What is Adjusted Gross Income (AGI)? Adjusted gross income is ascertained from your gross income and used to ascertain how much tax you need to pay on your income. In the U.S., it is the premises for ascertaining the tax bill of a filer, and one can receive many credits and deductions based on AGI. There are many softwares that help in assessing AGI...

What are the Articles of Incorporation? The articles of incorporation are the documents used to establish the corporate entity. The incorporator files the articles with the Secretary of States Office. The state issues a certificate of incorporation recognizing the corporations existence. The filing fee is generally between $100 and $500, depending u...

What is the Hulbert Financial Digest? The Hulbert Financial Digest was a newsletter that tracked the market performance of other investment newsletters (assuming a hypothetical investor followed each one to the letter). Interestingly, the long-term findings of this newsletter was that few investors will beat the return on the market by active invest...

What is a Banker's Acceptance? A banker's acceptance (BA) is a debt instrument which is guaranteed by a commercial bank and issued by an individual company. A bankers acceptance represents the commitment of a commercial bank to make a payment in the future. A bankers acceptance can also be referred to as a commercial bank draft which reflects the co...

What is Attornment? Attornment is the agreement that a tenant consents to acknowledge a person who purchases an estate that the tenant has leased as his new landlord. Restated, when the owner of leased property sells the property to a third party, attornment is the transfer of authority as landlord to the purchaser. How Does Attornment Work? Accordi...

What is a Claim of Wrongful Termination? An employee who was unlawfully dismissed from work can file a wrongful termination claim. When an employer illegally terminates the job of an employer which is contrary to the terms of the employment contract, wrongful termination claim can be filed against such employer in the court. Wrongful termination is ...

When is an individual (including businesses) liable for a representative signing a negotiable instrument? If a representative (an agent) signs a commercial instrument on behalf of a the represented person or business (the principal), the principal is bound and made liable by the representative signing either the principals name or the agents name. T...

What is the Community Reinvestment Act? The Community Reinvestment Act (CRA) is a regulatory framework that ensures lending institutions meet the loan and credit needs of the communities they serve, including low-and-moderate-income neighborhoods. Back to:BANKING, LENDING, & CREDIT INDUSTRY How Does the Community Reinvestment Act Work? The Commu...

What is the Uniform Services Employment and Reemployment Rights Act? The Uniform Services Employment and Reemployment Rights Act (USERRA) protects the rights of service members in the military reserves or state national guards from discrimination based upon their military service obligations. Specifically, the law protects the rights of individuals ...

What is a Recourse Loan? A Recourse Loan or recourse debt is a loan agreement that allows the lender to seize and sell the borrowers assets (beyond the collateral identified in the agreement) if the borrower fails to pay the liability and the value of the underlying assets are not enough to cover the balance. Back to:BANKING, LENDING, & CREDIT I...