Omitted child statutes provide a way for an after-born child to inherit from a deceased parent’s will. Normally, children who are cut out of their parents’ will cannot file claim against their parents’ estate. However, in rare cases when the...
money and financial problems
option ARM
An Option ARM (adjustable-rate mortgage) is a type of mortgage where the borrower has several possible payment choices. The borrower may pay:
A payment covering the interest and principal amounts, which will reduce the amount owed on...out-of-pocket expense
Out-of-pocket expenses are those paid from an individual's own funds. Parties may be entitled to damages for out-of-pocket expenses incurred as a result of a contract or tort disputes. However, out-of-pocket expenses generally only extend to...
par
Par, also referred to as par value or nominal value, is the face value of a bond or the stock value stated in the corporate charter and noted in the stock certificate. Each share of stock receives a par value, representing the amount of...
par value
Par value, also referred to as nominal value, is the face value of a bond or the stock value stated in the corporate charter and noted in the stock certificate. Par value of a bond or fixed-income instrument is crucial since it influences the...
parentelic system
The parentelic system is a method of determining who inherits a deceased person’s property when they die intestate. The assets are first passed to the spouse, descendants and parents of the decedent, then to siblings, nieces and nephews of...
participating preferred stock
Participating preferred stock is a type of preferred stock that gives the holder a right to be paid first, before common stockholders (non-preferred) in the event of a dividend or liquidation payout. Additionally, the holder has the right to...
PBGC
PBGC (Pension Benefit Guaranty Corporation) refers to the federal insurance fund. The main role of the PBGC is to pay pension benefits to retirees. Specifically, the PBGC pays benefits to those whose protection from the private sector has...
pecuniary
Pecuniary means consisting of or relating to money. Attorneys use “pecuniary loss” to refer to a loss that can be measured in terms of money because of a legal wrong. For example, a pecuniary loss could be an expense that has to be paid or a...
perfect
Perfect in law often means to complete all the steps necessary to have a clear right or interest in something. Most commonly, perfect refers to the process of publicly establishing a security interest in collateral for purposes of gaining...