Cartoon Guy Holding Stack Of Books

Final Beneficiary

ABC Blocks

The cancellation or destruction of a right, quite often because the time for enforcement has passed. example: waiting more than four years after the due date to make a demand for payment on a promissory note wipes out the person’s right to collect the money owed to him/her. it can also occur by fulfilling the obligation so no further money or performance is due.

Was This Term Helpful?

0 out of 0 found this helpful


Still got a question or concern?

Click here to contact us or go back to the main Glossary page.