ASSUMPTION, generally, is one or more beliefs or unconfirmed facts that contribute to a conclusion. Specifically, it is the act of taking on the responsibility or assuming the liabilities of another.
CERTIFICATE OF INSPECTION is certification, generally by an independent third party, that the goods were in good condition at the time of shipment.
EXEMPTED SECURITY is a security that is exempted from SEC regulations, including margin rules. Such securities include U.S. Treasury and government agency securities and municipal securities designated by the SEC.
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