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Default (law)
In law, a default is the failure to do something required by law or to comply with a contractual obligation. Legal obligations can arise when a response or appearance is required in legal proceedings, after taking out a loan, or as agreed in a contract; failure to carry them out puts one in defaults of the obligations. The concept of a "deliberate default" was considered in a UK legal case determined in 2010, '' De Beers UK Ltd. v Atos Origin It Services UK Ltd.'', where a contract had referred to this term. Edwards-Stuart J described "deliberate default" as meaning, in his view, Before the De Beers case there was little judicial guidance on the meaning of "deliberate default". The same term ("deliberate defaulters") has been used by Her Majesty's Revenue and Customs (HMRC) in the UK to describe "people who deliberately get their tax affairs wrong". Default in legal proceedings Failure to appear at a required time in legal proceedings can constitute a default. In the Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Breach Of Contract
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether partially or wholly, as described in the contract, or communicates an intent to fail the obligation or otherwise appears not to be able to perform its obligation under the contract. Where there is breach of contract, the resulting damages have to be paid to the aggrieved party by the party breaching the contract. If a contract is rescinded, parties are legally allowed to undo the work unless doing so would directly charge the other party at that exact time. What constitutes a breach of contract There exists two elementary forms of breach of contract. The first is actual failure to perform the contract as and when specified constitutes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
States Of The United States
The United States, United States of America is a federal republic consisting of 50 U.S. state, states, a Capital districts and territories#United States, federal district (Washington, D.C., the capital city of the United States), five major territories of the United States, territories, and various United States Minor Outlying Islands, minor islands. Both the states and the United States as a whole are each sovereign jurisdictions.#Radan, Radan, 2007, p. 12 The Tenth Amendment to the United States Constitution allows states to exercise all powers of government not delegated to the federal government. Each state has its own State constitutions in the United States, constitution and government, and all states and their residents are represented in the federal United States Congress, Congress, a bicameral legislature consisting of the United States Senate, Senate and the United States House of Representatives, House of Representatives. Each state elects two senators, while repre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), collateral for the loan. Formally, a Mortgage law#Mortgage lender, mortgage lender (mortgagee), or other lienholder, obtains a termination of a Mortgage law#Borrower, mortgage borrower (mortgagor)'s Equity of redemption, equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually, a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower default (finance), defaults and the lender tries to Repossession, repossess the property, courts of equity can grant the borrower the Equity of redemption, equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreclose
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually, a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediatel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. *A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to ''secure'' him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. *An unsecured creditor does not have a charge over the debtor's assets. The term credi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment
A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine. Payments can be effected in a number of ways, for example: * the use of money, whether through cash, cheque, mobile payment or bank transfers. * the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another. In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly affected in the local currency of the payee unless ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Borrower
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt. Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt – debts for personal, family or household purposes secured primarily by a person's residence – are enforceable. For the most part, debts that are business-related must be made in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Default
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced. A credit rating agency will take into account in its gradings capital, interest, extraneous and procedural defaults, and failures to abide by the terms of bonds or other debt instruments. Countries have at times escaped some of the real burden of their debt through inflation. This is not "default" in the usual sense because the debt is honored, albeit with currency of lesser real value. Sometimes governments devalue their currency. This can be done by printing more money to apply toward their own debts, or by ending or altering the convertibility of their currencies into precious metals or foreign currency at fixed rates. Harder to quantify than an int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Default
A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt, despite having the financial ability to make the payments. This is particularly associated with residential and commercial mortgages, in which case it usually occurs after a substantial drop in the house's price such that the debt owed is (considerably) greater than the value of the property—the property has negative equity or is ''underwater''—and is expected to remain so for the foreseeable future, such as following the bursting of a real estate bubble. Such borrowers are called ''walkaways''. The process of strategically defaulting on a home mortgage has been colloquially called ''jingle mail''—metaphorically, one mails the keys to the bank. An alternative is called ''extend and pretend'': The terms of the mortgage are modified to keep the borrower temporarily in the home, in the hope that the market price will improve, and that the house can be sold for the full loan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Rules Of Civil Procedure
The Federal Rules of Civil Procedure (officially abbreviated Fed. R. Civ. P.; colloquially FRCP) govern civil procedure in United States district courts. They are the companion to the Federal Rules of Criminal Procedure. Rules promulgated by the United States Supreme Court pursuant to the Rules Enabling Act become part of the FRCP unless, within seven months, the United States Congress acts to veto them. The Court's modifications to the rules are usually based upon recommendations from the Judicial Conference of the United States, the federal judiciary's internal policy-making body. At the time (1934) was adopted, federal courts were generally required to follow the procedural rules of the states in which they sat, but they were free to apply federal common law in cases not governed by a state constitution or state statute. Whether within the intent of Congress or not when adopting 28 U.S.C. 724 (1934), the situation was effectively reversed in 1938, the year the Federal Rul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States District Court
The United States district courts are the trial courts of the United States federal judiciary, U.S. federal judiciary. There is one district court for each United States federal judicial district, federal judicial district. Each district covers one U.S. state or a portion of a state. There is at least one List of United States federal courthouses, federal courthouse in each district, and many districts have more than one. District court decisions are appealed to the United States courts of appeals, U.S. court of appeals for the circuit in which they reside, except for certain specialized cases that are appealed to the United States Court of Appeals for the Federal Circuit, U.S. Court of Appeals for the Federal Circuit or directly to the Supreme Court of the United States, U.S. Supreme Court. District courts are courts of common law, law, Court of equity, equity, and Admiralty court, admiralty, and can hear both Civil law (common law), civil and Criminal law, criminal cases. B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vacate
A vacated judgment (also known as vacatur relief) is a legal judgment that legally voids a previous legal judgment. A vacated judgment is usually the result of the judgment of an appellate court, which overturns, reverses, or sets aside the judgment of a lower court. An appellate court may also vacate its own decisions. Rules of procedure may allow vacatur either at the request of a party (a motion to vacate) or '' sua sponte'' (at the court's initiative). A vacated judgment may free the parties to civil litigation to re-litigate the issues subject to the vacated judgment. Another means of having a vacated judgment would be if the defendant dies prior to all appeals being exhausted. Notable defendants having their convictions vacated under this include Kenneth Lay, the former chairman and CEO of Enron who died before sentencing, and Aaron Hernandez, a former football player who killed himself in jail before his appeals were exhausted. In the latter case, the vacatur was itself la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
