RESIDUAL CLAIM is a claim to a share of earnings after debt obligations have been satisfied.
LEGAL ENTITY is a person or organization that has the legal standing to enter into contracts and may be sued for failure to perform as agreed in the contract, e.g., a child under legal age is not a legal entity, while a corporation is a legal entity since it is a person in the eyes of the law.
HOME EQUITY LOAN is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance a business, major home repairs, medical bills or college education.
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