defeasance (di-feez-[schwa]nts), n. 1. An annulment or abrogation; VOIDANCE. 2. The fact or an instance of bringing an estate or status to an end, esp. by conditional limitation. 3. A condition upon the fulfillment of which a deed or other instrument is defeated or made void; a contractual provision containing such a condition. — Also […]
protestation (prot-[schwa]-stay-sh[schwa]n). 1. Common-law pleading. A declaration by which a party makes an oblique allegation or denial of some fact, claiming that it does or does not exist or is or is not legally sufficient, while not directly affirming or denying the fact. [Cases: Pleading 128.] “The practice of protestation of facts not denied arose
impairment, n. The fact or state of being damaged, weakened, or diminished ( impairment of collateral). — impair, vb.
surmise (s[schwa]r-mIz), n. 1. An idea based on weak evidence; conjecture. 2. Hist. A suggestion, esp. to a court. 3. Hist. Eccles. law. An allegation in the complaint. • A collateral surmise is a surmise of a fact not contained in the libel. See LIBEL(3).
A security interest that is created when a buyer uses the lender’s money to make the purchase and immediately gives the lender security (UCC § 9-103); a security interest that is either (1) taken or retained by the seller of the collateral to secure all or part of its price or (2) taken by a
purchase money security interest Read More »