Liability acquired by a local government body in partly or fully financing programs or projects that fall under the jurisdiction of other government bodies.
Category: O
OVERLAPPING INSURANCE
OVERLEARNING
OVERDRAFT CAP
OVERHEAD RATIO
OVERDRAFT FEE
OVERDRAFT LIMIT
OVERDRAFT PROTECTION
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.
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.