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 […]
bond indenture. 1. A contract between a bond issuer and a bondholder outlining a bond’s face value, interest rate, maturity date, and other features. 2. A mortgage held on specified corporate property to secure payment of the bond.
stock certificate. An instrument evidencing ownership of shares of stock. — Also termed certificate of stock; share certificate. [Cases: Corporations 94. C.J.S. Corporations § 172.] face-amount certificate. 1. A certificate, investment contract, or other security representing an obligation by its issuer to pay a stated or determinable sum, at a fixed or determinable date or
ready, willing, and able. (Of a prospective buyer) legally and financially capable of consummating a purchase. [Cases: Brokers 54; Specific Performance 87. C.J.S. Brokers §§ 152–154; Specific Performance §§ 104, 106–107, 109.] “ ‘READY, WILLING, AND ABLE’ — A phrase referring to a prospective buyer of property who is legally capable and financially able to
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recognizance (ri-kog-n[schwa]-z[schwa]nts). 1. A bond or obligation, made in court, by which a person promises to perform some act or observe some condition, such as to appear when called, to pay a debt, or to keep the peace; specif., an in-court acknowledgment of an obligation in a penal sum, conditioned on the performance or nonperformance
discount, n. 1. A reduction from the full amount or value of something, esp. a price. 2. An advance deduction of interest when a person lends money on a note, bill of exchange, or other commercial paper, resulting in its present value. See PRESENT VALUE. 3. The amount by which a security’s market value is
assignment for the benefit of creditors. Assignment of a debtor’s property to another person in trust so as to consolidate and liquidate the debtor’s assets for payment to creditors, any surplus being returned to the debtor. • This procedure serves as a state-law substitute for federal bankruptcy proceedings. The debtor is not discharged from unpaid
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after-acquired property. 1. Secured transactions. A debtor’s property that is acquired after a security transaction and becomes additional security for payment of the debt. UCC § 9-204. — Also termed future-acquired property. [Cases: Secured Transactions 13, 116. C.J.S. Secured Transactions §§ 12, 85.] 2. Bankruptcy. Property that the bankruptcy estate acquires after commencement of the
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accounting. 1. The act or a system of establishing or settling financial accounts; esp., the process of recording transactions in the financial records of a business and periodically extracting, sorting, and summarizing the rec-orded transactions to produce a set of financial records. — Also termed financial accounting. 2. A rendition of an account, either voluntarily
An annuity that begins making payments on a specified date if the annuitant is alive at that time. — Also termed deferred-payment annuity. Cf. immediate annuity.