Casualty insurance provides protection against the financial impacts arising from accidents, injuries, and legal liabilities, safeguarding both personal and business interests from unexpected losses.
CERCLA, also known as Superfund, is a United States federal law designed to clean up sites contaminated with hazardous substances and pollutants. This act provides a federal 'Superfund' to clean up uncontrolled or abandoned hazardous-waste sites and accidents, spills, and other emergency releases of pollutants and contaminants into the environment.
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is a federal law aimed at the cleanup of sites contaminated with hazardous substances and pollutants. Also known as Superfund, it imposes strict joint and several liability on potentially responsible parties (PRPs) for site remediation.
Credit in real estate finance pertains to the availability of borrowed money and the trust extended by lenders to borrowers. It also includes accounting implications, reflecting liabilities or equity on the right side of the ledger.
A disclaimer is a statement that rejects responsibility or renunciation of ownership concerning a specific matter. In real estate, disclaimers are commonly used in financial documents and ownership claims.
Force majeure refers to an inevitable or unforeseeable event beyond the control of a contractual party, which prevents the performance of contractual obligations, often included in contracts as a protective clause to release the affected party from liability due to non-performance or delayed performance.
A General Partner is a member of a partnership whose liability is not limited. In any standard partnership, all partners are general partners by default, whereas a limited partnership must have at least one general partner.
Incorporating refers to the process of forming a corporation under state regulations or providing a geographic area with the legal status of a political subdivision. Incorporation can protect personal assets by limiting liability to the assets owned by the corporation.
Indemnify refers to the act of protecting another party against loss or damage, typically through compensation. This term is commonly used in insurance and real estate transactions to ensure that financial loss is mitigated.
Insurable interest is a financial stake in an entity or event such that the loss of that entity or the occurrence of the event would cause a financial loss to the interested party. It is a prerequisite for purchasing insurance and claiming benefits on a policy.
A legal entity is an individual, company, or organization that has legal rights and obligations, including the ability to enter into contracts, sue and be sued, own assets, and borrow money.
In real estate, liability refers to any legal debts or financial obligations incurred during the course of business. It stands in contrast to assets, which represent ownership of resources or properties.
The term 'liable' refers to being responsible or obligated, especially in the context of financial and legal commitments within the realm of real estate. It often indicates a party that is legally bound to uphold agreements or settlements.
Ownership form methods influence various aspects of real estate management including income tax, estate tax, continuity, liability, survivorship, transferability, disposition at death, and bankruptcy.
A partnership is an agreement between two or more entities to enter into a business or investment together, where each partner may bind the other within the scope of their arrangement, and all partners share liability for the partnership's debts.
Potentially Responsible Parties (PRPs) refer to individuals or entities that are legally liable for contamination and remediation of hazardous waste sites under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).
SUPERFUND is the commonly used name for CERCLA, the federal environmental cleanup law. It mandates the cleanup of contaminated sites and holds responsible parties accountable for the costs.
Voidable refers to a legal agreement or contract that is valid and enforceable until one party who is entitled to void it exercises the right to do so. Unlike void contracts, voidable contracts require action to be considered invalid.
