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GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. COMMON LAW That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law. COLLATERAL Assets (such as your home) pledged as security for a debt. LIS PENDENS A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien. BASIS The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset. CASHIER'S CHECK (OR BANK CHECK) A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's. |
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