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NALS Chapter 5_75499

Vocabulary

TermDefinition
Bank draft A check issued by a bank upon its funds in another bank usually located in another city
Cashiers check A check drawn by a bank on its own funds
certified Check A check issued by a bank that reduces the drawer's account by the amount of the check. the bank holds the funds for payment of the check and becomes responsible for its payments
Drawee Person to whom a check is written
Drawer Person by whom a check is written and upon whose funds the check is drawn
employer Identification number A number assigned to an employer by the internal revenue service that must be used on all reports submitted to the IRS
Matter A term that refers to an individual piece of legal work for a given client; clients may have only one matter or many. matter desginated allows different project to be billed seperatly
Payee Person to whom a promissoriy note, bank draft or checked is issued
Principal Amount a borrower promises to pay that is written on the face of a note.
Pro bono Describes legal work or services performed free of charged
Retainer An advanced payment made to cover anticipated work or costs
Created by: Labria