credit report. 1. A credit bureau’s report on a person’s financial status, usu. including the approximate amounts and locations of a person’s bank accounts, charge accounts, loans, and other debts, bill-paying habits, defaults, bankruptcies, foreclosures, marital status, occupation, income, and lawsuits. See CREDIT BUREAU. 2. The report of a credit-reporting bureau, usu. including highly personal […]
debet sine breve (dee-bet ordeb-et sI-nee breevorbree-vee), n. [Law Latin “debt without a writ”] 1. An action for debt commenced under a bill rather than a writ. 2. A debt confessed by judgment. — Abbr. d.si.ib. — Also termed debitum sine breve; debit sans breve. See CONFESSION OF JUDGMENT.
vergens ad inopiam (v[schwa]r-jenz ad in-oh-pee-[schwa]m), adj. [Latin “verging on poverty”] Civil law. Tending to become insolvent. “When a debtor is clearly vergens ad inopiam, a creditor may legally resort to certain measures, for the purpose of protecting his interests, which would not otherwise be competent to him. Thus if the debtor be bound under
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no recourse. 1. The lack of means by which to obtain reimbursement from, or a judgment against, a person or entity (the bank had no recourse against the individual executive for collection of the corporation’s debts). 2. A notation indicating that such means are lacking (the bill was indorsed “no recourse”). See nonrecourse loan under
A note for which multiple makers are jointly, but not severally, liable for repayment, meaning that the payee must legally look to all the makers together for payment of the debt. See joint liability under LIABILITY. [Cases: Bills and Notes 120. C.J.S. Bills and Notes; Letters of Credit§§ 81, 83, 249.]
garnishment, n. 1. A judicial proceeding in which a creditor (or potential creditor) asks the court to order a third party who is indebted to or is bailee for the debtor to turn over to the creditor any of the debtor’s property (such as wages or bank accounts) held by that third party. • A