Business Foundations - Creditors, Debtors, & Bankruptcy

 

A written transfer by the owner/borrower to the lender of an interest in the subject property that is being used as collateral

Definition:

• deed of trust

• mortgage

• pawn

• surety

the owner/borrower in a mortgage arrangement

• mortgagee

• lien holder

• deed of trust

• mortgagor

party agreeing to be secondarily liable in case of default by the principal debtor

• guarantor

• mechanic's lien

• surety

• mortgagor

the lender in a mortgage arrangement

• deed of trust

• mortgagor

• pledge

• mortgagee

secured transaction in which the creditor has possession of the collateral; the transfer of personal property to a creditor as security for the payment of a debt or for the performance of an obligation

• pledgee

• lien

• pledge

• pawn

legal right in another’s property as security for the performance of an obligation such as the repayment of a loan

• lien

• surety

• garnishment

• bankruptcy

legal proceedings discharging debts and distributing assets

• deed

• bankruptcy

• pawn

• insolvent

lien against realty available to one who has supplied labor or materials to improve it

• suretyship

• mechanic's lien

• garnishment

• finance charge

total added cost when one pays in installments for goods or services

• garnishment

• deed of trust

• finance charge

• pledge

a deed under whose terms the title to property is transferred by the debtor/owner into the hands of a trustee

• lien

• pledge

• pawn

• deed of trust