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LSDefine

Simple English definitions for legal terms

negotiable order of withdrawal

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A quick definition of negotiable order of withdrawal:

A negotiable order of withdrawal, also known as NOW, is a type of check that can be cashed at any time and is backed by funds deposited in a bank or other financial institution. It's like a promise from the bank that the money is available for withdrawal whenever the check is presented.

A more thorough explanation:

A negotiable order of withdrawal (NOW) is a type of financial instrument that allows the holder to withdraw funds from a bank account on demand. It is similar to a check, but it is issued against funds that have already been deposited with a financial institution.

For example, let's say that John has a NOW account with his bank. He has deposited $1,000 into the account, and he can write a NOW check for up to that amount. If he writes a check for $500 and gives it to his landlord, the landlord can take the check to the bank and cash it immediately. The bank will then deduct $500 from John's account.

Another example is if Sarah has a NOW account with her credit union. She has deposited $2,000 into the account, and she can write a NOW check for up to that amount. If she writes a check for $1,000 and gives it to her contractor, the contractor can take the check to the credit union and cash it immediately. The credit union will then deduct $1,000 from Sarah's account.

These examples illustrate how a negotiable order of withdrawal works. The holder of the NOW account can write a check for a certain amount, and the recipient can cash it immediately. The funds are deducted from the account, and the holder can continue to use the remaining balance as needed.

negotiable note | negotiable-order-of-withdrawal account

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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