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Showing posts from May, 2020

PROMISSORY NOTES

PROMISSORY NOTES   HISTORY OF PROMISSORY NOTES Promissory notes have had an interesting history. At times, they have circulated as a form of alternate currency, free of government control. In some places, the official currency is in fact form of promissory note called a demand note (one with no stated maturity date or fixed term, allowing the lender to decide when to demand payment). In the United States, however, promissory notes are usually issued only to corporate clients sophisticated investors. Recently, however, promissory notes have also been also seeing increasing use when it comes to selling homes and securing mortgages.     WHAT IS PROMISSORY NOTES? "Promissory note" —  A "promissory note" is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument. The terms of th

ABUSE OF DISCRETION

  ABUSE OF DISCRETION     LEGAL DEFINITION OF ABUSE OF DISCRETION An error of judgment by a trial court in making a decision that is clearly unreasonable, inaccurate, or arbitrary and not justified by the facts or the law applicable to the case   OR   Failure to properly consider the facts and the law relating to a particular case, An Arbitrary or unreasonable departure from prior and settled judicial custom.           ERROR BY TRIAL COURT Where a trial court must use discretion in deciding a question, it must do so in a way that is not clearly against logic and evidence. An unfair practice is an error of law and grounds for reversing judgment on appeal of discretion. However, this does not necessarily amount to bad faith, willful wrongdoing, or misconduct by the trial judge.   For example , the traditional standard of appellate review for questions relating to evidence arising during a trial is the "abuse of discretion" standard. Most judicial determination

MORTGAGE

  MORTGAGE INTRODUCTION A legal agreement that discloses a lender (mortgagor) a conditional right of ownership over a property as security for a loan. The security interest of the lender is recorded in the register of title documents to make it public notice and is reduced to zero when the loan is repaid in full. Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common. When personal property (equipment, cars, jewelry, etc.) is mortgaged, it is called a chattel mortgage. In the case of equipment, real property and vehicles, the right of possession and use of the mortgage object rests with the mortgagee in general but (unless specifically prohibited in the mortgage agreement) the mortgagee has the right to take over ( By following the prescribed) procedure) to protect the interests of his security at any time. In practice, however, courts generally do not enforce this right when it includes a dwelling house, and it is l