111 results. (Showing 21 - 40)     

21. payee
The person or organization to whom a check, draft, or note is payable. The payee's name follows the words: "Pay to the order of."

22. payer
The person or organization who is responsible for paying the amount stated on the face of a negotiable instrument.

23. payment
That which is paid. The sum of money or other item(s) of value that is transferred from one party to another.

24. payoff
The complete repayment of loan principal, interest and any other sums due; payoff occurs either over the scheduled full term of the loan, or through one or more prepayments.

25. payoff statement
A document prepared when a loan payoff is being considered. It shows the current status of the loan account, all sums due and the daily rate of interest. Also referred to as a letter of demand.

26. penalty clause
(1) a provision in a promissory note specifying a penalty for late payments. (2) a clause in a savings certificate specifying a penalty for premature withdrawal of funds.

27. penny stocks
Low-priced issues, often highly speculative, selling at less than $1 a share.

28. pension fund
A fund set up to collect regular premiums from employees and their employers, invest those funds safely and profitably, and pay out a monthly income to employees who reach a specified age and retire.

29. percentage interest margin
A ratio that compares the net interest margin to total assets.

30. percolation test
A test given to soil to determine the soil's water seepage capacity, when the use of a septic tank is contemplated.

31. perfecting a title
The elimination of any claims against a title.

32. performance bond
A bond issued to guarantee performance of certain specified acts, such as the completion of construction of a property.

33. performance code
A building code that specifies construction requirements according to performance criteria rather than to specific building materials, products, or methods of construction.

34. performing loan
A loan on which payments of principal and interest are less than 90 days past due.

35. period certain
A predetermined amount of time during which a participant receives allowable distributions from an IRA. A period certain may be any length of time so long as the period is less than the participant's life expectancy. The longer the period of payments, the less each payment amounts to.

36. period of redemption
The period of time during which a mortgagor may reclaim the title and possession of his or her property by paying the debt the property secures.

37. permanent lender
A lender that provides long-term financing for projects after construction has been completed.

38. permanent loan
A long-term loan of not less than 10 years that is fully amortized and made to purchase, rather than to construct, real property.

39. perpetual preferred stock
Preferred stock that has no fixed maturity date and that cannot be redeemed at the option of the holder. Cumulative perpetual preferred stock accumulates dividends from one dividend period to the next.

40. personal check
A check drawn on a depository institution by an individual against the individual's own funds.