Dictionary of Law

acceleration clause :: legal definition

Acceleration clause - n. a provision in a contract or promissory note that if some specified event (like not making payments on time) occurs then the entire amount is due or other requirements are due now, pronto. This clause is most often found in promissory notes with installment payments for purchase of real property and requires that if the property is sold then the entire amount of the note is due immediately (the so-called "due on sale clause"). Some states prohibit "due on sale" and always allow the new property owner to assume the debt.

See also: acceleration assumption and Related Law Terms ↓

Related Law Terms

abstract of title :: n. the written report on a title search which show ... e also: chain of title title report
attachment :: n. the seizing of money or property prior to getti ... bond. See also: writ of attachment
attorney's fee :: n. the payment for legal services. It can take sev ... ees in the particular type of case.
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
demand :: 1) v. to claim as a need, requirement or entitleme ... pay is made. See also: demand note
demand note :: n. a promissory note which is payable any time the ... allments. See also: promissory note
discount :: n. the payment of less than the full amount due on ... now-the difference is the discount.
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
grandfather clause :: n. 1) a clause in a statute or zoning ordinance (p ... Such laws are now unconstitutional.
hit and run :: n. the crime of a driver of a vehicle who is invol ... , and then walks back to the scene.
holder :: n. a general term for anyone in possession of prop ... older in due course promissory note
inverse condemnation :: n. the taking of property by a government agency w ... e also: condemnation eminent domain
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
make :: v. 1) to create something. 2) to sign a check, pro ... xchange check maker promissory note
maker :: n. 1) the person who signs a check or promissory n ... : check payee payor promissory note
market value :: n. the price which a seller of property would rece ... ich are often called "comparables."
maturity :: n. 1) the date when the payment of the principal a ... exchange legal age promissory note
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
note :: n. a promissory note, a written statement of debt ... the note. See also: promissory note
option :: n. a right to purchase property or require another ... ng or upon expiration of the lease.
payment in due course :: n. the giving of funds to the holder of a promisso ... nds. See also: holder in due course
presentment :: n. 1) making a demand for payment of a promissory ... ee also: Grand Jury promissory note
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
security deposit :: n. a payment required by a landlord from a tenant ... lso: landlord and tenant lease rent
sheriff's sale :: n. an auction sale of property held by the sheriff ... so: execution forced sale levy writ
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
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forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
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mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - A

a fortiori :: (ah-for-she-ory) prep. Latin for "with even strong ... rother Cain certainly is too young.
a priori assumption :: (ah-pree-ory) n. from Latin, an assumption that is ... when the reality is not so certain.
a.k.a. :: prep. abbreviation for "also known as" when someon ... nodgrass, a.k.a. "Snuffy the Snod."
ab initio :: prep. lawyer Latin for "from the start," as "it wa ... tart," as "it was legal ab initio."
abandon :: v. to intentionally and permanently give up, surre ... lso: abandoned property abandonment
abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abate :: v. to do away with a problem, such as a public or ... ty septic tank. See also: abatement
abatement :: n. 1) the removal of a problem which is against pu ... eneficiary in full. See also: abate
abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abet :: v. to help someone commit a crime, including helpi ... n the crime. See also: aid and abet
abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
able-bodied :: adj. physically capable of working at a job or in ... of paying alimony or child support.
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abrogate :: v. to annul or repeal a law or pass legislation th ... ons of a contract. See also: repeal
abscond :: v. 1) traditionally to leave a jurisdiction (where ... as in "he absconded with the loot."
absolute :: adj. complete, and without condition. ... j. complete, and without condition.
abstention doctrine :: n. when the Supreme Court refuses to exercise its ... being appealed from a state court.
abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien