First, a charter can be defined broadly as the highest law of an entity. More specifically:
In corporate law, the articles of incorporation. In public law, the instrument by which a municipality is incorporated (e.g., city charter...banking
chattel mortgage
Chattel Mortgage is an antiquated term for a mortgage on movable personal goods such as a machinery or vehicle (as opposed to real estate) where the lender holds an interest in the property as security/collateral for the loan. Today these...
chattel paper
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property. Chattel paper must show:
A monetary obligation from Party A to Party B, and A security...check
A check is a draft upon an account that is used to instruct a bank or other financial institution to transfer funds from the payor’s account (the person who has the account and signs the check) to the payee’s account. There are different...
check-kiting
Kiting or check-kiting is defined as the practice of covering a bad check from one bank account to another. Persons with multiple bank accounts use this advantage because it takes multiple days to process checks. The check that has been...
churning
Churning is an unethical business practice by some stock brokers which occurs when a broker, exercising control over the volume and frequency of trades, abuses their customer’s confidence for personal gain by initiating transactions that are...
claim in bankruptcy
A claim in bankruptcy refers to a claim made by a creditor to establish that they are entitled to a portion of the assets of an estate which filed bankruptcy.
Filing a claim in bankruptcy is necessary if a creditor wants to...
closed-end loan
A closed-end loan is a loan given with a specified date that the debtor must repay the entire loan and interest. These loans are normally disbursed all at once in order for the debtor to buy or achieve a specific thing, and often, the...
collateral
Collateral is an item of value, such as property or assets, that is pledged by an individual (borrower) in order to guaranty a loan. Upon default, the collateral becomes subject to seizure by the lender and may be sold to satisfy the debt....
collection agency
A collection agency is any person or company hired to collect or attempt to collect debts due or asserted to be due to another person. Some states, like Illinois, define a collection agency as a person who engages in the collection of a debt...