A debit card is a card issued by a bank that allows the cardholder to purchase goods and services. A debit card also allows the cardholder to withdraw money from his/her bank account through an ATM, like an ATM card. A debit card functions...
banking
debt collector
Under the Fair Debt Collections Practices Act, 15 U.S.C. § 1692(a), a debt collector is defined as any business with the principal purpose of collecting debts for third parties via an instrumentality of interstate commerce or the U.S. mails....
debt-management plan (DMP)
Debt-management plan (DMP) is a term used in credit counseling to describe an agreement concluded between a debtor, a credit counseling firm and the debtor’s creditors. Under the DMP, the debtor makes a payment to the counseling firm, which...
debtor
A debtor is someone who owes a debt or obligation to someone else. Most commonly, this is the obligation to pay money. A classic example is within the situation where a bank extends a loan to an individual or business entity, creating the...
debtor in possession
A debtor in possession (DIP) is an individual or corporation that has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and holds property or assets which can be used to satisfy creditor claims. The debtor in possession...
default
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision....
deficiency
Deficiency as a term that usually refers to any debt remaining after a creditor sells assets securing a loan. For example, if a bank foreclosed on a house for $500,000 but the debt owed is $550,000, the deficiency would be $50,000. Deficiency...
deficiency judgment
Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. When a debtor becomes insolvent, a creditor can repossess the asset securing the loan, and then sell the asset to recover...
delinquent
The word delinquent may have several meanings for the law depending on the context, such as the following:
A natural person or entity failing to perform an obligation. For example, a tenant who is delinquent in rental payments or a...demand note
A demand note is a promissory note that becomes payable any time the holder of the note requests payment. This differs from notes that are due by a certain date or have a repayment schedule. Sometimes, banks are willing to issue demand loans...