Chattel Mortgage Financial Glossary
What is it? A pledge of personal property as security for a debt. Also called a security interest or financing statement. For this survey, not a mortgage.Finance Term Definition Added By: Emily
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Other Similar Finance Terms:
Financial Term Share price is The cash value of a share at any given time.Financial Term Sale and leaseback is Also called purchase leaseback. You sell an asset you already own to us for fair market value or book written down value (whichever is less) and then lease it back.
Financial Term Escrow account is Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The property owner pays a portion of the yearly taxes, insurance, etc., with each monthly payment. The lender pays the tax bill from the accumulated funds. Also called impound account or trust account.
Financial Term prior service costs is Costs that arise from amendments to defined benefit pension plans that retroactively increase benefits. In rare cases, retroactive amendments that decrease benefits can create negative prior service costs. Under FAS 87 rules, these costs are not added to the minimum pension liability reported on the balance sheets for sponsors of underfunded defined benefit pension plans. Instead, the costs are amortized over the projected remaining service lives for the employees expected to receive benefits. The amortization increases the reported benefit expense of the sponsoring firm. The unamortized portion of this off-balance sheet liability is disclosed as unrecognized prior service costs in a footnote to the financial statements.
Financial Term Share Price is The share mid price, half way between the bid and ask price.