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Simple English definitions for legal terms
fund in court
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A quick definition of fund in court:
A fund in court is money that has been deposited with the court, usually because there is a dispute over who should receive it. It can also be money set aside to pay for a possible future expense. This type of fund is different from other funds, like a general fund or a trust fund, because it is specifically related to a legal matter.
A more thorough explanation:
Definition: A sum of money or other liquid assets established for a specific purpose. In the legal context, it refers to contested money deposited with the court to pay a contingent liability or to be distributed among parties in a legal dispute.
Example: A company is facing a lawsuit from a former employee who claims wrongful termination. The company deposits a sum of money with the court as a fund in court to cover any potential damages awarded to the employee. The fund in court will be distributed among the parties according to the court's decision.
This example illustrates how a fund in court is used to ensure that there are sufficient funds to cover any potential liabilities or damages in a legal dispute. It provides a way for parties to avoid the risk of not being able to collect damages awarded by the court due to the other party's inability to pay.