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
What Is a Non-Sampling Error? A non-sampling error is a statistical term that refers to an error that results during data collection, causing the data to differ from the true values. A non-sampling error differs from a sampling error. A sampling error is limited to any differences between sample values and universe values that arise
What Is Unscheduled Personal Property? Unscheduled personal property is a term used in the property insurance sector that refers to personal possessions that are insured under a policy without being individually listed in a separate section, or “schedule,” of the insurance contract. Typically, unscheduled personal property consists of relatively low-value items such as clothing, jewelry
What Is Nonstandard Auto Insurance? Nonstandard auto insurance is offered to drivers considered to carry the most risk of an automobile accident. Auto insurance is a policy purchased by the owner of a vehicle—from an insurance company—to help cover the cost of an automobile accident. Nonstandard auto insurance is for vehicle owners who have a
