In modern times, cash consisted of coins with negligible metal value, or paper. This modern form of cash is fiat money. The term “working day” means any day other than a Saturday, Sunday or public holiday. “Account” means a demand deposit account or similar transaction account with a depositary institution. Cash is a legal currency or coins that can be used to exchange goods, debts or services. Sometimes it`s also about the value of assets that can easily be converted into cash instantly, as indicated by a company. The term “home custodian” refers to the branch of a deposit-taking institution from which a cheque is drawn. The term “board” refers to the Board of Governors of the Federal Reserve. The New York State Society of Certified Public Accountants offers the following definition of cash in a way that is easy for anyone to understand: ASSET account on a balance sheet that represents paper money and coins, money orders and negotiable checks, bank balances, and certain short-term government bonds. The term “general local government unit” means any city, county, city, municipality, municipality, village or other general political subdivision of a state. The term “cash” refers to U.S.
coins and currencies, including Federal Reserve notes. The term “cheque” means any draft negotiable receivable that is drawn or payable through a custodian office in the United States. This term does not include items other than cash. The term “transfer” has the meaning prescribed by regulation of the Commission. The term “Check ClearingHouse Association” refers to any agreement under which participating custodians exchange checks on a local basis, including an entire metropolitan area, without using the Federal Reserve system`s check processing facilities. The term “depositary” has the meaning given to this term in clauses (i) to (vi) of Article 461(b)(1)(A) of this Title. Such a term also includes an office, branch or branch of a foreign bank in the United States. Paper money is a new form of cash that dates back to the 18th century, and its value is determined by the trust of its users in the government that supports the currency. This ability to determine price has profound implications for an economy. It can affect inflation or the rate at which the prices of goods and services rise. “Deposit cheque” means any cash cheque, certified cheque, cash cheque and other functionally equivalent instrument as determined by the Board of Directors.
Checks, debit cards, credit cards, online banking, and smartphone payment technology have reduced the need for people to carry money in any form. adj. refers to the payment, distribution or replacement of things instead of money, a combination of goods and money or money instead of an item. This is a phrase often found in wills and trusts that authorize the executor or trustee to distribute to beneficiaries “in kind” at their discretion, provided that the value is equal to the value to be given to each beneficiary. This is important because it allows the distribution of furniture, family heirlooms, stocks and bonds, automobiles, or even real estate (as well as money) between beneficiaries without selling assets to receive money. Example: Edward Doright dies with a will that leaves his property equally to his two daughters and a son. He has a $150,000 house, $100,000 in cash, artwork worth $50,000, two cars worth $10,000 each, $150,000 in stock, and jewelry worth $25,000. Since the total value is $495,000, the executor can divide that by giving each child $165,000 worth of things and money. Whoever takes the house would then get a car and $5,000 in cash, etc. In this way, gifts can be better distributed to the needs of the recipients. The “benefit in kind” can avoid potential undervalued returns from real estate sales and the cost of real estate commissions. The term “check processing region” refers to the geographic area served by a Federal Reserve bank check processing center, or a larger area as required by regulation by the board of directors.
Although cash generally refers to money in hand, the term can also be used to indicate money in bank accounts, checks, or any other form of currency that is easily accessible and can be quickly converted into physical cash. The term “State” means any state, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam or the Virgin Islands. Cash in its physical form is the simplest, most used and reliable method of payment, which is why many companies only accept cash. Checks can bounce and credit cards can be declined, but the money in hand does not require additional processing. However, it has become less common for people to take cash with them as the reliability and convenience of electronic banking and payment systems increases. The term “consumer account” means any account used primarily for personal, family or household purposes. In finance and banking, cash indicates the current assets of the company or assets that can be converted into cash within one year. A company`s cash flow indicates the net amount of cash a company has after taking into account cash and incoming and outgoing assets, and can be a good resource for potential investors.
A company`s cash flow statement shows all incoming cash flows, such as net income, and outgoing cash flows used to pay for expenses such as equipment and investments. The term “non-owner ATM” refers to an ATM that is not an owner-based ATM. The term “local deposit-taking institution originating in” means any deposit-taking institution originating in and located in the same cheque processing region as the receiving deposit-taking institution. The term “cash cheque” means any cheque issued by a depositary institution and designated by another depositary institution. Ready money; anything that can be used as money without being converted into another form; what circulates in the form of money, including banknotes. Flood Hooper, 54 Cal. 221; Dazet v. Landry, 21 Nev. 291, 30 Pac.
1004; Blair vs. Wilson, 28 crest. (Va.) 105; Haviland vs. Chace, 39 Barb. (N. Y.) 284. 2018 – Dial the number (20). Pub.
L. 115–174, § 208(a)(1)(A), inserted “in the United States” after “ATM”. Cash is used as long as goods and services have been exchanged, and its form depends on the culture in which it operates. Many civilizations have used coins minted from precious metals such as copper, bronze (an alloy of copper and tin), silver, and gold over the past 4,000 years, although other ancient civilizations have used shells or goods of weight, including salt and sugar. Adj. means money deposited with the clerk by a person or body that knows the money is owed but does not know who to pay it to until the outcome of a legal dispute between two other parties is resolved. In short, the party that hands over the money says, “Here`s the money. You both argue about it, but save me the hassle and cost of the costume.
Example: A contractor buys supplies on credit from a hardware store. The company is owned by two people who have dissolved their partnership and are arguing over who owns the claims, including funds owed by the contractor. The entrepreneur knows that he owes the money for his supplies, wants to meet his obligations and wants to get rid of the debt. The entrepreneur therefore gives what he thinks he owes to the hardware store in court, while the two former partners settle their differences. Go. (21), (23). Pub. L. 115–174, § 208(a)(1)(B), (C), inserted `American Samoa, commonwealth of the Northern Mariana Islands, Guam`, after `Puerto Rico,`.