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  2. Debt collection - Wikipedia

    en.wikipedia.org/wiki/Debt_collection

    These agencies are called "first-party" because they are part of the first party to the contract (i.e. the creditor). The second party is the consumer (or debtor). Typically, first-party agencies try to collect debts for several months before passing it to a third-party agency or selling the debt and writing off most of its value.

  3. Debt assumption - Wikipedia

    en.wikipedia.org/wiki/Debt_assumption

    Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790.The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and a scrip.

  4. Mortgage law - Wikipedia

    en.wikipedia.org/wiki/Mortgage_law

    As the mortgagee, the lender has the right to sell the property to pay off the loan if the borrower fails to pay. The mortgage runs with the land, so even if the borrower transfers the property to someone else, the mortgagee still has the right to sell it if the borrower fails to pay off the loan.

  5. Waiver - Wikipedia

    en.wikipedia.org/wiki/Waiver

    While a waiver is often in writing, sometimes a person's words can also be used as a counteract to a waiver. An example of a written waiver is a disclaimer , which becomes a waiver when accepted. When the right to hold a person liable through a lawsuit is waived, the waiver may be called an exculpatory clause , liability waiver , legal release ...

  6. Syndicated loan - Wikipedia

    en.wikipedia.org/wiki/Syndicated_loan

    The result is that the realisation of the security to pay off the called debt (if not all parties are calling the debt) is shared severally pro rata. This discourages parties from realising the debt. This is found within a ‘pro-rata sharing clause’ by forcing individual lenders to share individual recoveries which reduces incentive to cut ...

  7. Write-off - Wikipedia

    en.wikipedia.org/wiki/Write-off

    In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900.

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