A(n)_________ Is a Legal Arrangement in Which the Ownership of Property

question 134

Multiple Choice

A(n) _________ is a legal arrangement in which the ownership of property is transferred to a third person to be used for the benefit of another.

• A) trust
• B) will
• C) estate plan
• D) haven

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Definitions:

Collection Agencies

Companies that pursue payments of debts owed by individuals or businesses, typically on behalf of creditors.

Statute of Limitations

The law that sets the maximum time after an event within which legal proceedings may be initiated.

Truth in Lending Act (TILA)

A federal law designed to promote informed use of consumer credit by requiring disclosures about its terms and cost.

Finance Charges

Fees represented as the cost of credit to the borrower, which includes interests and other charges.