A creditor with a superior right to payment, such as a holder of a perfected security interest as compared to a holder of an unsecured claim. [Cases: Secured Transactions 138–140, 168. C.J.S. Secured Transactions §§ 88, 90–92, 106–107, 119–124.]
preferred creditor Read More »
Secured transactions. A person who becomes bound as debtor under a security agreement previously entered into by another person. UCC §§ 9-102(a)(56), 9-203(e).
Falcidian law (fal-sid-ee-[schwa]n).Roman law. A law prescribing that one could give no more than three-fourths of one’s property in legacies and that the heirs should receive at least one-fourth (the Falcidian portion). • If the testator violated this law, the heir had the right to deduct proportionally from each legatee as necessary. The law, proposed
maritime interest. Interest charged on a loan secured by a sea vessel or its cargo, or both. • Because of the lender’s considerable risk, the interest rate may be extraordinarily high. — Also termed marine interest.
Secured transactions. A structure, transportable in one or more sections, that when traveling is 8 body feet or more in width or 40 body feet or more in length, or, when erected on site, is 320 or more square feet, and that is built on a permanent chassis and designed to be used as a
Uniform Commercial Code. A uniform law that governs commercial transactions, including sales of goods, secured transactions, and negotiable instruments. • The Code has been adopted in some form by every state. — Abbr. UCC. [Cases: Bills and Notes 2; Sales 3.1; Secured Transactions 3. C.J.S. Bills and Notes; Letters of Credit§ 4; Sales §§ 3–4;
uniform commercial code Read More »
corporate-mortgage trust. A financing device in which debentures are issued and secured by property held in trust. • An independent trustee protects the interests of those who purchase the debentures. [Cases: Corporations 476(1). C.J.S. Corporations § 676.]
corporate mortgage trust Read More »
Chapter 20. Slang. Bankruptcy. A debtor who files a Chapter 7 petition and receives a discharge, and then im-mediately files a Chapter 13 petition to deal with remaining nondischargeable or secured debts.
land bank. 1. A bank created under the Federal Farm Loan Act to make loans at low interest rates secured by farmland. [Cases: United States 53(7).C.J.S. United States §§ 90, 92–93.] 2. A program in which land is retired from agricultural production for conservation or tree-cultivation purposes. — Also termed soil bank. See FEDERAL HOME