Additions
Glossary of terms
Annuities—fixed payments over a stated period of time
Assets—property owned and having value and availability to meet debts
Costs order—a court order that the losing party in a legal case must pay the successful party's expenses, which could include their legal fees
Encumbered—an asset owned by one party on which a second party has the right to make a legal claim, for example, a house with a mortgage
Liabilities—money or debts owed
Mortgagee—the lender, or the entity that receives a security interest on a loan in the form of a mortgage from a borrower
Residual value—the future value of goods taking into account the depreciation of the initial value
Summons—a call to appear before a court or judicial officer