commercial transactions

Unincorporated business organization (UBO)

An unincorporated business organization (UBO) is a business arrangement used in lieu of a company or partnership. The investor acts as the settlor of the trust and gives the management rights to the trustee, who holds title to the property...

universal life insurance

Universal life insurance is a type of life insurance that lasts for the life of the insured and has flexible premiums, death benefits, and cash value. Universal life insurance operates similarly to whole life insurance in that the insured...

unseasoned issuer

An unseasoned issuer is any issuer subject to period reporting requirements, i.e. is a public company, but who is not eligible to file a Form S-3 or a Form F-3 for a primary offering, i.e. is not a seasoned issuer or a well-known seasoned...

Valuable consideration

Valuable consideration broadly refers to a sufficient price paid by a party in exchange for something in a contract or sale. The “valuable” description of consideration also may mean that the consideration is monetary in contrast to other...

variable life insurance

Variable life insurance is a form of whole life insurance that accumulates cash value on a tax-deferred basis. Variable life insurance operates similarly to a mutual fund because the insured pays premiums that go into a separate investment...

variable universal life insurance

Variable universal life insurance refers to universal life insurance policies where the policy holder chooses how the cash value of the account is invested. Like any universal life insurance, these policies allow flexible premiums and death...

Vertical privity

In business law, vertical privity is the relationship between companies in a distribution chain (e.g. a manufacturer and a distributor). Those in vertical privity are jointly liable for product defects in the vertical chain.

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Volcker Rule

The Volcker Rule refers to a broad set of rules adopted under Dodd-Frank Title VI that attempts to reduce risk within banking institutions, stemming from mixing investment banking and commercial banking. The Volcker Rule consists of two major...

wage attachment

Wage attachment, also known as wage garnishment, is a court order by which the court attaches debtors' wages to help pay their creditors by directly transferring the wages to the creditors. Although a wage attachment order can be obtained...

waiting period

The waiting period is the stage in the initial public offering (IPO) process after the issuer files their registration statement with the Securities and Exchange Commission (SEC) and waits for the SEC to declare their registration statement...

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