arrestment. 1. The arrest of a person or of personal effects. 2. Scots law. The taking or attachment of property belonging to another person but in the possession of a third party, either to obtain security or to found jurisdiction. • The process of attachment is similar to garnishment: the property holder is ordered to […]
installment sale. A conditional sale in which the buyer makes a down payment followed by periodic payments and the seller retains title or a security interest until all payments have been received. — Also termed installment plan; retail installment sale. [Cases: Sales 82(4).] disguised installment sale. Bankruptcy. A debtor’s leasing ploy to try to keep
preference. 1. The act of favoring one person or thing over another; the person or thing so favored. 2. Priority of payment given to one or more creditors by a debtor; a creditor’s right to receive such priority. 3. Bankruptcy. PREFERENTIAL TRANSFER. insider preference. A transfer of property by a bankruptcy debtor to an insider
A change in the nature of property so that real property is treated as personal property, or vice versa, in certain circumstances. • Equitable conversion is based on the maxim that equity regards as done that which ought to be done. The most common situation involves transferring real property as the parties to a contract
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An irrevocable trust into which the grantor transfers property in exchange for the right to receive fixed payments at least annually, based on original fair market value of the property transferred. — Abbr. GRAT.
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A deed showing the transfer of title to real property sold for the nonpayment of taxes. See office grant under GRANT; tax sale under SALE. Cf. TAX CERTIFICATE. [Cases: Taxation 774. C.J.S. Taxation § 1445.]
lease-purchase agreement. A rent-to-own purchase plan under which the buyer takes possession of the goods with the first payment and takes ownership with the final payment; a lease of property (esp. equipment) by which ownership of the property is transferred to the lessee at the end of the lease term. • Such a lease is
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fiducia (fi-d[y]oo-shee-[schwa]), n. [Latin “an entrusting”] Roman law. An early form of transfer of title by way of mortgage, deposit, etc., with a provision for reconveyance upon payment of the debt, termination of the deposit, etc. “The Roman mortgage (fiducia) fell wholly out of use before the time of Justinian, having been displaced by the
An indorsement that restricts the instrument in some way, as by limiting how the instrument can be paid or transferred; an indorsement giving possession of the instrument to the indorsee, but retaining title until the occurrence of some condition named in the indorsement. • Wordings that indicate this type of indorsement are “Pay to Brad
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post. [Latin] After. Cf. ANTE. post, vb. 1. To publicize or announce by affixing a notice in a public place ( foreclosure notice was posted at the county courthouse). 2. To transfer (accounting entries) from an original record to a ledger (post debits and credits). 3. To place in the mail (post a letter). [Cases: