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baddestbunny
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Simple English definitions for legal terms
comingle
Read a random definition: facility-of-payment clause
A quick definition of comingle:
Term: COMINGLE
Definition: Comingle means to mix things together, like money or property. For example, when a husband and wife combine their money, they are comingling their funds. This can also happen when someone who is responsible for taking care of someone else's money mixes it with their own. This is not always a good thing, and it is important to keep track of who owns what.
A more thorough explanation:
Definition: Comingle (also spelled commingle) means to mix together different funds or properties into one mass. This can happen when a spouse mixes their separate property with marital or community property, or when a fiduciary mixes their personal funds with those of a beneficiary or client.
- A husband and wife have separate bank accounts, but the husband decides to transfer money from his account into their joint account. This is an example of comingle.
- A financial advisor manages the investments of several clients. Instead of keeping each client's funds separate, the advisor puts all the money into one account. This is an example of comingle.
These examples illustrate how comingle involves mixing different funds or properties together. In the first example, the husband's separate property (his money in his account) is mixed with the marital property (the joint account). In the second example, the clients' funds are mixed together instead of being kept separate.