A contractual lien is a name for a category of liens that stem from contracts and do not depend on the common law or statutes for their existence. A contractual lien is essentially a contract that gives a security interest in property to one...
financial services
contribution
Contribution is an important term in the fields of business and tort law.
Tort LawIn the field of tort law, contribution refers to an action a defendant may bring in a joint and several liability jurisdiction to recover...
cosign
When a person cosigns, they sign a document with the primary borrower, agreeing to share the responsibility of a financial obligation. Should the primary borrower not be able to pay for the good, the cosigner will be responsible for paying...
cosigner
A cosigner is someone who signs a loan with another person (borrower) and agrees to pay the loan if the borrower is not able to repay it. In other words, a cosigner accepts an equal responsibility for repaying the loan.
As...
cost basis
Also called tax basis, cost basis is the original cost of acquiring a property (usually its purchase price plus any commissions or fees), for tax purposes. It is primarily used for computing capital gain or loss from the transfer of property...
counteroffer
A counteroffer functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original...
cram-down
Cram-down refers to a court forcing a creditor to accept new terms of a loan in bankruptcy proceedings. The tool is most often used in Chapter 13 proceedings to reduce the debt owed to a creditor to the value of the collateral. For example,...
credit
Credit means the right granted by a creditor to an applicant to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment. See: 12 CFR § 1002.2(j)
Business credit refers to extensions of credit...
credit bureau
A credit bureau or credit reporting agency collects personal information related to an entity’s creditworthiness for the purpose of selling that information to potential creditors, financial institutions, or other third parties seeking to...
Credit Card Accountability Responsibility and Disclosure Act (2009)
Also known as the Credit CARD Act. Federal legislation that ends some deceptive practices used by credit card companies. Some of these practices result in consumers being trapped in expensive debt.