Subordination is the act or process by which one person or creditor’s rights or claims are ranked below those of others, dealing with the distribution priority of debts between creditors.
A contractual subordination...
business law
subordination agreement
Subordination agreement is a contract which guarantees senior debt will be paid before other “subordinated” debt if the debtor becomes bankrupt. Often, debtors or companies will need to take on more debt after having a previous loan, but in...
subprime loan
A subprime loan is a loan made to a borrower who is not eligible for the best market rates (known as prime rates), but rather at a higher rate of interest because of increased risk factors.
Subprime borrowers usually have...
subscribe
Subscribe in a legal context means the action of:
Writing one’s name on a document in acknowledgment of being its creator. For example, subscribe a letter. Signing a document to give one’s consent to the terms established therein. For...subscribing witness
A subscribing witness is a person who witnesses the signatures on a document and signs it at the end, indicating that such a person has witnessed those signatures.
[Last updated in September of 2021 by the Wex Definitions Team]
subsidiary
An entity (e.g., a corporation) in which another entity has a controlling share.
substantial impairment
Under Article 2 of the Uniform Commercial Code, when dealing with installment contracts for the sale of goods, substantial impairment is the standard used to determine if a buyer has the right to reject tender by the seller, where tender is not perfect...
substantial performance
The standard used under common law to evaluate the performance of contracts. The parties performing the contract must meet the standard of substantial performance of the contract only, and performance therefore does not have to be perfect. The standard...
sum certain
Sum certain is a clear amount agreed upon in a contract. A sum certain can be a purchase price or an amount for a loan. The main characteristic of a sum certain is the amount is absolutely clear without any room for different interpretations...
sunshine laws
Sunshine laws are regulations requiring public disclosure of government agency meetings and records. Sunshine laws require specific businesses and government agencies to maintain transparency and disclose their activities to the public. The...