Commercial law is the body of law which governs the broad areas of business, commerce, and consumer transactions. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods.
What is Redemption?
Redemption is a legal term that describes a debtor’s action of reclaiming collateral that a creditor took legal possession of pursuant to the terms of a secured loan. Typically, a …
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What is the Retail Installment Sales Financing Act?
A Retail Installment Sales Financing Act is a state law that governs retail installment contracts. A retail installment contract is one where the lender maintains title to the property, such …
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Legal Articles
What Is Fraudulent Conveyance and How Can I Avoid it?
The Classic Fraudulent Conveyance The classic fraudulent conveyance occurs when a person intentionally transfers property to another with the intent to defraud, hinder, or delay a creditor’s ability to collect on a debt. For example, let’s say a car dealership finances a car for a buyer based on the buyer’s credit report and bank account funds. Later, the buyer transfers his …
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Secured Transactions: Which Party is Secure?
Americans know how hard it can be to get a loan. Even in good economic times, responsible lenders may be cautious about lending money if they are concerned about a borrower’s ability to repay the loan. Many lenders, therefore, decide to take a security interest in the personal property which is being purchased with the loan money. A loan that is issued with collateral that …
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