Help & Glossary
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G
Garnishee - One who is in possession of that which is subject to garnishment.
Garnishment - A legal proceeding whereby property, money or credits of a debtor are applied to payment of the debt, by means of an order of a court.
Garnishor - One who initiates a garnishment against a judgment debtor.
Good Faith - Acting honestly. Following reasonable standards for fair dealing set by law and the business community.
Goods - Any moveable personal property.
Goodwill - Reputation for a product or service standard. A company's value over and above the physical property and accounts receivables.
Grace - Delaying demand for payment or performance of some other contractual obligation.
Grace Period - A short period of time that an insurance policy stays in effect after payment of premium was due. Debtors sometimes mistakenly think this period also applies to the payment of other types of debts.
Gross Income - Total income before any debts are deducted.
Guarantee, Guaranty - A merchant's promise that goods are of a certain quality, and that if not, he will fix or replacement them for a certain time frame. Also, a promise to perform an obligation along with the primary obligee.
Guarantor - One who gives his guaranty.
Guardian - Someone who has the right and duty to take care of another since that person is not capable.
