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.
46) This was an exaggeration, as the definition of 'backward' was not really very different to mental deficiency as it was defined in English legislation and legislation in other Australian states.
Weiss E: Cerebral adiposity with nerve deafness, mental deficiency and genital dystrophy: Variant of the Laurence-Biedl syndrome.
They claimed her death was the result of myotonic dystrophy, a congenital disorder characterized by wasting away of muscles and mental deficiency.
Sentencing Archer, Judge Richard Cole said: "When you started to commit these offences of dishonesty in 1992 you were not aware that you had got some sort of mental deficiency but you clearly knew at that stage that what you were doing was wrong.
There was no evidence produced that demonstrated that he suffered from any thought disorder or mental deficiency.
Despite evidence of a horrendous upbringing and clear mental deficiency, Loran was found to be sane for legal purposes.
The court said it wanted more time to decide whether to hear arguments that Penry's mental deficiency was not properly explained at the trial.
Michael and Kathleen Gentry insist they never withheld food from their daughter, who was born with myotonic dystrophy, a congenital disorder characterized by wasting away of muscles and mental deficiency.
The 1973 manual of the American Association on Mental Deficiency (AAMD), for example, referred to mental retardation as "significantly subaverage general intellectual functioning existing concurrently with deficits in adaptive behavior, and manifested during the developmental period" (Grossman, 1973, p.
Defense attorneys said Lindsay died at age 15 - weighing just 44 pounds while standing 4 feet 8 inches tall - as a natural result of myotonic dystrophy, a congenital disorder characterized by mental deficiency and the wasting away of muscles.
Lindsay Gentry suffered from congenital myotonic distrophy, a hereditary affliction characterized by the wasting away of muscles, formation of cataracts, premature baldness and, frequently, mental deficiency.