ENCUMBERED Definition

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ENCUMBERED is when an asset is owned by one party subject to the legal claims of another party. One example is a homeowner that owns a home that is subject to (encumbered by) the claims of the mortgage holder.

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CORRESPONDENT BANK is a bank having communications and business links with the sellers bank.

REDISCOUNT is to discount short-term negotiable debt instruments for a second time, after they have been discounted with a bank.

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