STATUTORY MERGER is a merger where one entity remains as a legal entity, instead of a new legal entity being formed. See also STATUTORY CONSOLIDATION.
CLEARING ACCOUNT, in banking, is a bank account used by a mortgage servicing company for the temporary, short-term deposit of mortgage payments that have been collected and are either awaiting transmittal to investors who bought the mortgages or awaiting deposit in escrow accounts. See CASH CLEARING ACCOUNT.
GRANTEE is the person or entity to whom property or assets are transferred.
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