Purchase-money collateral refers to collateral that was purchased completely or in part by the debtor with the funds given to create a security interest in the collateral. For example, if a debtor granted an appliance store a security...
money and financial problems
purchase-money security interest
Purchase-money security interest (PMSI) refers to security interests in purchase-money collateral. Purchase-money collateral is the collateral that was purchased completely or in part by the debtor with the funds given to create a security...
pure per stirpes
Pure per stirpes is a system of determining the descendants of individuals who have died intestate. Under a per stirpes (Latin for “by branch”) system, when an individual dies intestate, any part of the intestate estate not passing to the...
qualified domestic relations order (QDRO)
Under the Employee Retirement Income Security Act ("ERISA") a qualified domestic relations order (QDRO) is a domestic relations order, i.e., a judgment, order, or decree for alimony, support, or marital property rights, which must transfer...
qualified domestic trust
A qualified domestic trust (QDOT) is a trust created for a surviving spouse who is a non-U.S. citizen to qualify for the marital deduction. It allows a non-U.S. citizen married to a U.S. citizen to be eligible for an unlimited marital...
qualified indorsement (endorsement)
Qualified indorsement (or endorsement) is an indorsement that passes title to a negotiable instrument with certain restrictions. It is an indorsement coupled with an additional phrase, e.g. "without recourse," thereby limiting the liability...
qualified plan
A qualified plan refers to employer-sponsored retirement plans that satisfy requirements in the Internal Revenue Code for receiving tax-deferred treatment. Most retirement plans offered by employers qualify including defined contribution...
qualified retirement plan
A qualified retirement plan refers to employer-sponsored retirement plans that satisfy requirements in the Internal Revenue Code for receiving tax-deferred treatment. Most retirement plans offered by employers qualify including defined...
qualified terminable interest property (QTIP) trust
Qualified terminable interest trusts (QTIP trusts) are an estate planning tool used to maximize a couple’s applicable exclusion amounts while qualifying for the marital deduction. Full property interest transfers to spouses do not trigger...
quantum meruit
Quantum meruit is Latin for "as much as one has deserved." Quantum meruit is an equitable remedy that provides restitution for unjust enrichment, often employed in contract law.
Quantum meruit damages are awarded in an...