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...
mortgages
Absolute-Bar Rule
Definition
Adjustable Rate Mortgage (ARM)
A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).
Adjustment Date
Definition from Nolo’s Plain-English Law Dictionary
The date the interest rate changes on an adjustable-rate mortgage (ARM). On most ARMs, the rate starts out fixed at a discount for an initial period, such as five years. Then it's reset (typically...
Adjustment Period
Definition from Nolo’s Plain-English Law Dictionary
For homeowners with an adjustable-rate mortgage (ARM), the scheduled period between changes in the interest rate. The adjustment period can be monthly, semi-annually, annually, and so forth....
Appraisal
Definition from Nolo’s Plain-English Law DictionaryA determination of the value of something, such as a house, jewelry, or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at...
Appraise
Definition from Nolo’s Plain-English Law DictionaryTo professionally evaluate the value of property, such as real estate, jewelry, antique furniture, or securities; typically done in order to determine the value of assets for insurance coverage, divide...
Appraiser
Definition from Nolo’s Plain-English Law DictionaryA professional who is hired to determine the current value of real estate or other property. Some appraisers specialize in residential houses for the purpose of setting a sales price or securing a...
Appreciate
Definition from Nolo’s Plain-English Law DictionarySee: appreciation
Definition provided by Nolo’s Plain-English Law Dictionary.
Appreciation
Definition from Nolo’s Plain-English Law DictionaryAn increase in the value or worth of an asset or piece of property that's caused by external economic factors occurring over time, rather than by the owner having made improvements or additions. For...
ARM
See: adjustable rate mortgage