warrant of attorney. 1. POWER OF ATTORNEY(1). 2. Archaic. Written authority given by a client to a lawyer to appear in court and to confess judgment in favor of a specified party. • It usu. instructed the attorney not to bring any action, seek a writ of error, or file a bill in equity that […]
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A debenture that is subordinate to another debt but can be converted into a different security.
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loan-to-value ratio. The ratio, usu. expressed as a percentage, between the amount of a mortgage loan and the value of the property pledged as security for the mortgage. • For example, an $80,000 loan on property worth $100,000 results in a loan-to-value ratio of 80% — which is usu. the highest ratio that lenders will
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vadiare legem (vad-ee-air-ee lee-j[schwa]m), vb. [Law Latin “to wage law”] Hist. (Of a defendant in a debt action) to give security to make one’s law on a day assigned — that is, the defendant would pledge, upon giving the security, to do two things on the appointed day in court: (1) take an oath in
pawn, n. 1. An item of personal property deposited as security for a debt; a pledge or guarantee. • In modern usage, the term is usu. restricted to the pledge of jewels and other personal chattels to pawnbrokers as security for a small loan. 2. The act of depositing personal property in this manner. 3.
judicio sisti (joo-dish-ee-oh sis-tI). [Latin “to be present in court”] 1. Roman law. Appearance in court. 2. Roman law. Security for appearance in court; VADIMONIUM. 3. Scots law. A type of caution requiring a claimant or the principal debtor to appear in court whenever the opponent demanded it. • This type of caution was used
Bankruptcy. The power of a bankruptcy trustee or debtor in possession to void certain transfers made or obligations incurred by a debtor, including fraudulent conveyances, preferences transferred to creditors, unperfected security interests in personal property, and unrecorded mortgages. 11 USCA §§ 544–553.
retention. Scots law. A possessor’s right to keep a movable until the possessor’s claim against the movable or its owner is satisfied; a lien. — Also termed right of retention. general retention. Scots law. A possessor’s right to keep all property owned by a debtor as security for the debt. special retention. Scots law. A
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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future-advance clause. A contractual term in a security agreement covering additional loaned amounts on present collateral or collateral to be acquired in the future, regardless of whether the secured party is obliged to make the advances; esp., a provision in an open-end mortgage or deed of trust allowing the borrower to borrow additional sums in
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