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Glossary of Terms Frequently Encountered in a Debt Settlement Program
Lawsuit - a common term for a legal action by one person or entity against another person or entity, to be decided in a court of law, sometimes just called a "suit." www.law.com
Liability - n. one of the most significant words in the field of law, liability means legal responsibility for one's acts or omissions. Failure of a person or entity to meet that responsibility leaves him/her/it open to a lawsuit for any resulting damages or a court order to perform (as in a breach of contract or violation of statute). In order to win a lawsuit the suing party (plaintiff) must prove the legal liability of the defendant if the plaintiff's allegations are shown to be true. This requires evidence of the duty to act, the failure to fulfill that duty and the connection (proximate cause) of that failure to some injury or harm to the plaintiff. Liability also applies to alleged criminal acts in which the defendant may be responsible for his/her acts which constitute a crime, thus making him/her subject to conviction and punishment. Example: Jack Jumpstart runs a stop sign in his car and hits Sarah Stepforth as she is crossing in the cross-walk. Jack has a duty of care to Sarah (and the public) which he breaches by his negligence, and therefore has liability for Sarah's injuries, giving her the right to bring a lawsuit against him. However, Jack's father owns the automobile and he, too, may have liability to Sarah based on a statute which makes a car owner liable for any damages caused by the vehicle he owns. The father's responsibility is based on "statutory liability" even though he personally breached no duty. A signer of a promissory note has liability for money due if it is not paid and so would a co-signer who guarantees it. A contractor who has agreed to complete a building has liability to the owner if he fails to complete on time.
www.law.com
Lien - any official claim or charge against property or funds for payment of a debt or an amount owed for services rendered. A lien is usually a formal document signed by the party to whom money is owed and sometimes by the debtor who agrees to the amount due. A lien carries with it the right to sell property, if necessary, to obtain the money. A mortgage or a deed of trust is a form of lien, and any lien against real property must be recorded with the County Recorder to be enforceable, including an abstract of judgment which turns a judgment into a lien against the judgment debtor's property. There are numerous types of liens including: a mechanic's lien against the real property upon which a workman, contractor or supplier has provided work or materials, an attorney's lien for fees to be paid from funds recovered by his/her efforts, a medical lien for medical bills to be paid from funds recovered for an injury, a landlord's lien against a tenant's property for unpaid rent or damages, a tax lien to enforce the government's claim of unpaid taxes, or the security agreement (UCC-1) authorized by the Uniform Commercial Code. Most liens are enforceable in the order in which they were recorded or filed (in the case of security agreements), except tax liens, which have priority over the private citizen's claim. www.law.com
Mutual funds -
Mutual - 2 shared in common; joint "our mutual friend" Webster's New World Dictionary, Fourth College Edition
Fund - 2 a) a sum of money set aside for some particular purpose b) an organization that administers such a fund. Webster's New World Dictionary, Fourth College Edition
Most investment professionals agree that it is smarter to own a variety of stocks and bonds than to gamble on the successful performance of just a few. But diversifying can be tough because buying a portfolio of individual stocks and bonds can be expensive. And knowing what to buy - and when - takes time and concentration.
Mutual funds offer one solution: When you put money into a fund, it's pooled with money from other investors to create much greater buying power than you would have investing on your own.
Since a fund can own hundreds of different securities, its success isn't dependent on how one or two holdings do. And the fund's professional managers keep constant tabs on the markets, trying to adjust the portfolio for the strongest possible performance. The Wall Street Journal Guide to Understanding Money & Investing
Negotiations - [often pl.] a conferring, discussing, or bargaining to reach agreement. Webster's New World Dictionary, Fourth College Edition
NSF - abbrev. Not sufficient funds Webster's New World Dictionary, Fourth College Edition.
A bank Check having insufficient funds to back it. http://www.marketvolume.com/glossary/n0215.asp
OIC - offer in compromise - Should the IRS determine that a taxpayer is unable to set up an installment agreement, and has exhausted the search for other payment arrangements, the last option would be to file an offer in compromise. The objective of the OIC program is to accept a compromise when it is in the best interests of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements. See IRS Policy Statement P-5-100 for the complete OIC policy statement. www.irs.gov
Order - every direction or mandate of a judge or a court which is not a judgment or legal opinion (although both may include an order) directing that something be done or that there is prohibition against some act. This can range from an order that a case will be tried on a certain date, to an order that a convicted defendant be executed at the state prison. 2) v. for a judge to direct that a party before the court perform a particular act or refrain from certain acts, or to direct a public official or court employee (like a sheriff) to take certain actions such as seizing property or arresting an AWOL defendant. www.law.com
Petition - a formal written request to a court for an order of the court. It is distinguished from a complaint in a lawsuit which asks for damages and/or performance by the opposing party. Petitions include demands for writs, orders to show cause, modifications of prior orders, continuances, dismissal of a case, reduction of bail in criminal cases, a decree of distribution of an estate, appointment of a guardian, and a host of other matters arising in legal actions. 2) n. a general term for a writing signed by a number of people asking for a particular result from a private governing body (such as a homeowners association, a political party, or a club). 3) In public law, a writing signed by a number of people which is required to place a proposition or ordinance on the ballot, nominate a person for public office, or demand a recall election. Such petitions for official action must be signed by a specified number of registered voters (such as five percent). 4) v. to make a formal request of a court; to present a written request to an organization's governing body signed by one or more members. 5) n. a suit for divorce in some states, in which the parties are called petitioner and respondent. www.law.com
Plaintiff - the party who initiates a lawsuit by filing a complaint with the clerk of the court against the defendant(s) demanding damages, performance and/or court determination of rights. www.law.com
Power of Attorney - a written document signed by a person giving another person the power to act in conducting the signer's business, including signing papers, checks, title documents, contracts, handling bank accounts and other activities in the name of the person granting the power. The person receiving the power of attorney (the agent) is "attorney in fact" for the person giving the power, and usually signs documents as "Melinda Hubbard, attorney in fact for Guilda Giver." There are two types of power of attorney: a) general power of attorney, which covers all activities, and b) special power of attorney, which grants powers limited to specific matters, such as selling a particular piece of real estate, handling some bank accounts or executing a limited partnership agreement. A power of attorney may expire on a date stated in the document or upon written cancellation. Usually the signer acknowledges before a notary public that he/she executed the power, so that it is recordable if necessary, as in a real estate transaction. www.law.com
Pre-Trial Conference -
Pre - earlier than : prior to : before preparatory or prerequisite. www.meriamwebster.com
Trial - n. the examination of facts and law presided over by a judge (or other magistrate, such as a commissioner or judge pro tem) with authority to hear the matter (jurisdiction) www.law.com
Conference - a meeting of two or more persons for discussing matters of common concern. www.meriamwebster.com
Pre-Trial Hearing
Pre - earlier than : prior to : before : preparatory or prerequisite www.meriamwebster.com
Trial - n. the examination of facts and law presided over by a judge (or other magistrate, such as a commissioner or judge pro tem) with authority to hear the matter (jurisdiction). www.law.com
Hearing - n. any proceeding before a judge or other magistrate (such as a hearing officer or court commissioner) without a jury in which evidence and/or argument is presented to determine some issue of fact or both issues of fact and law. While technically a trial with a judge sitting without a jury fits the definition, a hearing usually refers to brief sessions involving a specific question at some time prior to the trial itself, or such specialized proceedings as administrative hearings. In criminal law, a "preliminary hearing" is held before a judge to determine whether the prosecutor has presented sufficient evidence that the accused has committed a crime to hold him/her for trial. www.law.com
Pro Per - short for "propria persona," which is Latin for "for oneself," ...www.law.com
Pro Se - "In one's own behalf." A person representing himself/herself in court without the benefit of a lawyer. www.legaladviseline.com
Property Lien - see lien
Prosperity - The condition of being prosperous. : The American HeritageŽ Dictionary of the English Language, Fourth Edition
Refinance - To provide new financing or new financing for, as by discharging a mortgage with the proceeds from a new mortgage obtained at a lower interest rate. The American HeritageŽ Dictionary of the English Language, Fourth Edition
Reserve Account - See Settlement Account
Response - see answer
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