Archives: Glossary Terms

A contractual arrangement under which two or more individuals or businesses firms participate as partners to share in the losses and profits of only one single specific project rather than as a continuing business relationship.

1. A final determination of a court of competent jurisdiction of a matter presented to it.
2. A money judgment is awarded to compensate for damages or to provide for the payment of a claim presented to the court.

A party who has received from the court a decree or judgment against a debtor to to have him or her pay all money due.

A party who has been issued a judgment by the court to pay the money owed.

A legal claim placed on all of the real and personal property of a judgment debtor which enables a judgment creditor to have the property of the debtor sold for payment of the amount of the judgment.

A court action to taken to collect a debt owed.

The doctrine that a court will, of its own knowledge, assume certain facts to be true without the production of supporting evidence often because they are common knowledge.

A legal concept established by a previous court decision.

A legal process that enforces a judgment lien whereby property is sold to pay the debt.

A mortgage generally for $250,000 or more. Example: Not all lenders offer jumbo mortgages and those that do may charge a higher interest rate for the loans.