The Length of Time That a Record Must Be Retained

question 26

Short Answer

The length of time that a record must be retained is called the ____________.

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Definitions:

Next of Kin

A person's closest living blood relative or relatives who may have legal duties or responsibilities for them in certain circumstances.

TILA (Truth in Lending Act)

A United States federal law designed to protect consumers in their dealings with lenders and creditors by requiring clear disclosure of key terms of the lending arrangement and all costs.

Promissory Note

A written, legally binding agreement in which one party promises to pay another a specified sum of money at a specified time.

Security Interest

A legal claim or right on collateral granted to a lender, ensuring the collection of a debt or obligation.