NosyBeagle
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LSDefine
Simple English definitions for legal terms
in arrears
Read a random definition: antenuptial agreement
A quick definition of in arrears:
Term: IN ARREARS
Definition: When someone is in arrears, it means they are behind on paying something they owe. This could be rent, bills, or other obligations. It can also mean that something is paid at the end of a period instead of at the beginning. For example, if you have to pay interest on a loan, you might have to pay it in arrears at the end of each month instead of at the beginning.
A more thorough explanation:
Definition: In arrears means being behind in the payment of a debt or other obligation. It can also refer to something that is paid at the end of a period instead of the beginning.
- The tenants were in arrears with the rent, meaning they had not paid their rent on time and were behind on their payments.
- The company was in arrears with their taxes, meaning they had not paid the full amount owed to the government.
- The interest on the loan was paid in arrears, meaning it was paid at the end of each month instead of at the beginning.
These examples illustrate how being in arrears means being behind on payments or obligations. It can apply to rent, taxes, loans, or any other type of debt. When something is paid in arrears, it means it is paid at the end of a period instead of at the beginning. This can affect how much interest or fees are charged.