A qualified retirement plan refers to employer-sponsored retirement plans that satisfy requirements in the Internal Revenue Code for receiving tax-deferred treatment. Most retirement plans offered by employers qualify including defined...
money and financial problems
qualified terminable interest property (QTIP) trust
Qualified terminable interest trusts (QTIP trusts) are an estate planning tool used to maximize a couple’s applicable exclusion amounts while qualifying for the marital deduction. Full property interest transfers to spouses do not trigger...
quantum meruit
Quantum meruit is Latin for "as much as one has deserved." Quantum meruit is an equitable remedy that provides restitution for unjust enrichment, often employed in contract law.
Quantum meruit damages are awarded in an...
ransom
Ransom is money or other consideration paid to or demanded by someone in exchange for the release of a kidnapped person or stolen property. It may also refer to the verb of demanding or paying the money to release the kidnapped person....
redeem
Redeem has multiple definitions:
In bankruptcy, the debtor’s right to repurchase property they previously owned but another acquired in a forced sale by a creditor. 11 U.S.C. § 722 lays out the process through which a debtor may redeem property...redemption
See redeem.
[Last updated in May of 2024 by the Wex Definitions Team]
redlining
Redlining can be defined as a discriminatory practice that consists of the systematic denial of services such as mortgages, insurance loans, and other financial services to residents of certain areas, based on their race or ethnicity....
reserved power of appointment
Reserved power of appointment is when the owner of the appointive assets gives the appointive assets away, but reserves to themselves a power of appointment (the ability to choose the beneficiaries of the property). In other words, it is when...
retaining lien
A retaining lien is a type of attorney’s lien that a lawyer holds over a client’s documents, property, or money that is in the lawyer’s possession due to the lawyer-client relationship. This lien is used to secure payment of fees and costs...
reverse mortgage
A reverse mortgage allows homeowners, usually those 62 or older, to borrow money using their home as security for the loan. The title for the home remains in the name of the person taking out the reverse mortgage. The reverse mortgage is...