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The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent.
(The Center Square) – The Chicago City Council on Monday approved a new budget without a property-tax increase, but many aldermen say the mayor still needs to cut spending. The council voted 27 ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
Most general obligation pledges at the local government level include a pledge to levy a property tax to meet debt service requirements, and holders of general obligation bonds then have a right to compel the borrowing government to levy that tax to satisfy the local government's obligation. Because property owners are usually reluctant to risk ...
In Cook County, which includes Chicago and its suburbs, property taxes are due twice a year. Taxes not paid by the first due date in March are considered "delinquent," and interest begins to accrue.
Darryl Lloyd wasn’t prepared to receive a property tax bill of more than $30,000 this year — a whopping 1,567% hike from last year’s bill of $1,800.
A pledge is a bailment that conveys title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties. [1] [2] The term is also used to denote the property which constitutes the security. [3] The pledge is a type of security interest.
CHICAGO — Mayor Brandon Johnson eked out a victory Monday with the narrow passage of a $17.3 billion municipal budget plan that does not raise property taxes.