Welcome to the 1520 Perfect Dictionary

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Arrears (1)
ARREARS (1)

Definition: Money that somebody owes that they have not paid at the right time.
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* All six elements would be in.


1. Amount is specific. That is, exact sum is known and fixed.

2. Arrangement existed or was made to liquidate the sum at a particular date (or time!). And this was clearly known by debtor.
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See perfect DEBT (2).
Below the Line
3. Money (= principal) was productively utilized.
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See perfect AMORTIZATION.


further below the line


4. Date (or the specific hour!) had passed.

5. Money (= payment) is not in transit. That is, transfer processes have not delayed receipt of money by creditor.
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See perfect MONEY (2).


much further below the line


6. Money is or will be paid eventually, with or without an additional penalty! (Connect to #5.)
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See perfect INDEBTEDNESS (2).

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