Arrears

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Arrears

A sum of money that has not been paid or has only been paid in part at the time it is due.

A person who is "in arrears" is behind in payments due and thus has outstanding debts or liabilities. For example, a tenant who has not paid rent on the day it is due is in arrears.

Arrears may also refer to the late distribution of the dividends of cumulative preferred stock.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

arrears

n. money not paid when due, usually the sum of a series of unpaid amounts, such as rent, installments on an account or promissory note, or monthly child support. Sometimes these are called "arrearages."

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
It is noted that simultaneously with the termination of the tenancy by the tenant, the landlord also terminated the tenancy agreement, since the tenant owed to him rents in arrear and despite giving him 21 days' notice to pay them, he did not respond.
The senior, unsecured bonds will have an annual coupon of 3.375% to be paid every six months in arrear and the reference price of the company's common shares was fixed at USD29.94.
The senior unsecured bonds are expected to bear interest of between 7.5-8.5%, payable quarterly in arrear, and will be convertible at a price equal to a premium of 25-30% over the volume weighted average price of the company's shares on NASDAQ OMX Stockholm exchange between launch and pricing.
The stance of Punjab representative that Punjab share is still left in arrear in Indus zone was rejected in the meeting.
The notes will bear interest at a rate of six per cent per annum payable semi-annually in arrear from (and including) the issue date for a period of five years, and thereafter at a floating rate, reset and payable semi-annually in arrear, reflecting the initial margin.