deficiency

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Related to mental deficiency: mental retardation, Mentally handicapped

Deficiency

The amount by which a project's cash flow is not adequate to meet debt service.

Deficiency

1. The amount by which cash flow falls short of debt service. For example, if a company has $300,000 in current liabilities and only $250,000 in cash flow for a given year, its deficiency is $50,000.

2. In taxation, the amount by which one's tax liability exceeds what the individual person or organization reported. For example, if the IRS disallows certain deductions that the taxpayer applied, he/she will owe more in taxes than he/she reported on the return. Deficiency is the amount this taxpayer still owes to the IRS.

deficiency

1. The amount by which an individual's or an organization's tax liability as computed by the Internal Revenue Service exceeds the tax liability reported by the taxpayer.
2. The amount by which a firm's liabilities exceed assets.

deficiency

The amount due on a mortgage loan after adding all expenses of foreclosure and accrued interest to the principal balance of the loan and then deducting the sale price or lender-bid price for the property. The balance remaining, if any, may be collected by the lender by means of taking a deficiency judgment, unless prohibited by law or contract. Deficiency judgments may be collected just like any other judgment, through seizure of other assets or garnishment. There are two circumstances when a lender may not collect any deficiency:

1. In states with consumer protection statutes that outlaw deficiencies on first mortgages on a borrower's principal residence.

2. With mortgage loans designated as nonrecourse, meaning the lender and borrower agreed in advance that the property would stand for the debt and there would be no deficiency allowed in the event of foreclosure.

References in periodicals archive ?
At the hearing, Strode called eleven witnesses to establish, anecdotally and professionally, the mental deficiency of the Buck family.
Larson, 'The rhetoric of eugenics: expert authority and the Mental Deficiency Bill', British Journal for the History of Science, vol.
Lunacy and mental deficiency including places for reception of treatment of lunatics and mental deficient.
Congenital myotonic dystrophy is characterized by the wasting away of muscles, formation of cataracts, premature baldness and, frequently, mental deficiency.
The 1973 revision of the American Association on Mental Deficiency (AAMD) definition (Grossman, 1973) and subsequent revisions (Grossman, 1977, 1983,) exclude children with IQs much higher than 75.
During closing arguments Monday in the trial on murder charges against Kathleen and Michael Gentry of Lake Los Angeles, the attorney for Lindsay's father told the jury that the girl was the victim of myotonic dystrophy, a congenital disorder characterized by mental deficiency and wasting away of muscles.
The disorder, which in a lesser form affects Kathleen Gentry, is characterized by the wasting away of muscles, formation of cataracts and frequently mental deficiency.
At the same time, Landesman urged the American Association on Mental Deficiency to take leadership in developing the means by which to measure those qualities.
The disorder - which in a lesser form affects Kathleen Gentry - is characterized by the wasting away of muscles, formation of cataracts, and, frequently, mental deficiency.
Lindsay also suffered from congenital myotonic dystrophy, characterized by the wasting away of muscles, formation of cataracts, premature baldness and, frequently, mental deficiency.
She also suffered from congenital myotonic dystrophy, which is characterized by the wasting of muscles, the formation of cataracts, premature baldness and, frequently, mental deficiency.
She also suffered from myotonic dystrophy, an inherited condition characterized by the wasting of muscles, the formation of cataracts, premature baldness and, frequently, mental deficiency.