LAW CH. 39 TERMS

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lecaly
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118861
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LAW CH. 39 TERMS
Updated:
2011-12-03 10:52:07
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LAW 39 TERMS
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LAW CH. 39 TERMS
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  1. Bonding company
    paid surety
  2. Coguarantors


    Cosureties
    two or more people jointly liable for another’s obligation

    one of two or more people jointly liable for another's debt, default, or obligation
  3. Consumer goods
    items purchased for personal, family, or household purposes

    goods intended primarily for personal, family or household use
  4. Contribution
    right of coguarantor to recover excess of proportionate share of debt from other coguarantor(s)

    right of a cosurety to seek reimbusrsement from other sureties for their proportionate share of a debt paid by the cosurety
  5. Creditor
    party who receives guaranty

    a business or individual to whom a debt is owed
  6. Equipment
    goods for use in business

    goods intended primarily to be used in a business,profession, or farming concern
  7. Exoneration
    guarantor’s right to have creditor compel payment of debt

    right of a guarantor or surety to be relased from a debt because a creditor wrongfully failed to demand payment from a principal debtor when the debt was due
  8. Fidelity Bond
    suretyship for someone who handles another’s money
  9. Financing statement
    writing with signatures and addresses of debtor and secured party and description of collateral

    writing that is filed with an appropriate public office to perfect a security interest in certain types of collateral
  10. Fixture
    • personal property attached to real estate
    • goods that are permanently attached to real estate
  11. Guarantor


    Surety


    Guaranty
    party who agrees to be responsible for obligation of another
  12. agreement by a third party to be secondrailty liable for the debt of another
  13. Indemnity
    • right of guarantor to be reimbursed by principal
    • compensation for loss sustained
    • right of a surety or guarantor to be reimbursed by the principal
  14. Inventory


    Merchandise
    articles purchased with intention of reselling or leasing

    goods purchased for resale at a profit

    good intended primarily for sale or lease by a debtor
  15. Perfected security interest
    seller’s right to collateral that is superior to third party’s right


    security interest that gives a secured party priority to collateral over most other parties who subsequently acquire an interest inthe collateral
  16. Principal
    party primarily liable to third person or creditor


    party who has the origingal, primary liability to pay a debt
  17. Redemption
    right to free property from lien of mortgage

    buying back one's property after default
  18. Subrogation
    • right of insurer to assume right of insured
    • right of a surety or guarantor to enforce a creditor's claim agains a principal
  19. Secured credit sale
    sale in which seller retains right to repossess goods upon default
  20. transactions whereby a seller may retake goods sold to a debtor on credit if the debtor fails to pay
  21. Security agreement
    written agreement signed by buyer that creditor has a security interest in collateral

    agreement signed by a debtor that grants a security interest in collateral to a secured party
  22. Suretyship
    agreement by a party to be primarily liable for another person's debt

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