financial services

341 meeting

A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code. The purpose of a 341 meeting is to examine the debtor’s...

A/R

A/R is the abbreviation for accounts receivable.

[Last updated in June of 2022 by the Wex Definitions Team]

absolute-bar rule

The absolute bar rule prohibits a creditor who disposes of collateral in a commercially unreasonable manner from obtaining a deficiency judgment.

For example:

§ 9-610 of the Uniform Commercial Code (UCC) codifies the...

account debtor

An account debtor is someone who owes an obligation by virtue of an account, chattel paper, or general intangible.

See, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).

[Last updated in...

account receivable

Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to the...

account stated

Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment. In many business contexts, creditors and debtors have...

accountant

An accountant is a trained professional who has satisfied the statutory and administrative requirements under applicable law to practice as a licensed public accountant. These requirements vary from State to State. The accountant is...

accounting

Accounting is the practice of accurately and timely recording, analyzing, summarizing, and classifying financial transactions of a business. Commonly, those financial transactions are recorded in a set of financial records called financial...

accounts payable

Accounts payable is short-term debt that a company owes to its suppliers for products received before a payment is made. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a...

accounts receivable

Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to...

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