- An agreement fully settling the rights of partners after a dissolution of the partnership. 40 Am J1st Partn § 489. The winding up of the affairs in the estate of a decedent, a receivership, a guardianship, or other fiduciary engagement, preliminary to the closing of the estate and the discharge of the fiduciary. When used in connection with a public transaction and account, the term connotes an administrative determination of the amount due, that is, an appropriate administrative determination of the amount which the government is finally bound to pay, or entitled to receive, as indicated by some public or official act; it does not depend upon the existence of a dispute with the other party. Antrim Lumber Co. v Hannan (CA10 Okla) 18 F2d 548; Anno: 119 ALR 280.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
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pending final settlement — the final calculation has not yet been made, the full portion is not yet ready … English contemporary dictionary
settlement — set·tle·ment n 1: the act or process of settling 2 a: an agreement reducing or resolving differences; esp: an agreement between litigants that concludes the litigation the states finally agreed upon a settlement and a consent decree W. J. Brennan … Law dictionary
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settlement — Act or process of adjusting or determining; an adjusting; an adjustment between persons concerning their dealings or difficulties; an agreement by which parties having disputed matters between them reach or ascertain what is coming from one to… … Black's law dictionary