Examlex
A receiver is a disinterested person who collects and preserves the debtor's assets and income and disposes of them at the direction of the court which appointed the receiver.
Independent Testing
Testing conducted by an external or third-party organization to ensure objectivity and impartiality, usually for quality control or compliance purposes.
Credit Contract
A legally binding agreement between a borrower and a lender where the borrower is extended a line of credit and agrees to repay the money, subject to agreed terms and conditions.
Garnish Wages
A legal process in which a creditor obtains a court order requiring an employer to withhold a portion of an employee's earnings for the repayment of debt.
Late Charge
A fee assessed for payments made after their due date.
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