Examlex
A corporation is a separate legal entity that exists apart from its owners.
Proper Use
The appropriate, intended, or correct manner of utilizing something according to guidelines, laws, or specifications.
Chattel Mortgage
A loan arrangement where personal movable property is used as security for the loan.
Promissory Note
An economic document that includes a binding commitment from one party to another to deliver a specific amount of funds, payable either upon request or at an agreed-upon date in the future.
Defaulted
The failure to meet legal obligations or conditions, such as not making the required payments on a loan.
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