Chapter 9 of the U.S. Bankruptcy Code provides a legal remedy for insolvent municipalities to "provide adequate municipal services" to residents (In re City of Detroit). Specifically, the provisions permit municipalities to file for...
money and financial problems
charge
In criminal cases, a charge is a formal accusation of criminal activity. The prosecuting attorney decides on the charges, after reviewing police reports, witness statements, and any other evidence of wrongdoing. Formal charges are announced at an...
charging lien
A charging lien is defined as a type of attorney's lien under which a lawyer acquires an interest in a judgment awarded to the client. This may mean that the lawyer can eventually claim a portion of any money paid to the client due to the...
check-kiting
Kiting or check-kiting is defined as the practice of covering a bad check from one bank account to another. Persons with multiple bank accounts use this advantage because it takes multiple days to process checks. The check that has been...
civil case
A civil case is a private, non-criminal lawsuit, usually involving private property rights, including respecting rights stated under the Constitution or under federal or state law. For example, lawsuits involving breach of contract, probate,...
claim in bankruptcy
A claim in bankruptcy refers to a claim made by a creditor to establish that they are entitled to a portion of the assets of an estate which filed bankruptcy.
Filing a claim in bankruptcy is necessary if a creditor wants to...
codicil
Codicil is a supplement that either amends or revokes a decedent’s will in whole or in part. A codicil does not replace the underlying will.
[Last updated in July of 2022 by the Wex Definitions Team]
coinsurance
Coinsurance is a risk-sharing agreement between the insurer and the insured under a particular insurance policy. The insured agrees to cover a percentage of the losses after the deductible is satisfied, which means that the insured must pay...
collateral
Collateral is an item of value, such as property or assets, that is pledged by an individual (borrower) in order to guaranty a loan. Upon default, the collateral becomes subject to seizure by the lender and may be sold to satisfy the debt....
collateral source rule
The collateral source rule is a legal doctrine in tort law that prohibits the admission of evidence showing that the plaintiff or victim has received compensation from sources other than the damages sought against the defendant. This rule...