An original bill filed by a party against two or more persons who claim from that party the same debt or duty. • The requesting party asks the court to compel the contenders to litigate and establish their rights to the debt or the duty. See INTERPLEADER. [Cases: Interpleader 23. C.J.S. Interpleader §§ 33–34.]
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Treasury bill. A short-term debt security issued by the federal government, with a maturity of 13, 26, or 52 weeks. • These bills — auctioned weekly or quarterly — pay interest in the form of the difference between their discounted purchase price and their par value at maturity. — Abbr. T-bill. [Cases: United States 89.
ac etiam (ak ee-shee-[schwa]m oresh-ee-[schwa]m). [Law Latin] Common-law pleading. 1. And also. • These words introduced a genuine claim in a pleading in a common-law case in which a fictitious claim had to be alleged to give the court jurisdiction. In other words, the phrase ac etiam directed the court to the real cause of
acceleration, n. 1. The advancing of a loan agreement’s maturity date so that payment of the entire debt is due immediately. [Cases: Bills and Notes 129(2). C.J.S. Bills and Notes; Letters of Credit §§ 76, 92–100.] 2. The shortening of the time for vesting in possession of an expectant interest. — Also termed acceleration of
payable, adj. (Of a sum of money or a negotiable instrument) that is to be paid. • An amount may be payable without being due. Debts are commonly payable long before they fall due. payable after sight. Payable after acceptance or protest of nonacceptance. See sight draft under DRAFT. [Cases: Bills and Notes 129(3). C.J.S.
petition of right. 1. (cap.) One of the four great charters of English liberty (3 Car. (1628)), establishing that “no man be compelled to make or yield any gift, loan, benevolence, tax, or such like charge, without common consent by act of parliament.” • The other three great charters are Magna Carta, the Habeas Corpus
cambium (kam-bee-[schwa]m). [Law Latin “exchange”] Hist. 1. An exchange of money, debt, or land. cambium locale. A contract of exchange in which a person agrees to pay a sum of money at one location in consideration of money received at another location. — Also termed cambium mercantile; cambium trajectitium. cambium reale. An exchange of land.
nonrecourse, adj. Of or relating to an obligation that can be satisfied only out of the collateral securing the obligation and not out of the debtor’s other assets. [Cases: Bills and Notes 44; Secured Transactions 227, 240. C.J.S. Bills and Notes; Letters of Credit § 11; Secured Transactions §§ 152, 164–166, 168–169, 172, 174–175, 180–183.]
An acceptance or undertaking not by a party to the instrument, but by a third party, for the purpose of protecting the honor or credit of one of the parties, by which the third party agrees to pay the debt when it becomes due if the original drawee does not. • This type of acceptance
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A note for which multiple makers are jointly and severally liable for repayment, meaning that the payee may legally look to all the makers, or any one of them, for payment of the entire debt. See joint and several liability under LIABILITY. [Cases: Bills and Notes 120. C.J.S. Bills and Notes; Letters of Credit§§ 81,
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