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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Claim


Synonyms:case, litigation, reserved right, right to demand
Filed Under: financial-banking, insurance, legal-contracts
Tags: banking, contract, insurance, legal
 

Definition of claim

claim
1. A creditor's demand for something due usually a payment from a debtor or the debtor's property. A claim can also be a demand for payment in accordance with an insurance policy or other formal arrangement.

Related Terms and Acronyms:

  • abstract of judgement   A court document that states how much the loser of a lawsuit owes, and which creates a lien, or a claim on property, when filed with the county recorder where the property is owned.
  • asset case   A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
  • certificate of sale   An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
  • certificate of title   A written document stating that the title to a piece of property is legally vested in the present owner.
  • contract   An agreement between two or more parties that can be enforced by law.
  • contract for deed (CFD)   An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
  • deed (D)   A document that provides title to property and is filed with a country recorder.
      ➥  Used to transfer ownership of assets, often land or automobiles.
  • lien   A legal hold or claim of a creditor on the property of another.
  • mortgage lien   A legal claim against a mortgaged property which must be paid when the property is sold.
  • unsecured claim   A claim or debt where the creditor has no guarantee of repayment because collateral is not required from the borrower. Credit is granted solely on an assessment of the debtor's future ability to repay the claim or debt.

More Related Terms and Acronyms

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