CREDITORS Definition

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CREDITORS are the entities to which a debt is owed by another entity.

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ACTUAL CASH VALUE (ACV) is the common method of determining the amount of reimbursement for a loss. Normally calculated by determining what it will cost to replace an item at the time of loss after subtracting depreciation.

STATUTE is an act passed by a legislative body, e.g. U.S. Congress.

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