A judgment debtor is a person or entity who owes an amount of money due to a judgment that has not been paid or executed. The debt is owed to a judgment creditor, who may obtain discovery against the judgment debtor to aid in execution of the...
money and financial problems
judgment lien
A judgment lien is a claim on a debtor’s property created via a judgment against a defendant when they fail to pay a debt. The lien creates a security interest in the debtor’s property until the obligation to the creditor is satisfied or the...
jumbo loan
A jumbo loan, or jumbo mortgage, is a mortgage loan that exceeds the limit set by the Federal Housing Finance Agency (FHFA). The 2023 FHFA limit for a single-family home in most states is $726,200. There are exceptions for high-cost areas...
junior lien
A junior lien is a security interest on a property that is subordinate to another security interest. The prioritized security interest is called a senior lien and paid back in full prior to payment of the junior lien. If the debtor becomes...
Keogh plan
Keogh plans (also called qualified retirement plans, H.R. 10 plans, or self-employed retirement plans) are a type of ERISA retirement plan for self-employed individuals and employees of some private businesses. The plans allow tax-deferment...
kickbacks
A "kickback" is a term used to refer to a misappropriation of funds that enriches a person of power or influence who uses the power or influence to make a different individual, organization, or company richer. Often, kickbacks result from a...
kiter
A kiter is a person who kites checks.
[Last updated in June of 2023 by the Wex Definitions Team]
kiting
Kiting or check-kiting is 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 deposited...
labor lien
A labor lien, or laborer’s lien, is a type of lien that gives laborers a security interest in property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.
[Last updated in June...
laborer's lien
A laborer’s lien, or labor lien, is a type of lien that gives laborers a security interest in property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.
[Last updated in June...