Accounts important quotes

Joint and several obligations -- a debt entered into by two or more borrowers, each of whom is liable for repaying the full amount of the debt. Bonds and discount notes sold by the Office of Finance are the joint and several obligations of the 12 Federal Home Loan Banks.

Joint ownership -- a general term describing ownership by two or more parties.

joint tenancy -- a form of ownership by two or more parties who share equal rights in and control of property, with the survivor or survivors continuing to hold all such rights on the death of one or more of the tenants. Joint tenancy is a common form of ownership when two or more persons jointly open a savings account.

Joint venture -- a commercial project, usually of a limited duration or for a specific accomplishment, undertaken by two or more persons or companies.

Journalizing -- the recording of transactions using the double-entry system. The recording is in five steps: (1) date; (2) the account to be debited and the amount; (3) the account to be credited and the amount; (4) the explanation and (5) the cross-reference to the General Ledger.

Journal voucher -- a document that provides written authorization for a financial transaction, often used in place of or supplementary to the journals or registers. It is commonly used for disbursements from the petty cash account.

Judgment -- a final determination by a court of the rights and claims of the parties to an action.

Judgment in rem -- a judgment against a thing (i.e. bank account, personal property) as contrasted with a judgment against an individual.

Judgment lien -- a court order placing a claim on property of a debtor, making the property security for payment of the debt. When applied to personal property, it is known as an attachment.

Judicial foreclosure -- a type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted under the auspices of a court.

Jumbo certificate -- a certificate of deposit of $100,000 or more, exempt from regulatory interest rate ceilings and usually paying a market rate of interest. Jumbo CDs resulted when the Federal Reserve in 1973 amended Regulation Q to exempt time deposits of $100,000 or more from regulatory interest rate limits.

Junior mortgage -- a mortgage that is subordinate to claims of a prior lien or mortgage. Borrowers sometimes use junior mortgages to obtain additional funds needed for down payments or closing costs. Lenders tend to discourage junior financing because the borrower has little or no equity in the home. Also called a second mortgage.

Junk bonds -- Wall Street slang for bonds listed at below investment grade (below the top four ratings) by agencies that rate bonds. Such bonds are frequently unsecured or thinly backed by company assets, and thus carry a relatively high level of risk for investors. Consequently, the bonds must pay high yields, commonly three to four percent above high-grade corporate bonds. Some junk bonds are issued by those seeking to raise funds to finance their buying of stock and takeover of corporations, the assets of which are liquidated to pay for redemption of the bonds.