Payee

Business / Finance / Payee: A person receiving payment through any form of money transfer method.

Electronic Check Conversion

Business / Taxes / Electronic Check Conversion: Electronic check conversion is a payment process in which you give a payee a check, but the actual payment is processed as an electronic funds transfer. The payment is automatically debited from your MORE

Acceleration Clause

Business / Finance / Acceleration Clause: A contract stating that the unpaid balance becomes due and payable if specific actions transpire, such as failure to make interests payments on time. MORE

Note (Original Note)

Business / Real Estate / Note (Original Note): A document signed by the borrower of a loan and stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note serves as evidence of the debt. When MORE

Electronic Bill Payment

Business / Taxes / Electronic Bill Payment: If you have an electronic bill payment arrangement with your bank, your bills are sent to an account you designate and the bank pays them automatically each month by deducting the money from that acco MORE

Back-Up Withholding

Business / Taxes / Back-Up Withholding: Back-up withholding is triggered when a bank, brokerage firm, or other institution pays interest, dividends, or other income that must be reported on IRS Form 1099 to a payee who does not provide a ta MORE

Negotiable

Business / Debt / Negotiable: The ability to be sold or transferred to another party as a form of payment. Something which is negotiable is transferable by endorsement and delivery. A negotiable instrument could be a check made ou MORE

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