (hI-poth-[schwa]-kay-sh[schwa]n), n. The pledging of something as security without delivery of title or possession. [Cases: Pledges 1–21; Secured Transactions 1. C.J.S. Pledges §§ 2–21, 27; Secured Transactions§§ 3, 7–9, 23, 37.] — hypothecator (hI-poth-[schwa]-kay-t[schwa]r), n. general hypothecation. 1. A debtor’s pledge to allow all the property named in the security instrument to serve as
render, n. Hist. 1. A payment in money, goods, or services made by a feudal tenant to the landlord. 2. A return conveyance made by the grantee to the grantor in a fine. See FINE(1). render, vb. 1. To transmit or deliver (render payment). 2. (Of a judge) to deliver formally (render a judgment). 3.
danism (dan-iz-[schwa]m), n. [fr. Greek daneismos “a loan”] Hist. The lending of money on usury.
creativity. Copyright. The degree to which a work displays imaginativeness beyond what a person of very ordi-nary talents might create. • Labor and expense are not elements of creativity; for that reason, they are not protected by copyright. Feist Pubs., Inc. v. Rural Tel. Serv. Co., 499 U.S. 340, 111 S.Ct. 1282 (1991). Cf. ORIGINALITY;
brownfield site. An abandoned, idled, or underused industrial or commercial site that is difficult to expand or redevelop because of environmental contamination. Cf. GREENFIELD SITE(1).
A contract between a real-estate agency and a property owner in which the agency agrees to buy the property at a guaranteed price after a specified length of time if it has not been sold under the listing agreement. • The guaranteed price is usu. a substantial discount from the listed price. — Also termed
guaranteed sale contract Read More »
A mortgage that a buyer gives the seller, when the property is conveyed, to secure the unpaid balance of the purchase price. — Abbr. PMM. See SECURITY AGREEMENT. [Cases: Mortgages 1, 115. C.J.S. Mortgages §§ 2–6, 151.]
purchase money mortgage Read More »