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...
financial services
cognovit
A cognovit, a type of confession of judgment, refers to an acknowledgment or confession made by a defendant that the plaintiff’s cause is legitimate. It permits judgment to be entered without a trial for the purpose of saving costs. To apply...
coinsurance
Coinsurance is a risk-sharing agreement between the insurer and the insured under a particular insurance policy. The insured agrees to cover a percentage of the losses after the deductible is satisfied, which means that the insured must pay...
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...
comaker
Comaker or cosigner is a person who jointly signs a check, draft or any other negotiable instrument alongside a primary borrower of a loan. The comaker acts as a guarantor of the primary borrower and assumes liability. The comaker has a legal...
commerce
Commerce refers generally to the activity of exchanging products, goods, and services for financial gain. The word commerce usually is used to mean economic activity broadly on a national or other large scale. Commerce can be used in many...
Commerce Clause
The Commerce Clause refers to Article 1, Section 8, Clause 3 of the U.S. Constitution, which gives Congress the power “to regulate commerce with foreign nations, among states, and with the Indian tribes.”
Congress has often...
committed credit facility
Committed credit facilities are a type of credit facility where the borrower and lender negotiate specific terms which, upon satisfaction by the borrower, obligate the lender to borrow the money. That is, if the borrower meets certain...
compound interest
Compound interest refers to interest earned on prior interest from an investment. This occurs where an investor continuously earns interest on an outstanding debt owed to them or an investment compounds in value. This is in contrast to simple...