Arrearages broadly refers to being in arrears or owing a debt. There are two main uses of the term. One refers to payments in arrears that are meant to occur after they are owed, such as wages paid a week after time is entered or for invoices...
finance
arrears
Arrears is defined as debt that has accumulated and that has not yet been paid upon the due date. For instance, if someone falls $5000 behind in paying for their mortgage, then they have built up $5000 in arrears. See also: arrearages.
...artisan's lien
An artisan’s lien is a type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. It works exactly the same as a mechanic's lien.
See e.g., In re Enron...
assess
In common parlance, to assess means to evaluate.
In legal contexts, the word assess is usually used in the context of tax law and means to ascertain a valuation of a piece of property for purposes of tax calculation (see...
assessed value
Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes.
[Last updated in June of 2021 by the Wex Definitions Team]
assume
To assume means to undertake. Generally, in legal contexts, to assume means to take over a certain duty or responsibility. For example, Alice may assume Bob’s liability for a debt (Alice may take over Bob’s debt).
In...
assumption
An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.
...attached
Attached property is property that has been seized pursuant to a court order, either as a provisional pre-judgment remedy or for the enforcement of a final judgment. Property may be attached only after the commencement of a lawsuit. In a pre-...
attachment
An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment.
Sometimes, courts attach a defendant's property as a provisional remedy to...
audit
An audit (noun) is a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.
To audit (verb) is the act of conducting the formal...