DEFEASANCE CLAUSE
A mortgage provision indicating that the borrower will be given the title to the property once all mortgage terms are met. The defeasance clause is not required in states using property liens as collateral for a mortgage. In this sense, the clause is a substitute for collateral. Most states allow property liens when mortgages are issued, and don't follow the common law theory requiring a defeasance clause. In real estate, a lien gives the mortgagee the right to foreclose the property upon default of the terms in order to recoup what was owed.
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Key Rate
A specific interest rate that decides bank lending rates and the credit cost for borrowers. Discount Rate and the Federal Funds rate are the two ke ...
Pot
It refers to the portion of a stock or bond issue that investment bankers return to the underwriter so the portion can be sold to institutional inv ...
Member Firm
A broker/dealer where at least one of the main officers is a part of an exchange, either in the New York Stock Exchange (NYSE), another significant ...
Clunker
Old vehicle traded in under the US government’s cash-for-clunkers program, which was rolled out in 2009 for a newer and more fuel-efficient v ...
Form 2439
A tax form issued by the IRS that notifies a shareholder of undistributed long-term capital gains, unrecaptured section 1250 gains and small busine ...
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