Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years have a set amount of interest on the loan that does not change. ARMs come in many...
commercial activities
adjusted basis
Adjusted basis is the cost basis of an asset adjusted for various events during its ownership. It is usually used to calculate an owner’s capital gain or loss for income tax purposes when the property is sold, or to calculate an inheritor’s...
adjuster
An adjuster is an agent who handles insurance related claims commonly commissioned by an insurance company. The adjuster participates in the investigation and settlement of the claim. This agent is helpful, as it is commonly understood that...
adjustment
Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties.
For tax returns, an IRS-...
adjustment date
Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate...
adjustment period
Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.
Adjustment periods are set at month-to-month, semi...
administrative expenses
Administrative expenses are defined under §507(a)(1) of the U.S. Bankruptcy Code which states that claims that are given first priority distribution are those claims allowed as administrative expenses under §503(b). Administrative expenses...
administrative forfeiture
Administrative forfeiture is an in rem (against the property) action that allows the property to be forfeited to the United States without filing a case in federal court. The administrative forfeiture process occurs before the agency seizes...
administrative warrant
An administrative warrant is a warrant obtained from a judge by an administrative body to search for violations of administrative rules and regulations. While similar to a criminal warrant, an administrative warrant requires a lower standard...
admiralty
Admiralty law (or maritime law) is the body of law that governs navigation and shipping. It includes substantive and procedural law.
Overview:Topics associated with this field in legal reference works may include: shipping...