Glossary
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Z
A legal expression used to indicate that two or more parties each
are fully liable rather than together fully liable. For example,
if two individuals execute joint and several guaranties, either
one can be asked to repay the entire amount of the guaranteed debt.
A sum due for payment or collection as a result of a court order.
A provision in bank promissory notes or guaranties. In this clause,
the borrowers or guarantors authorize the bank to create a judgment
lien at any time after the documents have been executed. The bank
only has to take the documents to a court. Many states prohibit
judgment clauses.
See judicial lien.
An interest in property acquired from a judicial or court proceeding.
A judicial lien is usually the result of a judgment that a winning
party of a lawsuit receives in the form of a court order. See consensual
lien and statutory lien for alternative types of liens.
An informal name for certificates of deposit of $100,000 or larger.
In order to include accrued interest within the $100,000 federal
deposit insurance coverage, some banks issue $98,000 jumbo CDs.
A Z tranche in a real estate mortgage investment conduit (REMIC)
that is permitted to receive principal payments before prior tranches
are retired.
A creditor holding junior debt.
Obligations of an issuer for which repayment has contractually been
given a priority that is lower than the repayment priority of other
debts of the same obligor. This arrangement may arise from either
a specific subordination agreement or a public issuance of subordinated
debt instruments.
See equity tranche.
An informal name for high-yield securities with quality ratings
below investment grade (i.e., rated lower than Baa).
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