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Pledge (law)
A pledge is a bailment that conveys title to property owned by a debtor (the ''pledgor'') to a creditor (the ''pledgee'') to secure repayment for some debt or obligation and to the mutual benefit of both parties. The term is also used to denote the property which constitutes the security. The pledge is a type of security interest. Pledge is the ''pignus'' of Roman law, from which most of the modern European-based law on the subject is derived, but is generally a feature of even the most basic legal systems. A pledge of personal property is known as a pawn. Features The pledgee has the right of selling the pledge if the pledgor fails to make payment at the stipulated time. No title to a third party purchaser is guaranteed following a wrongful sale except in the case of property passing by delivery, such as money or negotiable securities. In all other cases, persons must show that they are a bona fide purchaser, for (good) value, without notice (BFP). In the case of some type ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bailment
Bailment is a legal relationship in common law, where the owner of personal property ("chattel") transfers physical possession of that property to another, who holds the property for a certain purpose, but retains ownership. The owner who surrenders custody of a property is called the "bailor" and the individual who accepts the property is called a "bailee". The bailee is the person who possesses the personal property in trust for the owner for a set time and for a precise reason and who delivers the property back to the owner when they have accomplished the purpose that was initially intended. General Bailment is distinguished from a contract of sale or a gift of property, as it only involves the transfer of possession and not its ownership. To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel for example a car mechanic business when a car has been dropped off for repair. Although a bailment relationship is o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Distraint
Distraint or distress is "the seizure of someone’s property in order to obtain payment of rent or other money owed", especially in common law countries. Distraint is the act or process "whereby a person (the ''distrainor''), traditionally even without prior court approval, seizes the personal property of another located upon the distrainor's land in satisfaction of a claim, as a pledge for performance of a duty, or in reparation of an injury." Distraint typically involves the seizure of goods ( chattels) belonging to the tenant by the landlord to sell the goods for the payment of the rent. In the past, distraint was often carried out without court approval. Today, some kind of court action is usually required, the main exception being certain tax authorities – such as HM Revenue and Customs in the United Kingdom and the Internal Revenue Service in the United States – and other agencies that retain the legal power to levy assets (by either seizure or distraint) without a cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lien
A lien ( or ) is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the ''lienee'' and the person who has the benefit of the lien is referred to as the ''lienor'' or ''lien holder''. The etymological root is Anglo-French ''lien'' or ''loyen'', meaning "bond", "restraint", from the Latin ''ligamen'', from ''ligare'' "to bind". In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of Mortgage law, mortgage or charge. In the US, a lien characteristically refers to ''Nonpossessory interest in land, nonpossessory'' security interests (see generally: ). In other common-law countries, the term lien refers to a very specific type of security interest, being a passive right to retain (but not sell) property until the debt or other obligation is discharged. In contrast to the usag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Law (legal System)
Civil law is a legal system rooted in the Roman Empire and was comprehensively codified and disseminated starting in the 19th century, most notably with France's Napoleonic Code (1804) and Germany's (1900). Unlike common law systems, which rely heavily on judicial precedent, civil law systems are characterized by their reliance on legal codes that function as the primary source of law. Today, civil law is the world's most common legal system, practiced in about 150 countries. The civil law system is often contrasted with the common law system, which originated in medieval England. Whereas the civil law takes the form of legal codes, the common law comes from uncodified case law that arises as a result of judicial decisions, recognising prior court decisions as legally binding precedent. Historically, a civil law is the group of legal ideas and systems ultimately derived from the '' Corpus Juris Civilis'', but heavily overlain by Napoleonic, Germanic, canonical, feuda ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intellectual Property Rights
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in most of the world's legal systems."property as a common descriptor of the field probably traces to the foundation of the World Intellectual Property Organization (WIPO) by the United Nations." in Mark A. Lemley''Property, Intellectual Property, and Free Riding'', Texas Law Review, 2005, Vol. 83:1031, page 1033, footnote 4. Supporters of intellectual property laws often describe their main purpose as encouraging the creation of a wide variet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intangible Asset
An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, exclusive franchises, Goodwill (accounting), goodwill, trademarks, and trade names, reputation, Research and development, R&D, Procedural knowledge, know-how, organizational capital as well as any form of digital asset such as software and data. This is in contrast to physical assets (machinery, buildings, etc.) and financial assets (government securities, etc.). Intangible assets are usually very difficult to Valuation (finance), value. Today, a large part of the corporate economy (in terms of net present value) consists of intangible assets, reflecting the growth of information technology (IT) and organizational capital. Specifically, each dollar of IT has been found to be associated with and increase in firm market valuation of over $10, compared with an increase of just over $1 per dollar of investment in other tangible assets. Furthermore, firms that both make organizational capit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than Equity (finance), equity and fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g., Warrant (finance), equity warrants. Securities may be represented by a certificate or, more typically, they may be "non-certificated", that is in electronic (Dematerialization (securities), dematerialized) or "book entry only" form. Certificates may be ''bearer'', meaning they entitle the holder to rights under the security merely by holding the security, or ''registered'', meaning t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateral (finance)
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending agreement. The protection that collateral provides generally allows lenders to offer a lower interest rate on loans that have collateral. The reduction in interest rate can be up to several percentage points, depending on the type and value of the collateral. For example, the Annual Percentage Rate (APR) on an unsecured loan is often much higher than on a secured loan or logbook loan. If a borrower defaults on a loan (due to insolvency or another event), that borrower loses the property pledged as collateral, with the lender then becoming the owner of the property. In a typical mortgage loan transaction, for instance, the real estate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ship Hypothec
In a ship mortgage (common law) or ship hypothec (civil law (legal system), civil law term, covering also a maritime lien), a shipowner gives a lender (or mortgagee) a security interest in a ship as Collateral (finance), collateral for a mortgage loan. Similar to other types of mortgage law, mortgages, a ship mortgage legally consists of three parts: the mortgage loan, the mortgage document (deed) and the rights derived from the mortgage deed onto Bank, money lender. Ship mortgages differ from other types of mortgage in three ways. First, some privileged claims could have a higher ranking over that of mortgagee against the ship. Second, ships naturally move between jurisdictions. And third, a ship is always at risk of partial or total damages at sea. The use of ship mortgages emerged as a widely accepted practice in Shipping, shipping industry in the 19th century as a major source of finance for ship owners. Modern forms of statutory mortgages In United Kingdom, ship mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hypothec
Hypothec (; , , from Lat. ''hypotheca'', from Gk. : hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. the law of most of Continental Europe) to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships only (ship hypothec), as opposed to other collaterals, including corporeal movables other than ships, securities or intangible assets such as intellectual property rights, covered by a different type of right ( pledge). Common law has two main equivalents to the term: mortgages and non-possessory lien. Overview This real right in security operates by way of hypothecation. It may arise only through being entered into the land and hypothec register or the ship registry, as a result of: * a hypothecary loan contract, required in the form of a notarial act - in case of a contractual hypothec * an administrative or court decision - in case of a compulsory hypothec Hypothec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Law (legal System)
Civil law is a legal system rooted in the Roman Empire and was comprehensively codified and disseminated starting in the 19th century, most notably with France's Napoleonic Code (1804) and Germany's (1900). Unlike common law systems, which rely heavily on judicial precedent, civil law systems are characterized by their reliance on legal codes that function as the primary source of law. Today, civil law is the world's most common legal system, practiced in about 150 countries. The civil law system is often contrasted with the common law system, which originated in medieval England. Whereas the civil law takes the form of legal codes, the common law comes from uncodified case law that arises as a result of judicial decisions, recognising prior court decisions as legally binding precedent. Historically, a civil law is the group of legal ideas and systems ultimately derived from the '' Corpus Juris Civilis'', but heavily overlain by Napoleonic, Germanic, canonical, feuda ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antichresis
Antichresis, under civil law and Roman law, is a contract whereby a debtor pledges (i.e., conveys possession of but not title to) real property to a creditor, allowing the use and occupation of the pledged property, in lieu of interest on the loan. Historically, antichresis was used in Ancient Mesopotamia ( Akkad, Assyria, Babylonia) and by the Greeks and the Romans and it is still widely used in Bolivia. After the Western Church banned interest loans, it became a favored method of securing loans in early medieval society and was known in England as the gage of land ( OFr ''gage'', MLG ''sate'', Germ ''Satzung''). There were two variants: (1) the living gage (OFr ''vif gage'', Germ ''Zinssatzung''), under which the income and profits coming from the estate went towards reducing the loan's principal; and (2) the dead gage (OFr ''mort gage'', MLG ''dotsate'', Germ ''Totsatzung''), under which the income and profits were taken only as interest. The latter form underlies the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
