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Simple English definitions for legal terms
fund
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A quick definition of fund:
Term: FUND
Definition: A fund is a sum of money or other assets that are set aside for a specific purpose. It can be created from income from different sources, such as the sale of property. Some funds change their form periodically as they are invested and reinvested. There are also client-security funds that compensate people for losses caused by their attorneys' misconduct.
A more thorough explanation:
Definition: A sum of money or other liquid assets set aside for a specific purpose. This can include a trust fund, a savings account, or a pool of money collected from multiple sources.
- A college savings fund set up by parents to pay for their child's education.
- A mutual fund that invests in a variety of stocks and bonds to provide diversification for investors.
- A disaster relief fund established by a charity to provide aid to those affected by a natural disaster.
These examples illustrate how a fund can be used for a specific purpose, whether it's saving for a future expense, investing for financial growth, or providing aid to those in need. Funds can be established by individuals, organizations, or governments to achieve a particular goal.