Loan Account: An account, opened for a customer by a bank, following the granting of a loan. The amount of the loan is credited to the customer's current account and similarly debited to the loan account. An arrangement is subsequently made for the customer to repay the loan, usually over a stated period of time, with interest additionally being paid on the outstanding amount.

 

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Loan Account: An account, opened for a customer by a bank, following the granting of a loan. The amount of the loan is credited to the customer's current account and similarly debited to the loan account. . . . View Full Definition

No Loan, No Commission: A listing agreement requiring that escrow be closed and title transferred before an agent is entitled to a commission.

New Account Report: A broker's document including information about a new client. See: Know your customer.

Net Realizable Value Of Accounts Receivable: The net amount that would be received if all receivables considered collectible were collected: equal to total accounts receivable less the allowance for uncollectible accounts: also called . . . View Full Definition