In a mortgage transaction, the mortgagor is the party that borrows money from the mortgagee. Thus, when you get a mortgage from a lender, you are a mortgagor and the lender is a mortgagee. For more information, see secured transactions....
banking
multiple party account
A multiple party account is an account held in any sort of financial intermediary, such as a bank or brokerage firm. The account is registered in the names of more than one person. Multiple party accounts are considered a type of will...
mutual fund
A mutual fund is an entity registered and run by an investment company or investment bank. The shareholders of a mutual fund invest money in the fund, which is run by the professional team who anticipate a high return. Commonly the mutual...
negotiable instrument
A negotiable instrument, sometimes called an instrument, is any financial document that directs payment to its holder or a named party. More specifically, a negotiable instrument must be written, signed by the maker, include an unconditional...
non-judicial foreclosure
A non-judicial foreclosure is when lenders foreclose property without getting a court order first. In a jurisdiction that passes a statute authorizing non-judicial foreclosure, private parties must contract for a power-of-sale clause in a...
nonjudicial foreclosure
A nonjudicial foreclosure is when lenders foreclose property without getting a court order first. In a jurisdiction that passes a statute authorizing nonjudicial foreclosure, private parties must contract for a power-of-sale clause in a...
nonrecourse
Nonrecourse refers to a type of debt where the creditor may only look to the collateral to satisfy the unpaid loan, and not the debtor’s personal assets (as with a recourse loan). For example, the Seventh Circuit in Racine v. Commissioner...
nuisance fees
Nuisance fees are charges used by companies to penalize certain behaviors, usually through setting fees that are disproportionate to the actual cost associated with the service. Common examples of nuisance fees include late payment,...
on or before
A phrase usually found in a contract or promissory note requiring payment or performance by a particular date or prior to that date. Further, employment of this phrase in a contract may implicate that time is of the essence. For example, in...
open-ended loan
An open-ended loan is a loan that does not have a definite end date. Examples of open-ended loans include lines of credit and credit cards. The terms of open-ended loans may be based on an individual’s credit score.
Line of credit: an agreement...