Page 166 - CARS Standard Program

Glossary
Acceleration Clause: In a contract or Security Agreement, this gives the secured party
authority to demand the remaining balance to be paid immediately.
Acknowledgement Letter: An instrument sent from recovery agent to lender acknowledging receipt of a repossession assignment and under what conditions the assignment will be handled.
Additional Terms and Agreement: Found on the reverse side of a Security Agreement, contains language allowing for self-help repossession.
Aggravated Assault: Defined the same as Assault but with the additional conditions of threat: 1) with a deadly weapon but without the intent to kill; or, 2) with the intent to commit a felony.
Aggravated Battery: Generally defined as: 1) intentionally or knowingly causing great bodily harm, permanent disability, or permanent disfigurement; 2) using a deadly weapon.
Americans with Disabilities Act (ADA): Signed into law on July 26, 1990, the ADA is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs.
Assault: An intentional, unlawful threat by word or act to do violence to the person of another, coupled with an apparent ability to do so, and in doing so, creating a well- founded fear in such other person that violence is imminent.
Bankruptcy: Inability to pay one’s debts. A filing of bankruptcy by a debtor requires that all attempts to collect money or repossess collateral must cease.
Battery: Actually and intentionally touching or striking another person against the will of the other person, or intentionally causing bodily harm to an individual.
Breach of the Peace: In the repossession process, its primary intent is to deter violence, or the threat of violence.
Breaking or Injuring Fences: Willfully and maliciously breaking down, damaging, cutting or in any way creating or causing to be created an opening, gap interruption, or break in any fence.
Bribery: The definition of Bribery includes but is not limited to: A price, reward, gift, or favor bestowed or promised in an attempt to influence the actions of a person in a position of trust. Further definition and explanation can be found in Section 3.
Burglary: The breaking and entering of the dwelling of another in the night time, with the intent to commit a felony therein. Modern statutory definitions usually require no breaking and encompass entry at all times and into all kinds of structures.
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