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What Does “Drawee” Mean?

There are instances when a third party may be involved in the payment of a check by the act of disbursing the payment. For example, a person may make use of a check to pay another person. However, a third party in the form of a bank is involved. The bank plays a role in providing the paid person...

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What Is a Contract Clause?

There are instances when it is necessary for an agreement to be formalized and legally recognized. These agreements are referred to as contracts. A contract is a verbal agreement that stipulates certain terms and conditions that have been agreed upon by the parties involved in the agreement. These...

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In Law, What Is Ademption?

It is normal for a person to bequeath items of personal or commercial value to an heir. This is usually the case when a will is left and an item is left in the possession of an heir as determined by the terms and conditions of the will. However, when the item to be bequeathed is no longer available,...

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What Is Insurance Law?

Different laws exist to provide rules and regulations in specific areas or industries. In the industry of insurance, some rules and regulations exist to create standards or criteria that must be met by people in order to obtain insurance, to limit the amount of insurance that can be provided, and...

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What Is Tax Abatement?

Many programs exist that allow individuals, businesses, corporations, companies, or other parties that qualify, a tax reduction or exemption. Such programs refer to tax abatement, also known colloquially as tax holiday. Tax abatement provides an easing of tax obligations of taxpayers, and may be...

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What Is Check Kiting?

Many types of fraud exist that involve the transfer of cash between checking accounts in different banks. A person can write a check using an account from one bank and deposit the check to another account in another bank before the check can bounce or be considered invalid. This type of fraud is...

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What Is a Judgment Debtor?

There are instances when issues involving the validity of debt are brought before a court of law. Usually, this happens when a creditor seeks payment from a borrower. Thus, it becomes the duty of a judge to provide a decision as to whether the debt is indeed valid or not. When someone loses a court...

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Who Is a Successor Trustee?

A successor trustee is someone assigned to manage and take care of one's assets after they are no longer able to do so (most commonly due to death or serious illness).

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What Is a Bankruptcy Lawsuit?

In business laws, filing a bankruptcy lawsuit refers to a case where a business entity claims bankruptcy in court.

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What Is an Omnibus Hearing?

After charges have been pressed against a criminal and the person had been summoned in court, an omnibus hearing commonly takes place to determine several factors important for the upcoming lawsuit.