Help & Glossary
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Bailee - A person to whom the property of another is loaned, leased or otherwise entrusted.
Bailment - Delivery of property by the owner to another for a set length of time. To temporarily hold in trust to carry out a specific purpose and then give the property back to the owner. A lease is a type of bailment.
Bailor - The owner of property entrusted to another under a bailment.
Balance Sheet - A summary of a company or individual's assets, liabilities, and net worth.
Balloon Payment - The last payment of a loan that is much larger than any of the other regular payments.
Bankruptcy - Under the Federal Bankruptcy Act, a financially troubled debtor places his assets in the court's care. Assets may be liquidated to pay bills, payment schedules restructured, or debts discharged altogether. While the bankruptcy proceeds, the debtor is protected from creditors by the Automatic Stay.
Bid - An offer to purchase in a specific dollar amount and under specific conditions.
Bidder - The person who offers a bid.
Blocked In - A slang expression used to describe a vehicle assigned to be repossessed, which when located has both the front and back of it pressed against some unmovable object. This condition can effectively temporarily prevent the repossession.
Blown Ignition - A slang expression used to describe a vehicle's condition when the ignition locking mechanism has been removed and not yet replaced.
Book Value - Commonly, wholesale value. Also net worth as recorded on a financial statement.
Breach - Breaking a law or failing to perform a contractual duty.
