General (not jurisdiction-specific)

A surety bond submitted with a bid on a construction contract that guarantees the bidder will enter into the contract and provide any required performance and payment bonds if its bid is accepted. Federal Acquisition Regulation rules address bid guarantees on federal construction contracts.

Anything of value that a person or entity owns or controls, such as cash, real estate, vehicles, investments, receivables and intellectual property. In bankruptcy, the estate generally includes all legal or equitable interests of the debtor in property as of the commencement of the case (11 U.S.C. § 541(a)(1)).

Money or property that a person places with someone else for safekeeping or as security. For example, a customer deposits money in a bank account, and a buyer pays an earnest-money deposit when buying real estate. In addition, with leave of court, a party may deposit with the court all or part of money or a thing in dispute (Fed. R. Civ. P. 67(a)).

Not a separate category of money under current federal law; the statutory term is “legal tender,” which includes U.S. coins and currency, including Federal Reserve notes (31 U.S.C. § 5103). A related phrase, “lawful money,” still appears in some statutes, such as the provision on redeeming Federal Reserve notes (12 U.S.C. § 411), but we have not found a court decision holding that it means only gold or silver, or that demanding “lawful money” changes a person’s tax or debt obligations; courts that have addressed these arguments, such as Milam v. United States, 524 F.2d 629 (9th Cir. 1974), ruled the other way.

Currency and coins. U.S. coins and currency, including Federal Reserve notes, are legal tender (31 U.S.C. § 5103). A business that receives more than $10,000 in cash in one transaction or related transactions must report it to the IRS (26 U.S.C. § 6050I). For that reporting rule, “cash” also includes foreign currency and, in certain transactions, cashier’s checks, money orders and similar instruments of $10,000 or less.

Has several meanings. Under the Truth in Lending Act, credit is the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment (15 U.S.C. § 1602(f)). In accounting, a credit is an entry that decreases an asset or increases a liability or equity. A party may also receive credit against a debt or judgment for amounts already paid.

A federal legal process for people and businesses that cannot pay their debts, governed by the Bankruptcy Code in Title 11 of the U.S. Code under Congress’s power to establish uniform laws on bankruptcies (U.S. Const. art. I, § 8, cl. 4). Common chapters are Chapter 7 (liquidation), Chapter 11 (reorganization) and Chapter 13 (adjustment of debts of an individual with regular income). Filing a petition generally triggers an automatic stay of most collection actions (11 U.S.C. § 362(a)), and an eligible debtor may receive a discharge of many debts.

A payment of money out of an account or fund, such as the release of loan funds, a distribution from a trust or estate, or a payment from a court’s registry. Money deposited in a federal court’s registry may be withdrawn only by order of the court (28 U.S.C. § 2042).

Has two meanings. First, the process of recording, summarizing and reporting financial transactions. Second, in law, an accounting is a detailed statement of transactions that a fiduciary — such as a trustee, executor or partner — must give, and that a court can order as an equitable remedy. Under the Uniform Trust Code, in states that have adopted it, a trustee must keep qualified beneficiaries reasonably informed about the trust’s administration (Uniform Trust Code § 813); state versions vary.

To compare two sets of records — such as a bank statement and a company’s own ledger — to confirm they agree and to identify and explain any differences. A reconciliation is the document or process that does this.