Copyright

Flashcards - Creditors' Rights

Flashcards - Creditors' Rights
1/9 (missed) 0 0
Create Your Account To Continue Studying

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access
deficiency judgment
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full
Got it
security interest
A secured creditor takes a security interest to enforce its rights against collateral in case the debtor defaults on the obligation
Got it
creditor
A creditor is a party that has a claim on the services of a second party
Got it
foreclosure
Foreclosure is a legal process in which a lender claims possession of property belonging to a borrower, who has stopped making payments to the lender
Got it
9 cards in set
Front
Back
foreclosure
Foreclosure is a legal process in which a lender claims possession of property belonging to a borrower, who has stopped making payments to the lender
creditor
A creditor is a party that has a claim on the services of a second party
security interest
A secured creditor takes a security interest to enforce its rights against collateral in case the debtor defaults on the obligation
deficiency judgment
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full
repossession
Repossession is a term used to denote a financial institution taking back an object that was either used as collateral or rented or leased
secured loan
A secured loan, is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan
liquidation
In United Kingdom and United States law and business, liquidation is the process by which a company is brought to an end, and the assets and property of the company are redistributed
Chapter 11
Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States
Chapter 7
Chapter 7 of the Title 11 of the United States Code governs the process of liquidation under the bankruptcy laws of the United States

To unlock this flashcard set you must be a Study.com Member.
Create your account

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member

Already a member? Log In

Support