A responsibility where two or more parties are liable for the full payment of a debt or obligation and where the creditor may enforce payment against all of the parties together (jointly) or against each individually (severally).

An equal undivided ownership interest of a property by two or more natural persons each of whom has the right, called the right of survivorship, upon the death of one joint tenant to the automatic succession of the title of the deceased tenant.

A contractual arrangement under which two or more individuals or businesses firms participate as partners to share in the losses and profits of only one single specific project rather than as a continuing business relationship.

1. A final determination of a court of competent jurisdiction of a matter presented to it.
2. A money judgment is awarded to compensate for damages or to provide for the payment of a claim presented to the court.

A party who has received from the court a decree or judgment against a debtor to to have him or her pay all money due.

A party who has been issued a judgment by the court to pay the money owed.

A legal claim placed on all of the real and personal property of a judgment debtor which enables a judgment creditor to have the property of the debtor sold for payment of the amount of the judgment.

A court action to taken to collect a debt owed.

The doctrine that a court will, of its own knowledge, assume certain facts to be true without the production of supporting evidence often because they are common knowledge.

A legal concept established by a previous court decision.

A legal process that enforces a judgment lien whereby property is sold to pay the debt.

A mortgage generally for $250,000 or more. Example: Not all lenders offer jumbo mortgages and those that do may charge a higher interest rate for the loans.

A lien on a different loan involving the same property that is placed after an earlier-placed lien.

A mortgage recorded later than another mortgage on the same property and whose claim against the property will be settled only after the earlier-recorded mortgage has been satisfied.

The clause written at the foot of an affidavit stating when, where and before whom such affidavit was sworn.

A political subdivision with power to govern its own affairs.

The amount paid to the owner of a property when it has been acquired under eminent domain. See Condemnation. Example: Property is condemned to construct a sewage treatment plant. The owner is entitled to just compensation equal to the fair market value of the property taken.