Bus Law 6.02

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created 9 years ago by thebomb
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1

Adjusted balance method

Finance charges are added after subtracting payments made during billing period

2

Artisan's Lien

Lien for unpaid services assessed against personal property that has been improved

3

Average daily balance method

Finance charges figured by adding balances for each day in billing period and then divide by the number of days in the billing period.

4

Collateral

Property that is the subject of a secured loan

5

Cosigner

Helps protect a loan when a borrower's credit rating is poor or has not been established

6

Credit card

Card or other device used to obtain goods, money, or services on credit

7

Creditor

A party who sells on credit or lends money

8

Debtor

A party who buys on credit or borrows money

9

Financial agreement

A written notice of existence of a security interest in identified property

10

Garnishment

Court-ordered procedure by which a portion of a delinquent debtor's wages are paid to satisfy the debt

11

Grace period

Interest-free period before payment is due

12

Guarantor

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

13

Lien

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

14

Mechanic's lien

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

15

Open-end credit

Credit that can be increased by debtor up to a limit set by creditor

16

Pawn

Pledge of tangible personal property

17

Pledge

Creditor obtains possession of collateral by written or oral agreement

18

Pledgee

Creditor in a pledge who takes possession of property given up by pledgor

19

Pledgor

Debtor in a pledge who voluntarily gives up possession of the property

20

Previous balance method

Finance charges figured as if no payments made during billing period

21

Revolving charge account

An account in which you can keep an outstanding balance and pay a small amount each month

22

Right of contribution

Cosurety who pays the full debt is entitled to judgment against the other cosureties for their proportionate share of the debt

23

Secured loan

Creditors obtain an interest in something of value

24

Secured party

Lender or seller who holds secured interest

25

Security agreement

A contract where debtor retains possession of collateral under a written contract

26

Security interest

Interest given to creditors

27

Surety

Third party agreeing to be primarily liable for debt in case of default by the principal debtor

28

Suretyship

Being primarily liable for a debt created in favor of the principal debtor

29

Usury

Charging a greater amount of interest on a loan than is allowed by law