Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. There are three types of creditors. First are those who have a lien against a particular piece of property. This...
money and financial problems
Debtor and Creditor
debtor and creditor: an overview
Fair Debt Collection Practices Act
Background
A creditor may seek to collect an outstanding debt in several ways. However, because of “abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors,” 15 U.S.C. § 1692, in 1978, Congress...
Keogh plan
Definition
A tax-deferred retirement plan primarily for the self-employed. Also called H.R. 10 plan and self-employed retirement plan.
Illustrative caselawSee, e.g. Raymond B. Yates, M.D., P.C. Profit Sharing Plan v. Hendon, 541 U.S. 1 (2004).
...Kiter
Definition
A person who kites checks.
Illustrative caselawSee, e.g. Williams v. United States, 458 U.S. 279 (1982).
See alsoNegotiable instruments
Kiting
Definition
A crime involving writing a check on an account, Account A, with insufficient funds and depositing it in another account, Account B, and then writing a check on Account B and depositing it in Account A to cover the first check written on...
Malfeasance
Intentional conduct that is wrongful or unlawful, especially by officials or public employees. Malfeasance is at a higher level of wrongdoing than nonfeasance (failure to act where there was a duty to act) or misfeasance (conduct that is lawful but...
Marital Settlement Agreement
Allows divorcing spouses to agree to the terms of their divorce. The agreement generally can cover property division, spousal (maintenance) support, child custody and visitation arrangements, and any other issues relevant to the divorcing couple....
Mortgage
Mortgage Law: An Overview
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in...
Ponzi scheme
A type of investment fraud in which investors are promised artificially high rates of return with little or no risk; original investors and the perpetrators of the fraud are paid off by funds from later investors, but there is little or no actual...
Qualified indorsement (endorsement)
Definition
An indorsement — the placement of a signature on the back of a negotiable instrument — coupled with an additional phrase, e.g. "without recourse" or "for deposit only," limiting the liability of the indorser (signer) in the event the...