Dictionary of Law
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savings and loan :: legal definition


Savings and loan - n. a banking and lending institution, chartered either by a state or the federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. In the early 1980s savings and loans were "de-regulated," allowing them to make loans for speculative land development, removing high reserve funds requirements, and allowing their funds to participate in competition with banks. The result was use of many savings and loans for speculative and dishonest investments, lack of controls and tremendous losses to thousands of depositors. However, a properly managed, conservative savings and loan which concentrates on real estate loans guaranteed by the FHA (Federal Housing Administration) and/or sold in the secondary mortgage market can be safe, profitable and provide a valuable channel for savings into the home finance market.


Related Law Terms

bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
building and loan :: n. another name for savings and loan association. ... payment. See also: savings and loan
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
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.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
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 - S

said :: adj. a reference back to a thing that was previous ... automobile in a negligent manner."
sale :: n. transfer of something (and title to it) in retu ... contract forced sale sheriff's sale
salvage :: 1) v. to save goods. 2) n. payment to a person or ... which saves cargo from a shipwreck.
sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court
satisfaction :: n. receiving payment or performance of what is due ... n contract satisfaction of judgment
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
satisfaction of mortgage :: n. a document signed by a lender acknowledging tha ... id off the debt. See also: mortgage
save harmless :: v. 1) also called hold harmless, to indemnify (pro ... . See also: hold harmless indemnify
savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market.
scienter :: n. Latin for "having knowledge." In criminal law, ... ents were lies and thus fraudulent.
scintilla :: n. Latin for "spark." Scintilla is commonly used i ... ark) upon which to base a judgment.
scope of employment :: n. actions of an employee which further the busine ... ter and servant respondeat superior
scrivener :: n. a person who writes a document for another, usu ... r practicing law without a license.
seal :: n. a device which creates an impression upon paper ... e "sealed," but that is rare today.
sealed verdict :: n. the decision of a jury when there is a delay in ... reconvenes. See also: jury verdict
sealing of records :: n. trial records and decisions which a judge order ... eep the terms from public scrutiny.
search :: v. 1) to examine another's premises (including a v ... e search and seizure search warrant
search and seizure :: n. examination of a person's premises (residence, ... robable cause search search warrant
search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure
second degree murder :: n. a non-premeditated killing, resulting from an a ... t degree murder manslaughter murder