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DEFAULT Failure to meet legal obligations in a contract, including failure to make payments on a loan. LAW DAY The date an obligation becomes due; sometimes refers to the closing date. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. TRUST FUND ACCOUNT An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others. |
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