Glossary

Having full legal capacity to manage one’s own affairs, as opposed to a minor or a person under guardianship.

The body of law governing maritime matters such as ships, cargo and navigable waters, and the jurisdiction of courts over those cases.

Money that the law requires creditors to accept for debts. Under 31 U.S.C. § 5103, U.S. coins and currency, including Federal Reserve notes, are legal tender.

A label for people who claim they are not subject to government authority or courts unless they consent. Courts consistently reject these arguments.

In California and some other states, a pleading that challenges the legal sufficiency of a complaint, similar to a federal motion to dismiss for failure to state a claim.

A company that purchases debts, often charged-off consumer debts, from the original creditor or another owner.

A contract under which a seller agrees to sell, and a buyer to buy, receivables on a recurring schedule on terms set in advance.

Under UCC Article 9, the person obligated on an account or other right to payment.

A right to be paid money owed for goods sold, services provided or credit extended. Many receivables are “accounts” under UCC Article 9.

Under federal securities law, a broad category of investments including notes, stocks, bonds, evidences of indebtedness and investment contracts.