financial events

Attestation

Definition

Testimony or confirmation that something is true, genuine, or authentic. An attestation is frequently in writing. For example, a witness attests a will by signing it; his or her signature may confirm, inter alia, that he or she witnessed the...

Attestation Clause

Definition

A clause at the end of a document, in particular a will, which sets forth the legal requirements the document must satisfy, states that those requirements have been met, and is signed by one or more witnesses. An attestation clause...

Attorney in Fact

Definition

An agent authorized to act on behalf of another person, but not necessarily authorized to practice law, e.g. a person authorized to act by a power of attorney. An attorney in fact is a fiduciary. Also known as attorney-in-fact or private...

Attorney's Lien

Definition

The right of a lawyer to hold a client's property until the client pays for legal services provided. The property may include business files, official documents, and money awarded by a court. The right to an attorney's lien may come from...

Attorney-in-fact

Definition

An agent authorized to act on behalf of another person, but not necessarily authorized to practice law, e.g. a person authorized to act by a power of attorney. An attorney in fact is a fiduciary. Also known as attorney in fact or private...

Augmented Estate

The augmented estate is the value of a decedent’s estate used when the surviving spouse chooses to take an elective share, rather than what was left by will. The Uniform Probate Code calculates the augmented estate as all real and personal...

Automatic Stay

Automatic is an automatic injunction that prohibits most creditor collection activities, after debtor has filed for bankruptcy.

The stay begins at the moment the bankruptcy petition is filed, however,...

bailout

A bailout is when the government gives financial support to rescue a company that is in financial trouble and possibly at risk for bankruptcy. The bailout enables the survival of the company. The need for a bailout often arises out of a financial...

Balloon Mortgage

A balloon mortgage is a mortgage whose payments are not large enough to pay off the entire mortage during its amortization period. Thus, the borrower must make an extra-large payment at the end of the amortization period to fully pay off the loan. For...

balloon payment

The final, oversized payment due at the maturity date of a loan. Typically used in car or home loans, the balloon payment consists of the remaining balance due under a loan, including any unpaid principal and interest.

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