LEGATEE
A person who received all or a part of a deceased person’s estate or entity. It is more commonly known as a recipient or heir in the last will and testament. Legatee comes from the word "legacy", which means inheritance. The assets will automatically go to the state in the event an individual dies without a will and has no living relatives.
In case a legatee does not want to accept the inheritance, he or she can formally disown the assets within nine months of the testator’s (deceased person) death; unless the legatee is underage, which means he or she cannot disclaim until the age of majority.
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Trade or Fade Rule
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Cancellation
Notification by a broker advising his or her client that an incorrect exchange deal was conducted and that the activity is being pointed out. For e ...
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UFMI
Up-Front Mortgage Insurance (UFMI) is an insurance premium. It is usually collected at the time of the conception of the loan on Federal Housing Ad ...
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