What Does Not for Profit Mean? Not-for-profit organizations do not earn profits for their owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization’s objectives and keeping it running; income is not distributed to the group’s members, directors, or officers. Typically, organizations in the nonprofit sector
What Is a Not-Held Order? A not-held order gives a broker the time and price discretion to seek the best price available. The broker is not held responsible for any potential losses or missed opportunities that result from their best efforts. A held order, in contrast, requires immediate execution. The not-held order is usually a
What Is a Notice of Default? The term notice of default refers to a public notice filed with a court that states that the borrower of a mortgage is in default on a loan. The lender may file a notice of default when a mortgagor falls behind on their mortgage payments. Information on notices of
What Is a Notice Of Deficiency? A notice of deficiency is a legal determination by the IRS of a taxpayer’s tax deficiency. It is an official written claim that a taxpayer owes additional income tax (and often interest on that amount, plus additional penalties). It is issued when the IRS proposes a change to a
What Is a Notice of Dishonor? A notice of dishonor is a formal notice stating that the bank will not accept a check or draft presented to the institution. A notice of dishonor may be given to the holder or presenter of the instrument. It may also be given to the issuing institution. Key Takeaways
What Is a Notice Of Non-Responsibility? A notice of non-responsibility is a legal document used by property owners in the U.S. to protect themselves from liability for nonpayment for services done to improve that property. The laws regarding a property owner’s liability for nonpayment vary from state to state, but in most jurisdictions, construction companies
What Is a Notice of Seizure? A notice of seizure is a written notice from the Internal Revenue Service (IRS) to inform either an individual taxpayer or business that the government has seized its property. Also known as form 2433, a Notice of Seizure states that, under the authority in section 6331 of the Internal
What Is a Notice of Withdrawal? A notice of withdrawal is a notice given to a bank by a depositor, stating the depositor’s intent to withdraw funds from their bank account. This notice applies to both time-deposits and negotiable orders of withdrawal (NOWs) accounts. Banks may also require a notice of withdrawal for savings accounts.
What Is a Notice to Creditors? A notice to creditors can be a specific contact with a known creditor or a public notice commonly posted in a local newspaper by a trust or estate’s executor as part of the probate of the estate of a decedent. The notice serves as the official notification to creditors
What Is Non-Recourse Finance? Non-recourse finance is a type of commercial lending that entitles the lender to repayment only from the profits of the project the loan is funding and not from any other assets of the borrower. Such loans are generally secured by collateral. A non-recourse loan, more broadly, is any consumer or commercial
