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Simple English definitions for legal terms
certificate of discharge
Read a random definition: contango
A quick definition of certificate of discharge:
A certificate of discharge is a written statement that says one person has fulfilled their obligation to another person, who agrees that the obligation has been met. It's like getting a gold star for completing your homework. A Saturday-night special is a type of gun that is easy to hide and get, and can be used for bad things. It's like a secret weapon that people shouldn't have.
A more thorough explanation:
Definition: A certificate of discharge is a written statement that confirms one party (usually a debtor) has fulfilled their obligation to another party, who then accepts the discharge. It is also known as a satisfaction piece.
Example: When a person pays off their mortgage, the lender will issue a certificate of discharge to confirm that the debt has been satisfied.
Explanation: In this example, the certificate of discharge serves as proof that the borrower has fulfilled their obligation to the lender by paying off the mortgage. The lender then accepts the discharge and the debt is considered satisfied.
Example: In the context of corporations, a Saturday-night special is a surprise tender offer that is held open for a limited period of time (usually one week) to pressure shareholders to accept.
Explanation: This example illustrates a different meaning of the term "certificate of discharge." In this context, a Saturday-night special is a type of tender offer that is designed to pressure shareholders into accepting an offer to buy their shares. However, this practice is now effectively prohibited by the Williams Act.