Browse the glossary using this index
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abated: A court order that eliminates, nullifies, ends or voids a particular case, action or event. |
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abstract of title: A condensed history of the ownership of a property and a summary of all encumbrances, conveyances, liens, easements and other items of legal record that may effect the title on a specific piece of real estate. |
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acceleration clause: A clause that stipulates that the entire debt is due and payable upon the occurence of a specified event such as a default by the mortgagor, sale or assignment of the property or the placing of an encumbrance on the property. |
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account: Any right to payment for goods sold or leased or for services rendered which is not evidenced by an instrument or chattel paper, whether or not it has been earned by performance. Accounts are often referred to as accounts receivables. |
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amendment: A document that is filed to note some type of change to the original financing statement. |
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amortization: This is the gradual and systematic payment of a debt by installment payments of principal and accrued interest at stated periods for a definite time. At the end of the amortization period or the expiration of the time, the debt will be liquidated. |
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appraisal: An estimate or opinion of the value of a property. |
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arrest report: A form prepared by a law enforcement officer when an arrest had been made. It outlines the circumstances of the offense and charges. |
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assignee: The person to whom an assignment is made. They then are considered the secure party. |
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