money-market account. An interest-bearing account at a bank or other financial institution. • Such an account usu. pays interest competitive with money-market funds but allows a limited number of transactions per month. See money market under MARKET.
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derivative, adj. Copyright. Of, relating to, or constituting a work that is taken from, translated from, adapted from, or in some way further developed from a previous work. • Copyright protection includes the exclusive right in derivative works, such as a screenplay adapted from a book, or a variant musical arrangement. See derivative work under
savings-and-loan association. A financial institution — often organized and chartered like a bank — that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. — Often shortened to S & L. — Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24–40.
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annual report. A yearly corporate financial report for shareholders and other interested parties. • The Securities Exchange Act of 1934 requires registered corporations to file an annual report on the SEC’s Form 10-K. An annual report includes a balance sheet, income statement, statement of changes in financial position, reconciliation of changes in owners’ equity accounts,
spread, n. 1. Banking. The difference between the interest rate that a financial institution must pay to attract deposits and the rate at which money can be loaned. 2. Securities. The difference between the highest price a buyer will pay for a security (the bid price) and the lowest price at which a seller will
certificate of deposit. 1. A banker’s certificate acknowledging the receipt of money and promising to repay the depositor. 2. A bank document showing the existence of a time deposit, usu. one that pays interest. — Abbr. CD. [Cases: Banks and Banking 152. C.J.S. Banks and Banking §§ 294–300, 370.] negotiable certificate of deposit. A security
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financing statement. A document filed in the public records to notify third parties, usu. prospective buyers and lenders, of a secured party’s security interest in goods or real property. See UCC § 9-102(a)(39). Cf. FINANCIAL STATEMENT . [Cases: Secured Transactions 92. C.J.S. Secured Transactions §§ 65–66.]
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subsidy (s[schwa]b-s[schwa]-dee), n. 1. A grant, usu. made by the government, to any enterprise whose promotion is considered to be in the public interest. • Although governments sometimes make direct payments (such as cash grants), subsidies are usu. indirect. They may take the form of research-and-development support, tax breaks, provision of raw materials at below-market
credit union. A cooperative association that offers low-interest loans and other consumer banking services to persons sharing a common bond — often fellow employees and their family members. • Most credit unions are regulated by the National Credit Union Administration. State-chartered credit unions are also subject to regulation by the chartering state, and they may
A juror who hides a potentially disqualifying bias or conflict of interest in order to serve on a jury. • A stealth juror may want to influence the outcome of the trial or may plan to reap a financial benefit from having inside access to the jury deliberations, esp. by writing a book about a