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Under joint and several liability or (in the U.S.) all sums, a plaintiff (claimant) is entitled to claim an obligation incurred by any of the promisors from all of them jointly and also from each of them individually. Thus the plaintiff has more than one cause of action: if she pursues one promisor and he fails to pay the sum due, her action is ...
A new joint loan increases the amount of debt you owe, raising your debt-to-income ratio. Even if the new account positively affects your credit score, it could reduce your borrowing capacity for ...
A solidary obligation, or an obligation in solidum, is a type of obligation in the civil law jurisprudence that allows either obligors to be bound together, each liable for the whole performance, or obligees to be bound together, all owed just a single performance and each entitled to the entirety of it. In general, solidarity of an obligation ...
In a direct auto loan, a bank lends the money directly to a consumer. In an indirect auto loan, a car dealership (or a connected company) acts as an intermediary between the bank or financial institution and the consumer. Other forms of secured loans include loans against securities – such as shares, mutual funds, bonds, etc.
Here are some things you should consider before you take out a loan with your significant other.Image source: Getty Images.
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common-law lien—a lien arising under the common law, rather than by statute, equity, or agreement between the parties. concurrent lien—means one of two or more liens over the same property. consummate lien (United States)—a judgment lien arising after the denial of a motion for a new trial.
Wraparound mortgage – If a seller still has a mortgage on the home, they could offer a wraparound loan, meaning the buyer’s mortgage “wraps around” theirs. In effect, the buyer makes ...