Investments backed by a pool of mortgage loans, whose holders are paid from the borrowers’ payments. Agency mortgage-backed securities are issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Mac; others are issued privately. SEC-registered offerings of asset-backed securities are subject to the disclosure rules in Regulation AB. Securitizing a loan does not cancel or change the borrower’s obligation to repay it.
Latin for “at first sight.” Evidence that is sufficient, if not rebutted, to establish a fact or a claim. A prima facie case is one with enough evidence on each element to win unless the other side rebuts it. For example, the titles of the U.S. Code that have not been enacted into positive law are prima facie evidence of the law (1 U.S.C. § 204(a)); the statutes they contain are still fully binding law.
The program, administered by the Administrative Office of the U.S. Courts, through which federal courts invest money deposited into a court’s registry, for example under Fed. R. Civ. P. 67 and 28 U.S.C. § 2041. Money in the registry may be withdrawn only by order of the court (28 U.S.C. § 2042). Abbreviated CRIS.
A surety bond guaranteeing that a contractor will perform a contract according to its terms. On federal construction contracts above the threshold set by statute and regulation, the Miller Act requires a performance bond for the protection of the government (40 U.S.C. § 3131(b)(1)).
A surety bond guaranteeing that a contractor will pay its subcontractors and suppliers for labor and materials on a project. On federal construction contracts above the threshold set by statute and regulation, the Miller Act requires the contractor to furnish a payment bond (40 U.S.C. § 3131(b)(2)), and many states have similar “Little Miller Act” laws for public projects.
A surety bond submitted with a bid on a construction contract that guarantees the bidder will enter into the contract and provide any required performance and payment bonds if its bid is accepted. Federal Acquisition Regulation rules address bid guarantees on federal construction contracts.
Anything of value that a person or entity owns or controls, such as cash, real estate, vehicles, investments, receivables and intellectual property. In bankruptcy, the estate generally includes all legal or equitable interests of the debtor in property as of the commencement of the case (11 U.S.C. § 541(a)(1)).
Money or property that a person places with someone else for safekeeping or as security. For example, a customer deposits money in a bank account, and a buyer pays an earnest-money deposit when buying real estate. In addition, with leave of court, a party may deposit with the court all or part of money or a thing in dispute (Fed. R. Civ. P. 67(a)).
Not a separate category of money under current federal law; the statutory term is “legal tender,” which includes U.S. coins and currency, including Federal Reserve notes (31 U.S.C. § 5103). A related phrase, “lawful money,” still appears in some statutes, such as the provision on redeeming Federal Reserve notes (12 U.S.C. § 411), but we have not found a court decision holding that it means only gold or silver, or that demanding “lawful money” changes a person’s tax or debt obligations; courts that have addressed these arguments, such as Milam v. United States, 524 F.2d 629 (9th Cir. 1974), ruled the other way.
Currency and coins. U.S. coins and currency, including Federal Reserve notes, are legal tender (31 U.S.C. § 5103). A business that receives more than $10,000 in cash in one transaction or related transactions must report it to the IRS (26 U.S.C. § 6050I). For that reporting rule, “cash” also includes foreign currency and, in certain transactions, cashier’s checks, money orders and similar instruments of $10,000 or less.