settlement
A settlement is an agreement that ends a dispute and results in the voluntary dismissal of any related litigation . Regardless of the exact terms, many parties choose to keep their settlement agreements private.
In business law, a settlement is the payment, satisfaction, and closing of an account.
In wills and estates , a settlement is the complete execution of an estate by the executor .
A settlement is also the conveyance of property interests to beneficiaries in a way that alters what they would receive as heirs under statutes of descent and distribution .
[Last reviewed in June of 2024 by the Wex Definitions Team ]
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