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Simple English definitions for legal terms

negotiable order of withdrawal

Read a random definition: contumacious conduct

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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shaquilleoatmeal
15:56
yo, what should i pick up for dinner?? Cava or Sweetgreen
glovediedthisishismom
15:56
sweetgreen
glovediedthisishismom
15:56
i wish i had one close to me
babycat
15:56
shaq how did your date with Uber girl go?
soyalmondoatmilk
15:57
OMG I LOVE SWEETGREEN
shaquilleoatmeal
15:57
lmaooo oh man i gotta find a way to make a long story short - sg it is ! What do you guys usually get? I'm tired of my same old same old
soyalmondoatmilk
15:57
i love the harvest bowl
soyalmondoatmilk
15:57
their salmon is good too
shaquilleoatmeal
15:58
@babycat: you gonna be on later tonight? i gotta get home, shower, and then I can hop back on and give you the break down lmao
shaquilleoatmeal
15:58
i dont know how much i trust salmon from quick take out spots so i've never tried it there. Harvest bowl is OG and always good for when you need a quick decision
soyalmondoatmilk
15:59
that's so fair. i love their roasted sweet potatoes and spicy cashew dressing--highly recommend
babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
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