14 terms

Lesson 16: Share with Care!

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Terms in this set (...)

co-debtor
one of two or more debtors both of whom are liable for payment of the same debt.
community property
ownership system in effect in nine states whereby each spouse owns half of any asset acquired after
marriage regardless
of which spouse acquired it.
concurrent ownership
joint ownership of a property by two or more people.
co-signor
a person who has agreed in writing to be responsible for paying another person's debt should that person default.
guarantor
a person or entity who agrees to be responsible for another's debt if the other fails to pay and the lender cannot collect the debt from the borrower.
joint credit
credit issued to two or more people with joint and equal responsibility for repaying the entire debt.
joint liability
shared and equal responsibility for an obligation.
joint ownership
shared ownership of an asset; concurrent ownership.
joint tenancy
an equal and undivided ownership of an asset by two or more people with a right of survivorship.
ownership interest
the share of an asset that a person owns.
repossession
the creditor's taking back of an asset when the borrower defaults on repayment of the loan that financed the purchase.
right of survivorship
when one joint tenant dies, their interest automatically transfers to the other joint tenant(s).
tenancy-in-common
TIC; a shared ownership in which each holder has a distinct, separately transferable interest with no right of survivorship.