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The Homestead Acts were several laws in the United States by which an applicant could acquire ownership of government land or the public domain, typically called a homestead. In all, more than 160 million acres of public land, or nearly 10 percent of the total area of the United States, were given away free to 1.6 million homesteaders; most of the homesteads were west of the Mississippi River. These acts were the first sovereign decisions of post-war North–South capitalist cooperation in the United States.
The Panic of 1819 was the first widespread and durable financial crisis in the United States that slowed westward expansion in the Cotton Belt and was followed by a general collapse of the American economy that persisted through 1821. The Panic heralded the transition of the nation from its colonial commercial status with Europe toward an independent economy.
The Phelps and Gorham Purchase was the sale, in 1788, of a portion of a large tract of land in western New York State owned by the Seneca nation of the Iroquois Confederacy to a syndicate of land developers led by Oliver Phelps and Nathaniel Gorham. The larger tract of land is generally known as the "Genesee tract" and roughly encompasses all that portion of New York State west of Seneca Lake, consisting of about 6,000,000 acres (24,000 km2).
A hire purchase (HP), also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.
The Land Act of 1820, enacted April 24, 1820, is the United States federal law that ended the ability to purchase the United States' public domain lands on a credit or installment system over four years, as previously established. The new law became effective July 1, 1820 and required full payment at the time of purchase and registration. But to encourage more sales and make them more affordable, Congress also reduced both the minimum price and the minimum size of a standard tract. The minimum full payment now amounted to $100, rather than $320. At the time, these lands were located on the frontier within the Congress Lands of Ohio and elsewhere in the Northwest Territory and Missouri Territory, in what was then "The West".
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. Historically, debtors could face debt slavery, debtor's prison, or coercive collection methods. In the 21st century in many countries, legislation regulates debt collectors, and limits harassment and practices deemed unfair.
Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.
A land contract,, is a contract between the buyer and seller of real property in which the seller provides the buyer financing in the purchase, and the buyer repays the resulting loan in installments. Under a land contract, the seller retains the legal title to the property but permits the buyer to take possession of it for most purposes other than that of legal ownership. The sale price is typically paid in periodic installments, often with a balloon payment at the end to make the timelength of payments shorter than in the corresponding fully amortized loan. When the full purchase price has been paid including any interest, the seller is obligated to convey legal title to the property. An initial down payment from the buyer to the seller is usually also required.
A debt buyer is a company, sometimes a collection agency, a private debt collection law firm, or a private investor, that purchases delinquent or charged-off debts from a creditor or lender for a percentage of the face value of the debt based on the potential collectibility of the accounts. The debt buyer can then collect on its own, utilize the services of a third-party collection agency, repackage and resell portions of the purchased portfolio, or use any combination of these options.
Murabaḥah, murabaḥa, or murâbaḥah was originally a term of fiqh for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic financing, where the price is marked up in exchange for allowing the buyer to pay over time—for example with monthly payments. Murabaha financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary retaining ownership of the item being sold until the loan is paid in full. There are also Islamic investment funds and sukuk that use murabahah contracts.
A mortgage loan or simply mortgage, in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
In United States income tax law, an installment sale is generally a "disposition of property where at least 1 loan payment is to be received after the close of the taxable year in which the disposition occurs." The term "installment sale" does not include, however, a "dealer disposition" or, generally, a sale of inventory. The installment method of accounting provides an exception to the general principles of income recognition by allowing a taxpayer to defer the inclusion of income of amounts that are to be received from the disposition of certain types of property until payment in cash or cash equivalents is received. The installment method defers the recognition of income when compared with both the cash and accrual methods of accounting. Under the cash method, the taxpayer would recognize the income when it is received, including the entire sum paid in the form of a negotiable note. The deferral advantages of the installment method are the most pronounced when comparing to the accrual method, under which a taxpayer must recognize income as soon as he or she has a right to the income.
Seller financing is a loan provided by the seller of a property or business to the purchaser. When used in the context of residential real estate, it is also called "bond-for-title" or "owner financing." Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments over a specified time, at an agreed-upon interest rate, until the loan is fully repaid. In layman's terms, this is when the seller in a transaction offers the buyer a loan rather than the buyer obtaining one from a bank. To a seller, this is an investment in which the return is guaranteed only by the buyer's credit-worthiness or ability and motivation to pay the mortgage. For a buyer it is often beneficial, because he/she may not be able to obtain a loan from a bank. In general, the loan is secured by the property being sold. In the event that the buyer defaults, the property is repossessed or foreclosed on exactly as it would be by a bank.
Indian removals in Indiana followed a series of the land cession treaties made between 1795 and 1846 that led to the removal of most of the native tribes from Indiana. Some of the removals occurred prior to 1830, but most took place between 1830 and 1846. The Lenape (Delaware), Piankashaw, Kickapoo, Wea, and Shawnee were removed in the 1820s and 1830s, but the Potawatomi and Miami removals in the 1830s and 1840s were more gradual and incomplete, and not all of Indiana's Native Americans voluntarily left the state. The most well-known resistance effort in Indiana was the forced removal of Chief Menominee and his Yellow River band of Potawatomi in what became known as the Potawatomi Trail of Death in 1838, in which 859 Potawatomi were removed to Kansas and at least forty died on the journey west. The Miami were the last to be removed from Indiana, but tribal leaders delayed the process until 1846. Many of the Miami were permitted to remain on land allotments guaranteed to them under the Treaty of St. Mary's (1818) and subsequent treaties.
The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and was signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008. It created the $700 billion Troubled Asset Relief Program (TARP), which utilized congressionally appropriated taxpayer funds to purchase toxic assets from failing banks. The funds were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases.
The Interstate Land Sales Full Disclosure Act of 1968 was an act of Congress passed in 1968 to facilitate regulation of interstate land sales, to protect consumers from fraud and abuse in the sale or lease of land. The Act was patterned after the Securities Act of 1933 and required land developers to register subdivisions of non-exempt lots or condominium units. Originally, the filings were to be with the United States Department of Housing and Urban Development. Currently, the responsibility for administering the Act and its regulations is with the Consumer Financial Protection Bureau (CFPB). A regulated developer is to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7-day period to cancel the purchase agreement.
The Subprime mortgage crisis solutions debate discusses various actions and proposals by economists, government officials, journalists, and business leaders to address the subprime mortgage crisis and broader 2007–2008 financial crisis.
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. BHPH can provide options for those unable to meet credit standards elsewhere.
O'Neale v. Thornton, 10 U.S. 53 (1810), is a ruling by the Supreme Court of the United States which held that neither the state of Maryland nor the government of the District of Columbia authorized the resale of foreclosed government land at a price less than the original sale price. In establishing the District of Columbia, the D.C. government had sold land to original investors at $66.50 per lot. The investors failed to pay, so the government foreclosed and resold the land to a second investor at the same price. The second investor failed to pay, so the government foreclosed again and sold the land to a third investor at a price lower than the original sale price. This third sale, the Supreme Court said, was illegal. Title should be returned to the second buyer, although the government was still free to seek foreclosure against that buyer on the basis of nonpayment.
The Philipse Patent was a British royal patent for a large tract of land on the east bank of the Hudson River about 50 miles north of New York City. It was purchased in 1697 by Adolphus Philipse, a wealthy landowner of Dutch descent in the Province of New York, and in time became today's Putnam County.
References
- ↑ Bills and Resolutions, Senate, 16th Congress, 2nd Session, A Century of Lawmaking for a New Nation: U.S. Congressional Documents and Debates, 1774 - 1875
- ↑ Relief Act of 1821
- ↑ Cynthia Clark Northrup, Ed. Relief Act of 1821, The American Economy: A Historical Encyclopedia,(2003) Vol. 1. p. 376-377
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