define rep payee
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Definition of Representative Payee Definition of Representative Payee. Claimants who receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) and are minors or who are determined not able to manage their own funds will have a representative payee assigned to manage their money for them. A representative payee must use the funds for the benefit of the claimant.
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payer Definition of payer for English Language Learners. : a person, organization, etc., that pays or is responsible for paying something.
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Organizational Representative Payee Program When SSA determines a beneficiary is incapable of managing his or her own benefit payments, SSA searches for a suitable rep payee. SSA regulations give preference to family members over friends, third parties, and organizational rep payees.
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- Repo Definition (cont.) g Repo is therefore a secured loan. g Legally : a sale and repurchase of bonds. g Economically : a secured loan of cash. g The cash investor receives the repo rate. g Advantages for the cash investor : -- secured investment. -- repo rate competitive with bank deposits.
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Definitions &Translations The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.
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What do payee & payer mean? Answer Wiki. The payer (sometimes spelled payor) is the person who pays the payment (money usually but could be any form of 'consideration'). The payee is the person to whom the payment is made (in other words, the person who receives the payment). In other words, the payer makes a payment out to the payee, who then receives the payment.
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- payer (or payor) - Legal Definition. n. A person who pays a debt or who is obliged to pay a debt by some written instrument.
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Debtor (November 2014) A debtor is an entity that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from his/her bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt. Excep
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payee Definition of payee. : one to whom money is or is to be paid The payee must endorse the back of the check.
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- Educational site about the Catskill Mountains. Discussion and images of animals found in the Catskill Mountains.
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- a person to whom a check, money, etc., is payable. Origin of payee. 1750-1760.
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DEFINITION of 'Representative Payee' Representative payees can accept federal benefit payments from the Social Security Administration, Department of Veterans Affairs, Department of Defense, Railroad Retirement Board and Office of Personnel Management if the actual payee, the long-term care facility resident, is too mentally or physically impaired to manage the income.
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How it works The payor of support – or debtor – is the person who pays child, spousal or partner support. 1  As the payor of support, you must do all of these: 2  make all payments to MEP on time according to the court order. 3  inform us of any anticipated payment problems such as late payments.
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Irrevocable Beneficiary The beneficiary of an insurance policy or a segregated fund who may not be deprived of his/her right to receive the benefit without his/her own consent. This differs from other types of beneficiaries whose benefit may be changed or eliminated at the discretion of the policyholder or other appropriate party.
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- Payee/Beneficiary Bank: The bank submitting a check for set-off through E-Clearing System. 1  1-The date should be written in figures on the check in a full and accurate manner as the date is deemed a fundamental element of the check.  2-The bank should not accept the check, which contains two places for the date.
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- Payer is organisation which takes care of financial and operational aspects (which include insurance plans, provider ... This page may be out of date. Save your draft before refreshing this page.
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rep rep 1. also repp (rĕp) n. A ribbed or corded fabric of various materials, such as cotton, wool, or silk. [Alteration of French reps, from English ribs, pl. of rib.] rep 2. (rĕp) n.
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Definition of Payee Positive Pay Apart from the primary benefit of reducing check fraud, some institutions offering payee positive pay have added benefits. These include the option to add another layer of review in the form of the payee name, which appears on the check but is not standard to the system.
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Payee A person receiving payment through any form of money transfer method. The person or institution that receives a payment. For example, if Joe writes Bob a check for $10, Bob is the payee. He receives the check and may deposit the $10 at his bank or he may elect to take cash from either his bank or Joe's. One may be a payee on a check, wire transfer, or in any other method of sending money from one party to another.
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Masonic ritual and symbolism A masonic initiation. Paris, 1745. Masonic ritual refers to the scripted words and actions that are spoken or performed during the degree work in a Masonic Lodge. Masonic symbolism is that which is used to illustrate the principles which Freemasonry espouses. Masonic ritual has appeared in a number of contexts within literature including in The Man Who Would Be King, by Rudyard Kipling, and War and Peace, by Leo Tolstoy. 1 The purpose of Masonic ritual.
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Representative payee Representative payee. A representative payee, or substitute payee, is a person who acts as the receiver of United States Social Security Disability or Supplemental Security Income for a person who is not fully capable of managing their own benefits, i.e. cannot be their own payee.
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- Formally, the person who directly draws the funds (the payee) instructs his or her bank to collect (i.e., debit) an amount directly from another's (the payer's) bank account designated by the payer and pay those funds into a bank account designated by the payee.
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- pledged account mortgage (PAM) Definition. A loan tied to a pledged savings account for which the fund and earned interest are used to reduce mortgage payments gradually.
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Representative Payee for Social Security Benefits 1 Act on behalf of the beneficiary for matters relating to any claim for benefits, 2  Notify SSA if the representative payee believes that the recipient no longer needs a representative payee, and.  Turn over any saved or unused benefits to SSA when the services of representative payee terminates.
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- (j) Payee means the person named in the instrument to whom or to whose order the money is by the instrument directed to be paid. (k) Holder means a person entitled in his own name to the posession of a Negotiable Instrument and to recieve the amount due on it.
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DEFINITION of 'Representative Payee' BREAKING DOWN 'Representative Payee'. A representative payee is legally obligated to use the payments it receives on a resident’s behalf for the resident’s best interests. For example, it can use the money to pay legitimate (not fraudulent or inflated) bills from the facility.