security interest. A property interest created by agreement or by operation of law to secure performance of an obligation (esp. repayment of a debt). • Although the UCC limits the creation of a security interest to personal property, the Bankruptcy Code defines the term to mean “a lien created by an agreement.” 11 USCA § […]
insecure, adj. Having a good-faith belief that the possibility of receiving payment or performance from another party to a contract is unlikely.
pignus (pig-n[schwa]s), n. [Latin “pledge”] 1. Roman & civil law. (ital.) A bailment in which goods are delivered to secure the payment of a debt or performance of an engagement, accompanied by a power of sale in case of default. • This type of bailment is for the benefit of both parties. — Also termed
non memini (non mem-[schwa]-nI). [Law Latin] Scots law. I do not remember. • The phrase appeared in reference to an oath in which one person swore no remembrance of a transaction. “Where a party to whose oath the resting-owing of a debt, or a payment, is referred, swears that he does not remember receiving the
A typical interest-rate swap that involves one counterparty’s paying a fixed interest rate while the other assumes a floating interest rate based on the amount of the principal of the underlying debt. • The underlying debt, called the “notional” amount of the swap, does not change hands — only the interest payments are exchanged. —
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correality (kor-ee-al-[schwa]-tee), n. The quality or state of being correal; the relationship between parties to an obligation that terminates when an entire payment is made by one of two or more debtors to a creditor, or a payment is made by a debtor to one of two or more creditors. “But there were circumstances, apart
Federal Election Commission. A six-member independent federal commission that certifies payments to qualifying presidential campaigns in primary and general elections and to national-nominating conventions, audits campaign expenditures, and enforces laws requiring public disclosure of financial activities of presidential campaigns and political parties. • It was established by the Federal Election Campaign Act of 1971. 2
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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