LEXIS Definition

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LEXIS is Legal Exchange Informaton Service.

Learn new Accounting Terms

NEW DEBTOR is an entity that becomes bound as debtor by a security agreement previously entered into by another entity.

RED-WELLS are when legal records are set up in file folders and file pockets called "red-wells." Clients usually have several matters. Red-wells are usually four-inch filing media in which file folders are inserted. A legal file may have several standard components called "sub-files." These sub-files are normally inserted into red-wells.

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