Definitions[]
Financial institution[]
Settlement is
| “ | [a]n act that discharges obligations with respect to funds or securities transfers between two or more parties.[1] | ” |
General[]
A settlement is
| “ | [a]n agreement made between two parties to avoid litigation, or to resolve a lawsuit prior to a decision by the judge or jury.[2] | ” |
References[]
- ↑ Internet Banking: Comptroller’s Handbook, at 84.
- ↑ USPTO, Glossary (full-text).