Net income, also known as net earnings, is income received after mandatory withholdings and deductions, such as state and federal income tax and Social Security contributions. Specifically, net income is gross income minus these mandatory...
money and financial problems
net probate estate
A net probate estate is the entirety of a decedent’s estate that goes through administration by a probate court. It excludes will substitutes.
See also: net estate, probate estate and gross estate.
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nihil est
"Nihil est" is a Latin term used in the legal field, which translates to "nothing exists" or "it is nothing." In the context of law, the term "nihil est" is commonly associated with a writ of execution.
When a judgment is...
non-judicial foreclosure
A non-judicial foreclosure is when lenders foreclose property without getting a court order first. In a jurisdiction that passes a statute authorizing non-judicial foreclosure, private parties must contract for a power-of-sale clause in a...
non-probate assets
Non-probate assets are assets in which the title has already been transferred within a decedent’s lifetime, or assets in which the transfer of title is controlled by some sort of survivorship mechanism. The property may pass to another party...
noncontest clause
Noncontest clauses (also known as in terrorem clauses, contest clauses, no-contest clauses, anti-contest clauses, and forfeiture clauses) are clauses in a will that impose a condition upon a devisee or legatee that they will not dispute the...
nonjudicial foreclosure
A nonjudicial foreclosure is when lenders foreclose property without getting a court order first. In a jurisdiction that passes a statute authorizing nonjudicial foreclosure, private parties must contract for a power-of-sale clause in a...
nonrecourse
Nonrecourse refers to a type of debt where the creditor may only look to the collateral to satisfy the unpaid loan, and not the debtor’s personal assets (as with a recourse loan). For example, the Seventh Circuit in Racine v. Commissioner...
nuisance fees
Nuisance fees are charges used by companies to penalize certain behaviors, usually through setting fees that are disproportionate to the actual cost associated with the service. Common examples of nuisance fees include late payment,...
Old Age, Survivors, Disability Insurance (OASDI)
The Old-Age, Survivors, and Disability Insurance (OASDI) is a federal insurance program that provides benefits to retired and/or disabled workers and their dependents (spouses, children) and to survivors of insured workers. The OASDI is the...