NEGOTIABLE INSTRUMENTS LAW NEGOTIABLE INSTRUMENT Written contract for the payment of money‚ by its form intended as substitute for money and intended to pass from hand to hand to give the holder in due course the right to hold the same and collect the sum due PROMISSORY NOTE • unconditional promise in writing made by one person to another signed by the maker • engaging to pay on demand‚ or at a fixed or determinable future time a sum certain in money to order or to bearer
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fixture cannot easily be removed from the ground it is on unless damage is done to the object and the land. It is also propagated that a chattel is a fixture if it passes to the purchaser together with the land or it is part of the security in a mortgage agreement[1]. For one to say that an object on the land is part of the land i.e is a fixture with certainity‚ the object has to fulfil two important aspects. These are: a) Degree of annexation: this aspect considers the attachment level to the
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RELATED CASES: None. SUPPORT DOCUMENTS: None. On 11/09/2015‚ Cheryl Hanson contacted the Pasco Sheriff`s Office by telephone to report criminal mischief to her home and vehicle. Ms. Hanson advised at 0730 hours on 11/09/2015‚ she exited her home to get into her vehicle and discovered black spray paint in the rear and sides of her vehicle. As she turned around to go back into her home she observed black spray paint onf the exterior side‚ rear and front walls of her home. Ms. Hanson
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FAMOUS CASES ON NEGOTIABLE INSTRUMENTS ACT* LIABILITY OF PAYING BANKER WHEN CUSTOMER’S SIGNATURE ON CHEQUE IS FORGED 1. When the customer’s signature on the cheque is forged there is no mandate to the bank to pay. As such a banker is not entitled to debit the customer’s account on such forged cheque. In Canara Bank vs. Canara Sales Corporation and Others [(1987)2 Supreme Court Cases 666] the company has a current account with the bank which was operated by the Company’s Managing Director
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What is mortgage underwriting? Specifically‚ it is the process where a lender will analyze the application for a mortgage and either approve it or deny it. An underwriter will usually consider three important factors in determining the risk and the terms involved with the mortgage. They are collateral‚ capacity and credit. What guidelines does mortgage underwriting follow? Lenders will create the specific guidelines that should be followed. In addition‚ computer programs can help assess whether
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What role did the Accounting profession play in the recent sub prime mortgage crisis? What could they have done differently? What is a subprime loan? Subprime loans are unconventional loans designed to put as many people as possible in a home or to refinance an existing home regardless of the borrowers’ credit history. A subprime loan allows lenders to make loans whether or not the borrower has poor credit‚ no credit or even a very low Fair Isaac Corporation (FICO) score. Basically‚ subprime loans
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MORTGAGE BACKED BOND (MBB) WHAT IS IT MBBs are the third asset securitization vehicles. They differ from pass-thru and CMOs in 2 key dimensions: 1. Pass thru’ and CMOs remove mortgages from bank’s balance sheets as forms of offbalance sheet securitization. 1. MBBs normally remain on the balance sheet 2. Pass thru’ and CMOs have a direct link between the cash flows on the underlying mortgages and the cash flows on the bond vehicles 2. For MBBs‚ there is no direct link between the cash flow on
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Mortgage Crisis In 2007‚ the US economy entered a mortgage crisis that caused panic and caused other financial problems. The mortgage crisis was a result of too much borrowing and flawed financial modeling‚ largely based on the assumption that home prices only go up. The problem in this economy is that foreclosure rates were a few years ago at an all time high‚ where banks couldn’t afford to give out anymore loans and were increasing Americans mortgages. This caused a financial meltdown where not
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People have learned to distrust mortgage brokers‚ because word of mouth has told them that many of these brokers are crooks who are only in it to line their own pockets. In some cases‚ this distrust is justified. However‚ as in all businesses‚ there are many good brokers mixed among the bad‚ and the only trick is in finding one that will give you the best service at the most reasonable cost. Honest mortgage brokers can show you the tricks of the mortgage business while getting you the best loan terms
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1. I. Cause in fact‚ sine qua non R. To prove the defendant negligent‚ one has to prove that the plaintiff’s injuries would not have happened if the defendant did not place their foot on the accelerator before being rear-ended. Evidence needs to be shown that if the defendant did not move his car slightly‚ his car would not have been pushed out further into oncoming traffic and thus hitting and injuring the plaintiff. A. Because Burg’s foot was off the accelerator at the time of impact‚ it
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