1031 exchange (also called a tax-deferred exchange) refers to the ability of investors and organizations to replace one investment for a similar one instead of keeping the proceeds. For certain transactions, the exchange allows the investor...
commercial activities
30-day notice
A 30-Day notice is usually used by a landlord to terminate or change a month-to-month lease or a periodic lease. A 30-day notice does not apply to fixed-term leases, as these types of leases impose an obligation upon landlords to comply with...
341 meeting
A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s...
A/R
Definition
Abbreviation for accounts receivable.
Abandoned Application
Definition
Refers to the abandonment of a patent or trademark application. An application is removed from the docket of pending applications at the U.S. Patent and Trademark Office when the applicant (either directly or through his attorney or agent)...
Absolute-Bar Rule
Definition
A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.
Illustrative caselawSee, e.g. Beardmore v. American...
Abuse
Abuse is an action that intentionally causes harm or injures another person. This can refer to physical abuse, psychological abuse, mental abuse, or child abuse (see below).
Abuse is also to misuse something - e.g., abuse...
Accelerated Depreciation
Accelerated depreciation is any method of depreciation where the business depreciates a greater proportion of an asset’s value earlier in its life. A common accelerated depreciation method is MACRS. Compare with straight-line depreciation...
Acceleration
Acceleration means the advancing of a loan agreement's maturity date so that payment of the entire debt is due immediately. In Analytical Surveys Inc. v. Tonga Partners, L.P., United States Court of Appeals, Second Circuit stated that “‘...
Acceleration Clause
Definition
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.
OverviewAn accelerated clause is typically invoked when the borrower materially breaches the loan...