Archives

One in which the bailor and bailee agree on a compensation in return for benefits flowing from the bailment, necessarily involving an express or implied agreement or undertaking to that effect, e.g. delivery of automobile to mechanic who, for a price, undertakes to repair it.

One who delivers goods to another in the contract of bailment.

In insurance, under surplus share reinsurance, the desired relationship between a reinsurer’s written premium and its maximum limit of liability.

Financial statement showing assets, liabilities and equity of a company in conformity with generally accepted accounting principles.

Before issuing a bond. The surety corresponds with a contractor’s bank to determine his financial soundness.

An incorporated institution that carries on the business of receiving money on deposit, chasing cheques or drafts, discounting commercial paper, making loans, and issuing promissory notes and bank notes.

A ban-issued promissory note payable to bearer on demand.

Broad form of bond and insurance coverage designed for financial institutions, e.g. banks, credit unions, trust companies.

One who is unable to pay his debts as they become due. When used within the context of the Bankruptcy Act, Refers to one who is liable to be proceeded against by his creditors therefore, or of one whose circumstances are such that he is entitled, on voluntary application, to take the benefit of the bankruptcy law.

Federal law for the benefit and relief of creditors and their debtors in cases when debtors are unable or unwilling to pay their debts.