Definition - Noun
1  : the act or process of settling
2 a  : an agreement reducing or resolving differences
: an agreement between litigants that concludes the litigation <the states finally agreed upon a ~ and a consent decree ­W. J. Brennan, Jr.> <entered into a property ~ prior to the divorce>
b  : a formal and permanent grant or conveyance
c  : the sum, estate, or income granted or paid under a settlement <if the monetary limits of a defendant's insurance policy can be discovered in order to obtain reasonable ~s ­J. H. Friedenthal et al.>
3  : See also closing<~ costs>
4  : the transfer of funds between a payor bank and a collecting bank in order to complete transactions for customers

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Based on Merriam-Webster's Dictionary of Law ©2001.
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Published under license with Merriam-Webster, Incorporated.