by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Chapter 12 Bankruptcy? Chapter 12 is a chapter of the US Bankruptcy Code that is applicable to family farmers or family fishermen. It allows for restructuring or reorganization of the debtor’s debts.
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Limited Recourse Debt? A limited recourse debt refers to a debt which a lender has limited claims if the borrower happens to default. Generally, it means that there is a legal claim against collateral posted to secure the loan, but the debtor cannot be held...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is the Automated Clearing House (ACH)?The Automated Clearing House (ACH) Network refers to an electronic funds-transfer system operated by NACHA since 1974, previously the National Automated Clearing House Association. This method of payment deals with direct...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Concession Agreement?A concession agreement is a contract between two parties where one party grants the other the rights to operate a particular business under certain conditions. In a concession agreement, land, property and other rights are negotiated...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is a Sight Letter Of Credit? A sight letter of credit is a business document that traders use to verify the payment for goods and services. Read more about how a Letter of Credit works. The letter of credit is payable as soon as the necessary documents are...
by Jason M. Gordon | Feb 23, 2025 | Commercial Law: Contract, Payments, Security Interests, & Bankruptcy
What is the Cooling-Off Rule? The cooling off rule is applicable to consumer protection, insurance, and finance. Under consumer protection law, the cooling-off rule is a rule that the Federal Trade Commission (FTC) uses to protect consumers when transacting with...
