INFO FROM BOOK Flashcards
One Acre is how many feet
43,560 feet
One mile is how long in feet
5,280 feet long
One square mile is contains how many acres
640
One section is…
One mile square, containing 640 acres
One standard township is …..
6 miles square (36 square miles)
what does it mean to hypothecate
Provide title to a property as security for a loan without giving up possession
what are 2 major components of a loan?
The promissory not and a security device that pledges the property as security
what is a promissory note?
A basic instrument used to evidence the obligation or debt
what is the principal in respects of finance?
It is the dollar amount of the loan (loan balance)
what is the interest?
it is the rent charged for the use of money
What is a straight note?
it is a promissory note in which a borrower repays the principal in one lump sum, at maturity, while interest is paid in installments or at maturity, all due at once.
What is a negotiable instrument?
Any financial document (promissory note, check, or other) that can be passed easily from one person to another, if it meets certain legal requirements.
what makes up a negotiable instrument?
an unconditional promise, in writing, made by one person to another, signed by the maker, payable on demand or on a set date, for a set amount of money ( a personal check)
What is a holder in due course
Is one who has taken a negotiable instrument from another, in good faith without knowledge of defect
