banking

Chapter 13 of the United States Bankruptcy Code allows individuals with regular income to develop a plan to repay some or all of their debts.

When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts.

First, a charter can be defined broadly as the highest law of an entity. More specifically:

Chattel mortgage is an antiquated term for a mortgage on movable personal property (“chattel”), such as machinery or a vehicle (as opposed to real estate), where the lender holds an interest in the property as security/collateral for the loan.

Chattel paper is a legal document that records a monetary obligation from one party to another and a security interest used in secured transactions to sell property on credit while retaining some interest in the property. (See: UCC § 9-102)

A check is a draft upon an account that is used to instruct a bank or other financial institution to transfer funds from the payor’s account (the person who has the account and signs the check) to the payee’s account.

Kiting or check-kiting is the practice of covering a bad check from one bank account to another. Persons with multiple bank accounts use this to their advantage because it takes multiple days to process checks.

Churning, which is also referred to as excessive trading, is the frequent buying and selling of securities by a stock broker using a customer’s account with the main purpose of promoting the broker’s personal gains, such as generating commission, instead of promoting the customer’s primary investment goals.

A claim in bankruptcy refers to a claim made by a creditor to establish that they are entitled to a portion of the assets of an estate which filed bankruptcy.

A closed-end loan is a loan given with a specified date that the debtor must repay the entire loan and interest.