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Term of the Day: Deficiency

Deficiency n

pl: -cies
: an amount that is lacking or inadequate: as
a : the difference between the amount of tax owed and the amount of tax paid
b : the difference between the amount owed under a security agreement and the amount the creditor is able to recover upon default of the debtor by selling the collateral



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.

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