Bottomry, also known as a bottomry bond, is a contract where a shipowner provides his or her ship as security for a loan to finance a voyage or for a certain period of time. The shipowner usually uses the loan for maritime (i.e. sea-related) risks (e.g. repairs, equipment, emergencies) during the voyage.
A cap is a set limit on some form of income, interest, fees, loan, or benefit. Examples of caps:
Color of title refers to a document or other instrument that appears to be a legitimate claim of title to a piece of land, but due to a title defect, cannot transfer or
Concurrent estates are estates that are either owned or possessed by two or more individuals simultaneously. Concurrent estates include tenancy in common, joint tenancy, and tenancy by the entirety
A conforming loan is a mortgage that is below the conforming loan limit established by the Federal Housing Finance Agency (FHFA) and abides by other restrictions of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Corporation).
A construction lien, also known as a mechanic’s lien, laborer’s lien, or artisan’s lien, is a type of lien that gives contractors a
Contingent means that an event may or may not occur in the future, depending on the fulfillment of some condition that is uncertain. This term is often used in contracts where the event will not take effect until the specified condition occurs. The opposite term is vested, which means that an event is definite and unconditional.
When a person cosigns, they sign a document with the primary borrower, agreeing to share the responsibility of a financial obligation. Should the primary borrower not be able to pay for the good, the cosigner will be responsible for paying for the good.
