“DISBURSEMENT” Payment Of Funds “Settles” A Debt!

DISBURSEMENT defined: Literally, to take money out of a purse.

Figuratively, to pay out money; to expend money; and sometimes it
signifies to advance money. 2. A master of a ship makes disbursements,
whether with his own money or that of the owner, when he defrays
expenses for the ship. 3. An executor, guardian, trustee, or other
accountant, is said to have made disbursements when he expended money
on account of the estate which he holds. These, when properly made, are
always allowed in the settlement of the accounts. A Law Dictionary Adapted To
The Constitution and Laws of the United States of America and of the Several States of
the American Union by John Bouvier Revised Sixth Edition, 1856

DISBURSEMENT defined: 1. Payment of funds that partially or fully

settles a debt. Also, an outflow of cash that reduces a liability.
2. Periodic release of construction loan in installments, called
progress payments, at specific phases of construction. A portion of the
loan is normally held back until completion of the project. See also
CONTROLLED DISBURSEMENT; DELAYED DISBURSEMENT. Barron’s Dictionary of Banking
Terms Fourth Edition (page 145)

DISBURSEMENT defined: To pay out, commonly from a fund. To make payment

in settlement of a debt or account payable. Black’s Law Dictionary Sixth
Edition (page 463)

ACKNOWLEDGMENT OF RECEIPT OF SETTLEMENT STATEMENT

Borrower:
Seller:
Lender:
Settlement Agent:
Place of Settlement:
Settlement Date:
Property Location:

I have carefully reviewed the HUD-1 Settlement Statement and to the

best of my knowledge and belief, it is a true and accurate statement of
all receipts and disbursements made on my account or by me in this
transaction. I further certify that I have received a copy of the HUD-1
Settlement Statement.

_________________________________
Mr. Buyer
_________________________________
Mr. Seller

_________________________________
Mrs. Seller

To the best of my knowledge, the HUD-1 Settlement Statement which I

have prepared is a true and accurate account of the funds which were
received and have been or will be disbursed by the undersigned as part
of the settlement of this transaction.

_________________________________
Settlement Agent

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RECEIPT defined: contracts. A receipt is an acknowledgment in writing
that the party giving the same has received from the person therein
named, the money or other thing therein specified. A Law Dictionary Adapted
To The Constitution and Laws of the United States of America and of the Several States of
the American Union by John Bouvier Revised Sixth Edition, 1856

CLOSE defined: v. To finish, bring to an end, conclude, terminate,

complete, wind up; as, to "close" an account, a bargain, a trial, an
estate, or public books, such as tax books. In accounting, to transfer
the balance of a temporary or contra or adjunct account to the main
account to which it relates. To finalize a real estate transaction. see
Closing. Black’s Law Dictionary Sixth Edition (page 254)

CLOSE defined: Signifies the interest in the soil, and not merely a
close or enclosure in the common acceptation of the term. Doct. & Stud.
307 East, 207 2 Stra. 1004; 6 East, 1541 Burr. 133 1 Ch. R. 160. 2. In
every case where one man has a right to exclude another from his land,
the law encircles it, if not already enclosed, with an imaginary fence;
and entitles him to a compensation in damages for the injury he
sustains by the act of another passing through his boundary,
denominating the injurious act a breach of the enclosure. Hamm. N. P.
151; Doct. & Stud. dial. 1, c. 8, p. 30; 2 Whart. 430. 3. An ejectment
will not lie for a close. 11 Rep. 55; 1 Rolle's R. 55 Salk. 254 Cro.
Eliz. 235; Adams on Eject. 24. A Law Dictionary Adapted To The Constitution and
Laws of the United States of America and of the Several States of the American Union by
John Bouvier Revised Sixth Edition, 1856

SURETY AND FIDELITY INSURANCE defined: Form of insurance, which more

approximates a bond, which protects the insured against dishonesty of
employees, agents and the public. Black’s Law Dictionary Sixth Edition (page 806)

COMMERCIAL INSURANCE defined: Indemnity agreements, in the form of

insurance bonds or policies, whereby parties to commercial contracts
are to a designated extent guaranteed against loss by reason of a
breach of contractual obligations on the part of the other contracting
party. To this class belong policies of contract credit and title
insurance. Black’s Law Dictionary Sixth Edition (page 803)

GUARANTY OR FIDELITY INSURANCE defined: A contract whereby one, for a

consideration, agrees to indemnify another against loss arising from
the want of integrity or fidelity of employees and persons holding
positions of trust, or embezzlements by them, or against the insolvency
of debtors, losses in trade, loss by non-payment of notes, or against
breaches of contract. Black’s Law Dictionary Sixth Edition (page 804)

TITLE INSURANCE It is not always easy to distinguish between such

insurance and a "guaranty of title" given by such a company, except
that in the former case the maximum limit of liability is fixed by the
policy, while in the latter case the undertaking is to make good any
and all loss resulting from defect or failure of the title. See also
Back title letter. Black’s Law Dictionary Sixth Edition (page 806)

TRUST INSURANCE defined: A trust, the res of which consists in whole or

in part of insurance policies. Black’s Law Dictionary Sixth Edition (page 806)

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When a man (Principal) stands by and permits another to do an act in
his name, his authority will be presumed. Vide Authority, and 2 Kent,
Com. 3d edit. 614; Story, Ag. Sec. 89, 90, 91; and articles Assent;
Consent. A Law Dictionary Adapted To The Constitution and Laws of the United States of
America and of the Several States of the American Union by John Bouvier Revised Sixth
Edition, 1856