commercial law

sum certain

Definition from Nolo’s Plain-English Law DictionaryAn amount that is directly stated in a contract or negotiable instrument (like a promissory note) at the time the document is written. For example, "I agree to pay you $500 for painting my living room."...

Supplier's lien

A type of lien that gives a security interest in property to someone who supplies materials used during work performed on that property. Essentially, a mechanic's lien by another name.

surcharge

Definition from Nolo’s Plain-English Law DictionaryAn additional charge of money made because it was omitted in the original calculation or as a penalty, such as for paying a bill late.

Definition provided by Nolo’s Plain-English Law Dictionary.

Surety

Someone who assumes direct liability for another's obligation. Financial creditors may require the debtor to find a surety, who then signs the loan agreement along with the debtor. Although similar to a guarantor, a financial surety's liability...

Tender offer

Definition

A public offer to buy shares of a corporation, usually at above market price and with the intention of gaining controlling interest in the target corporation. An acquirer making a tender offer for more than 5% of a corporation's shares is...

UCC

The Uniform Commercial Code.

UCC Financing Statement

Also known as a UCC-1 Form, this is a standardized form that a lender files with the state to secure their interest in collateral from a borrower.

When a lender lends money to a borrower, they often ask for collateral to secure the loan....

UCC-1 Form

See: UCC Financing Statement

Uniform Commercial Code

A uniform code governing commercial transactions that has been adopted in some form by every state as well as by the District of Columbia. It includes sections pertaining to sales and leases of goods, negotiable instruments, and secured transactions...

Variable annuity

Definition

An annuity — periodic payments to a recipient — that varies in amount based on the performance of the underlying investments.

Illustrative caselaw

See, e.g. NationsBank of North Carolina, N.A. v. Variable Annuity Life Ins. Co., 513 U.S....

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