Adjustment Law and Legal Definition
Adjustment is a term of varied meanings. In law, it generally refers to a settlement or deduction made to a debt or a claim. By adjustment an equitable arrangement is made of conflicting claims. Set-off, contribution, and subrogation, are few examples of adjustments.
Set off is a statutory defense to the whole or to a portion of a plaintiff's claim.
Contribution is a payment between defendants with joint and several liabilities to apportion liability.
Subrogation is the substitution of one person in the place of another with reference to a lawful claim, demand, or right. By subrogation the substituted person succeeds to the rights of the other in relation to the debt, claim, rights and remedies.
Adjustment date is the date on which the interest rate changes on an adjustable rate mortgage. Adjustment of status is the procedure for becoming a lawful permanent resident of the U.S., without leaving the U S.; and Adjustment period is the time within which interest rate on an adjustable-rate mortgage (ARM) can reset.