Business, Legal & Accounting Glossary
In relation to interest or taxes, describes the reduction in ownership interest reported in the income statement (profit and loss account) due to the cost of interest and tax payable.
A formal accusation of criminal activity. The prosecuting attorney decides on the charges, after reviewing police reports, witness statements and any other evidence of wrongdoing. Formal charges are announced at an arrested person’s arraignment.
n. 1) in a criminal case, the specific statement of what crime the party is accused (charged with) contained in the indictment or criminal complaint. 2) in jury trials, the oral instructions by the judge to the jurors just before the jury begins deliberations. This charge is based on jury instructions submitted by attorneys on both sides and agreed upon by the trial judge. 3) a fee for services.
In property law, this is the right of a creditor, usually the mortgage lender, to receive a cash payment to cover the debt if the property is sold.
In some cases you may have borrowed further money against the value of your home, or guaranteed a bank overdraft with your home – the financial institution is described in this instance as having a second charge on your property – putting them in line to benefit from the sale after the outstanding mortgage has been settled.
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This glossary post was last updated: 26th April, 2020 | 2 Views.