negligence rule. Commercial law. The principle that if a party’s negligence contributes to an unauthorized signing or a material alteration in a negotiable instrument, that party is estopped from raising this issue against later parties who transfer or pay the instrument in good faith. • Examples of negligence include leaving blanks or spaces on the […]
cybertheft. The act of using an online computer service, such as one on the Internet, to steal someone else’s property or to interfere with someone else’s use and enjoyment of property. • Examples of cybertheft are hacking into a bank’s computer records to wrongfully credit one account and debit another, and interfering with a copyright
Baker v. Selden doctrine. See MERGER DOCTRINE (1). BALANCE balance, vb. 1. To compute the difference between the debits and credits of (an account) (the accountant balanced the company’s books). 2. To equalize in number, force, or effect; to bring into proportion (the company tried to balance the ratio of mid-level managers to assembly-line workers).
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A lease that is collateral for the loan through which the lessor acquired the leased asset, and that provides the lender’s only recourse for nonpayment of the debt; a lease in which a creditor provides nonrecourse financing to the lessor (who has substantial leverage in the property) and in which the lessor’s net investment in
redlining, n. 1. Credit discrimination (usu. unlawful discrimination) by an institution that refuses to provide loans or insurance on properties in areas that are deemed to be poor financial risks or to the people who live in those areas. [Cases: Civil Rights 1041, 1079; Consumer Credit 31. C.J.S. Civil Rights §§ 2–3, 14–17, 21, 23;
expunge (ek-sp[schwa]nj), vb. 1. To erase or destroy (the trustee wrongfully expunged the creditor’s claim against the debtor). 2. Parliamentary law. To declare (a vote or other action) null and outside the record, so that it is noted in the original record as expunged, and redacted from all future copies. — Also termed rescind and
service, n. 1. The formal delivery of a writ, summons, or other legal process ( after three attempts, service still had not been accomplished). — Also termed service of process. [Cases: Federal Civil Procedure 411–518; Process 48–150. C.J.S. Process §§ 26–91.] 2. The formal delivery of some other legal notice, such as a pleading (be
insolvency law. A statute that provides relief to a debtor who lacks the means to pay creditors. • The term is sometimes used interchangeably with bankruptcy law because legislative drafting may not produce a bright-line distinction. — Also termed insolvent law. Cf. BANKRUPTCY LAW(2).
money. 1. The medium of exchange authorized or adopted by a government as part of its currency; esp. domestic currency (coins and currency are money). UCC § 1-201(b)(24). 2. Assets that can be easily converted to cash (demand deposits are money). 3. Capital that is invested or traded as a commodity ( the money market).
A single loan that a debtor takes out in lieu of several lines of credit or other loans from various creditors, and that is subject to review and approval at certain intervals. • A revolver loan is usu. taken out in an attempt to resolve problems with creditors. Cf. revolving credit under CREDIT (4).