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FA FE FI FL FO FR FU
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Fair Market Value
"That hypothetical value of a piece of property, given a willing purchaser and a willing vendor, and a reasonable amount of time for the property to be exposed to sale. "
Fee Simple
Title to ownership without restriction or limitation. For example ownership of land in fee simple means the land is owned out right as compared to a person who leased land.
Fiduciary
Sometimes considered to be synonymous with the word Trustee. A fiduciary holds certain rights which he or she must exercise for the benefit of the beneficiary.
FIFO
First In First Out. A method of valuing stock/inventory.
Final Statement of Receipts and Disbursements
"This document, prepared by the trustee, must contain a complete account of all moneys received by the trustee out of the property of the bankrupt or otherwise, the amount of interest More…
Financing Statement
Form prescribed under the Personal Property Security Act setting out essential information such as the name of the debtor and the collateral; the secured party must file the financing More…
First In First Out
First In First Out. A method of valuing stock/inventory.
First Meeting of Creditors
"The meeting called by the Trustee in Bankruptcy to consider the affairs of the bankrupt or a debtor under a proposal. NOTE: Under the Bankruptcy and Insolvency Act, as amended on More…
Fixtures
"Those assets that are attached to or are part of a building, or are fixed to land. "
Floating Charge
A type of security interest that charges the debtor's property but does not specify particular assets or pieces of equipment until the security interest or instrument is crystallized. More…
Foreclosure
That action that a lender will take to repossess and sell a piece of property for defaults in mortgage payments.
Fraudulent Preference
"Under the Bankruptcy and Insolvency Act, this is the preferring by a debtor of one or more creditors over others by the payment to those creditors of some extraordinary amounts of More…
Fungibles
"Goods which are comprised of many identical parts. For example, a bushel of grain, a barrel of apples or oil, which can be easily replaced by other identical goods. One of the tests More…
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