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PAY-ON-DEATH (POD) DESIGNATION

A payment that is due to a named person upon the death of the decedent, used as frequently to avoid probate. The person retains complete control over the property and provide an ownership document (on a bank account registration card, for example) which has the designated beneficiary who will inherit the property at death. … [Read more...] about PAY-ON-DEATH (POD) DESIGNATION

PECIA

by Law Professor

A piece or small quantity of ground. Paroch. Antlq. 240. … [Read more...] about PECIA

PAYOR

by Law Professor

The person who is obligated to pay the amount on a debt instrument, promissory note or check. … [Read more...] about PAYOR

PECK

by Law Professor

A measure of two gallons; a dry measure … [Read more...] about PECK

PAYOUT

by Law Professor

A payment made by a company to its shareholders, such as a dividend. … [Read more...] about PAYOUT

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