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
A nonrecurring charge is an entry that appears on a company’s financial statements for a one-time expense that is unlikely to happen again. The company typically explains a nonrecurring charge, and an analyst will usually adjust the income statement when assessing financial performance for a period and valuing the shares on an “adjusted” basis. Breaking
What Is a Non-Refundable Tax Credit? A non-refundable tax credit is a tax credit that can reduce a taxpayer’s liability only to zero. Generally, the amount of a non-refundable credit that exceeds a taxpayer’s liability is automatically forfeited by the taxpayer. For taxpayers with little or no tax liability, refundable tax credits generally are more beneficial
What Is Non-REO Foreclosure? A non-real estate owned foreclosure, or non-REO foreclosure, refers to a successful foreclosure on a real estate property. The foreclosure process starts after a borrower fails to make mortgage payments for several months, a time period defined within the terms of the mortgage. In a non-REO foreclosure, when the property in foreclosure is
WHAT IS THE Non-Resident Entertainers’ Tax Non-resident entertainers’ tax is a state tax levied against performers whose legal residence is outside of the state where the performance is given. BREAKING DOWN Non-Resident Entertainers’ Tax Non-resident entertainers’ tax is a type of state tax that requires a certain percentage of any gross earnings from a performance be
