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GLOSS.OVL
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1990-04-06
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account
A written statement of money transactions, such as credits,
debits, deposits, withdrawals and the like.
accrue
To increase or accumulate, as with monetary payments.
accrued interest
Interest which has been earned but which has not yet been
paid.
agreement
A coming together of two or more parties who assent to do
something or incur some mutual obligation to one another.
assignment
Transfer by one person to another of the rights and duties
described in a contract entered into by the first person.
attestation
Authenticating a document by signing it as a witness.
attorney-in-fact
A person authorized to act on behalf of someone else in
business dealings or for other purposes. Authority is given
through a power of attorney.
beneficiary
One who is named to receive money or other property, as in an
insurance policy or will.
bequest
A gift of money or personal property given through a will.
bill of sale
Document indicating that ownership of property has been
transferred from a seller to a buyer.
binding
Imposing a continuing obligation or duty, usually by contract.
bond
A type of insurance whereby a company or an individual agrees
to provide reimbursement to another party for any loss suffered
due to the actions of a third party.
codicils
An amendment to a will, made after the original document is
signed and witnessed. Codicils must also be signed and
witnessed before they are valid.
community property
Property acquired by a husband and/or wife during their
marriage, with each holding a half interest. Only eight states
use this method for determining the ownership of property.
consideration
Something of value offered as an inducement to enter into a
contract.
contest
To challenge the validity of a matter or a document, such as a will.
corporation
A business organization formed by one or more parties, with rights
and liabilities separate from those of the parties that formed it.
covenant
Any written agreement between two parties. In modern use,
promises made in the conveyance of real estate.
creditor
One to whom money is owed.
D/B/A
An abbreviation for "Doing Business As".
debtor
One who owes money to another.
default
To fail to fulfill a contractual duty or obligation.
delinquent
Late in fulfilling a contractual obligation, such as falling
behind on repayment of a loan.
disinherit
To deliberately exclude a person from taking anything under a
will.
durable power-of-attorney
Authority of one person (the attorney-in-fact) to act on behalf
of another (the principal) even if the principal is incompetent
and unable to handle his or her own affairs.
duress
Undue force used to pressure a person to take some action he or
she would not take otherwise.
encumbrance
Anything which lessens property value or hinders its sale, such
as a lien or mortgage.
equal shares
Division of an estate into parts of identical size.
equal monthly installments
The amount of a loan's principal and total interest, repaid on
a monthly basis and calculated by dividing principal and
interest by the number of months between the date the loan is
made and the date final payment is due.
estate
Everything a person owns when he or she dies.
executor
Person designated in a will to carry out its terms upon the
death of the person making the will.
fee simple
Full and unrestricted ownership of real estate.
gift
Property transferred by one person to another gratuitously and
without consideration.
guardian
Someone given legal custody of a person who has been found
unable to care for himself or herself.
heir
Any person who takes part of an estate through a person's will.
interest
A charge for borrowing money, generally computed as a
percentage of the amount borrowed.
landlord
The owner of property that is leased or rented to another.
liable
Legally obligated to perform some duty or take responsibility
for failing to perform.
lien
A legal claim against property to insure repayment of a debt
incurred by the property owner.
maker
One who borrows money on a promissory note.
minor
A person under the legal age of majority, usually under 18 or
21 years old, depending on state law.
notary public
An officer of the state who administers oaths and witnesses
signatures on documents.
note
A written promise to pay money to another.
occupant
One who has actual use or possession of a property.
partnership
Agreement of two or more people to operate a business, sharing
the profits and the losses.
payee
One to whom money is to be paid, as under a note.
personal property
Anything a person owns other than real estate.
per stirpes
"By the roots" inheritance which goes to the children of a
deceased heir as his or her representative.
personal representative
Another term for executor (see executor earlier in this
chapter).
power of attorney
Document giving one person (the attorney-in-fact) authority to
act on behalf of another (the principal).
pre-payment penalty
Money charged to a borrower to compensate a lender for loss of
anticipated interest when a loan is paid before it is due.
premises
The subject of a real estate conveyance or lease, such as a
building, house or apartment.
principal
1) One who gives authority to another to act on his or her
behalf.
2) The amount of money loaned to another.
probate
The judicial determination that the will of a deceased person
is valid and genuine.
promissory note
A written promise to pay a specified sum of money to another at
some date in the future.
real property
Land and the things permanently fixed to the land, such as
buildings and fences.
residuary estate
That part of an estate which remains after all the other
provisions of a will have been met.
revocation
An act annulling an earlier act and making it void and
unenforceable.
sole proprietorship
Business owned by one person who receives all its profits and
is responsible for all its losses.
statute
A law enacted by the legislative branch of government.
successor
One who takes the place of another, assuming the rights and
obligations of the first.
tenant
One who rents or leases from a landlord and is obligated to
make rental payments.
testator
One who makes a will.
usury
Interest charged to a borrower in excess of a legally
established maximum rate.
VIN
Vehicle Identification Number. Used to identify an automobile,
truck or other motor vehicle.
warrant
A guarantee of title to property and a promise to defend claims
made against the property by others.