OVERLAPPING DEBT

Liability acquired by a local government body in partly or fully financing programs or projects that fall under the jurisdiction of other government bodies.

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OVERLAPPING INSURANCE

Occurs when two insurance policies cover the same risk under the same circumstances. See OTHER INSURANCE CLAUSE.

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OVERLEARNING

Repetition of learning beyond the amount required to retain the information.

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OVERDRAFT CAP

This is the maximum amount of money that one bank will transfer to another in one day, limiting the bank?s exposure to monetary transfer risks.

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OVERHEAD RATIO

The amount of revenue that must be generated to cover the daily cost of manufacturing.

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OVERDRAFT FEE

A bank charge incurred when an account?s balance falls below its agreed limit. Can be incurred multiple times if more than one transaction is made beyond the account limit.

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OVERDRAFT LIMIT

The maximum amount of debit balance an account can have without approval.

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OVERDRAFT PROTECTION

An agreement that involves a bank providing a short-term loan to cover a check that is not covered by an account holder?s balance. This arrangement prevents criminal proceedings resulting from checks bouncing due to not sufficient funds.

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OVERDRAW

To draw upon a person or a bank, by bills or checks, to an amount in excess of the funds remaining to the drawer’s credit with the drawee, or to an amount greater than what is due. The term “overdraw” lias a definite and well- understood meaning. Money is drawn from the bank by him who draws the check, not by him who receives the money : and it is drawn upon the account of the individual by whose check it is drawn, though it be paid to and for the benefit of another. No one can draw money from bank upon his own account, except by means of his own check or draft, nor can he overdraw his account with the bank in any other manner. State v. Stimson, 24 N. J. Law, 478, 484.

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OVERDUE

A negotiable instrument or other evidence of debt is overdue when the day of its maturity is past aud it remains uupaid. Camp v. Scott 14 Vt. 387 ; La Due v. First Nat. Bank, 31 Minn. 33, 10 N. W. 420. A vessel is said to be overdue when she has uot reached her destiuatiou at the time wheu she might ordinarily have been expected to arrive.

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