commercial activities

Arrears

Debt that has accumulated and that has not yet been paid upon the due date. See arrearages.

Arson with Intent to Defraud an Insurer

At common law, it was not arson if a person burned his or her own dwelling in order to fraudulently collect the insurance that is on the dwelling. In modern statutes this is often an offense.

ART

See alternative reproduction technology.

Artificial Person

An entity established by law and given at least some legal rights and duties of a human being. Corporations are the most common types of artificial persons.

See [[legal person]]; cf. natural person.

Artisan's Lien

A type of lien that gives workers a security interest in personal property until they have been paid for their work on that property. Essentially, a mechanic's lien by another name.

As Is

“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and...

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]

Assigned Risk

Definition from Nolo’s Plain-English Law DictionaryA driver with a poor record who would normally be denied coverage by insurance companies, and who is assigned to a state operated or designated insurance program.

Definition provided by Nolo’s Plain-...

Assignment for Benefit of Creditors

Assignment for the benefit of the creditors (ABC)(also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for...

Pages