Abogado.com The #1 Spanish Legal Site for Consumers At FindLaw.com, we pride ourselves on being the leading source of free legal information and resources on the Internet. Contact us. Are you a lawyer? Visit our professional website » adj. means money deposited in the court office by a person or organization who knows that the money is owed, but does not know to whom to pay it until the outcome of a dispute between two other parties is resolved. In short, the party handing over the money says, “Here`s the money. You both argue about it, but spare me the trouble and expense of the costume. Example: A contractor buys supplies from a hardware store on credit. The store is owned by two people who have dissolved their partnership and are arguing over who owns the claims, including the amounts owed by the contractor. The entrepreneur knows that he owes money for his deliveries, wants to meet his obligations and wants to get rid of debt. The contractor therefore gives what he thinks he owes to the hardware store to hold in court, while the two former partners settle their disputes. In the field of investment, some types of funds include: The FindLaw legal dictionary – free access to more than 8260 definitions of legal terms.
Search for a definition or browse our legal glossaries. Examples of funds commonly used for personal businesses include: LawInfo.com Nationwide Bar Directory and Legal Consumer Resources Individual and institutional investors can also invest money in various types of funds to make money. Examples include mutual funds, which raise funds from many investors and invest in a diversified portfolio of assets, and hedge funds, which invest the wealth of high net worth individuals (HNWIs) and institutions in a way that pays above the market. Governments use funds such as special revenue funds to pay for certain public expenditures. Individuals, businesses, and governments all use the money to put money aside. Individuals can create an emergency fund – also called a rainy day fund – to pay for unexpected expenses, or a trust fund to set aside money for a specific person. FindLaw.com Free and reliable legal information for consumers and legal professionals The term public funds is a colloquial term for the revenues of a government, state or local authority. The government also creates funds that are allocated for a variety of reasons. Some government resources include: A general term for any amount of money that is set aside for a specific purpose or that is accessible to pay off debts or claims. n.
mixing the funds of one party with those of another party or, more importantly, with funds held in trust for another party. Spouses or business partners can easily mix, except that one spouse may risk converting separate property into joint property (transmutation) and one business partner is liable to the other. However, trustees, guardians or lawyers who hold client funds should be careful not to mix these funds with their own, as mixing as a conflict of interest is generally prohibited. The use of blended agents for an investment, while potentially benefiting both the trustee and the beneficiary, remains inappropriate. Accidental or temporary mixing (for example, after receiving a settlement cheque in which the client and lawyer have an interest) requires immediate separation of funds and accounting for the client or beneficiary. To avoid mixing, trustees, lawyers, guardians and those responsible for someone else`s funds create escrow accounts for someone else`s funds. Copyright © 2022, Thomson Reuters. All rights reserved. TermsPrivacy PolicyDisclaimerCookiesDon`t sell my information SuperLawyers.com Directory of U.S.
Attorneys with exclusive Super Lawyers note Source: Merriam-Webster`s Dictionary of Law ©1996. Licensed with Merriam-Webster, Incorporated. A fund is a reserve of money allocated for a specific purpose. A fund can be set up for many different purposes: a municipal government that provides money to build a new civic center, a college that sets aside money to award a scholarship, or an insurance company that sets aside money to pay its clients` claims.