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Universal default is a now-banned practice in the United States financial services industry whereby a creditor would change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another unrelated lender, even though the customer has not ...
Titus authored a bill banning "universal default clauses" that have enabled some credit card issuers to boost interest rates by 30% or more. The bill passed the Senate and Assembly, but was vetoed by Gibbons. Credit card providers Citibank and Chase rolled back or eliminated universal default clauses due to political pressure in the U.S ...
The universal default rule of parliamentary bodies is that a majority of the quorum may take action [17] and therefore the power of the house "[arises] when a majority are present." [ 18 ] In concluding their analysis of the first question, the Court stated that " a majority shall be a quorum to do business; but a majority of that quorum is ...
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G.L. Christian and Associates v. United States (312 F.2d 418 (Ct. Cl. 1963), cert. denied, 375 U.S. 954, 84 S.Ct. 444) is a 1963 United States Federal Acquisition Regulation (FAR) court case which has become known as the Christian Doctrine.
The United States Constitution and its amendments comprise hundreds of clauses which outline the functioning of the United States Federal Government, the political relationship between the states and the national government, and affect how the United States federal court system interprets the law. When a particular clause becomes an important ...
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
Negative pledge clauses are almost universal in modern unsecured commercial loan documents. The purpose is to ensure that a borrower, having taken out an unsecured loan , cannot subsequently take out another loan with a different lender, securing the subsequent loan on the specified assets.