![]() Limited case law regarding this matter exists because of its rarity, but there is some.Īmendment Of A Note – Changing the interest, payment schedule, or due date on an existing note without writing a new note.Īmortization – The payments on an amortized loan are established to contain both principal and interest so that the loan will be paid off in full by the end of the amortization period.Īnnual Percentage Rate (APR) – The true cost of a loan to a borrower as required by the Truth in Lending Laws.Īrrears – 1) Behind in making payments, as in “The payments were 3 months in arrears.” 2) Later than earned, as in “Loan interest is paid in arrears. An allonge is rare because bills of exchange are no longer very common. ![]() See also “Wraparound Mortgage”.Īllonge– A paper attached to a negotiable instrument to enable writing endorsements when the back of the bill is full. SEE and and Īlgebraic Logic – The calculator logic of putting the operation sign (plus, minus, times or divided by) before the number is entered.Īll-Inclusive Deed of Trust – A note secured by deed of trust that “wraps around” a smaller senior loan. An affirmative defense must be timely made by the defendant in order for the court to consider it, or else it is considered waived by the defendant’s failure to assert it. It can either be clear and convincing or preponderance of the evidence. The burden of proof is typically lower than beyond a reasonable doubt. Such a defense must be raised in the defendant answer, and because affirmative defenses require the assertion of facts beyond those claimed by the plaintiff, the defendant has the burden of proof for the defense. An adversary proceeding may be filed to recover money or property of a debtor, for the sale of a debtor’s property by a co-owner, to object or revoke a discharge, to revoke the confirmation of a reorganization plan, to determine the dischargeability of a debt, to obtain an injunction or other equitable relief, and for other matters.Īffirmative Defense– is a type of defense in which the defendant seeks to avoid liability by introducing new evidence not addresses in the claims of the plaintiff’s complaint. Under Bankruptcy Rules Rule 7001, an adversary proceeding may be filed in a debtor’s bankruptcy action for certain specific reasons. This method contrasts with charging interest on the remaining principal balance.Īdjustable Rate Mortgage (ARM) – A mortgage or other real estate loan wherein the interest rate and payments that correspond to the interest are adjustable from year to year according to some index such as the rate paid by the government on Treasure Bills.Īdversary– The bankruptcy rules consist of nine distinct parts with Part VII governing adversary proceedings. The monthly payment is calculated by dividing this number (principal plus add-on interest) by the number of payments. This total interest is added on to the loan balance. This is multiplied by the number of years. Ad valorem taxes may also be applied to personal property, such as a duty on imported items and motor vehicles.Īdd-On Interest – The interest is applied to the loan amount to get yearly interest. The assessed value is the standard basis for local real property taxes, although some place “caps” (maximums) on the percentage of value or “parcel taxes”, which establish a flat rate per parcel. At the end of the first year the balance owed would be the original principal plus one year’s interest.Īd Valorem Taxes– is a Latin term meaning “based on value,” which applies to property taxes based on a percentage of the county’s assessment of the property’s value. ![]() An example would be a straight note (no payments). ( )Īccrued Interest – The amount of interest earned on a note, but not yet received in payment. An acceleration clause allows a missed payment to be considered a default of the whole note and mortgage, and allows the bank to call the full balance due. Without this clause, the bank must declare a separate default for each missed payment as the payment is missed. SEARCH FEATURE: Control + F (at the same time) then type word/phrase you are looking for.Īcceleration clause- This is a portion/clause contained in your mortgage that allows the bank to call in the whole balance due on the loan in the event of missed payments.
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