Debtor-creditor law governs situations where one party, known as the debtor, is unable to pay a monetary debt to another, known as the creditor. Debtor-creditor law typically plays out through bankruptcy proceedings.
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money and financial problems
deed
A deed is a legal document that grants ownership to a piece of real estate or other property asset. A deed transfers the title of an asset to a new owner, and it is usually recorded in the local county clerk’s office. Recording is a way to...
default
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision....
dependent
Dependent has multiple legal meanings. Generally, “dependent” refers to an individual who relies on support from another individual and usually cannot exist or sustain themselves independently without the aid or support of someone else....
dependent relevant revocation (DRR)
Dependent relevant revocation (DRR - also known as ineffective revocation) is a doctrine in estates and trusts law.
DRR renders the revocation of a previous will invalid if the testator did so by executing a new will, and...
dependents benefits
Dependents benefits are social security proceeds which may be received by those who rely on the primary recipient’s income. Dependents benefits often take the form of survivor benefits, although in some circumstances dependents may receive...
depository
A depository is the place where deposits are placed for safekeeping purposes. A depository oftentimes refers to banks, savings and loan institutions, credit union and trust companies. The term depository is also used to refer to institutions...
depreciation
Depreciation refers to the reduced value of something over time due to wear and tear. Many items, from appliances to major construction machinery, lose value over time and eventually must be replaced.
Large items can affect...
design professional's lien
A design professional’s lien is a type of lien that gives a security interest in property to someone who expends design services in connection with that property. Who qualifies as a design professional depends on the state, but architects,...
devisee
A devisee is a person who receives a gift of some interest in real property from a decedent's will.
[Last updated in August of 2022 by the Wex Definitions Team]