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Simple English definitions for legal terms
funded
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A quick definition of funded:
Definition: When something is funded, it means that there is enough money to pay for it. When something is fully funded, it means that there is enough money to pay for it even if something bad happens, like bankruptcy. It can also mean that a payment requirement has been completely satisfied.
A more thorough explanation:
FUNDED
Funded means having enough money to pay for something. When something is fully funded, it means that all the money needed to pay for it is available.
Examples:
- A company's pension plan was fully funded, which means that there was enough money to pay for the pensions of all the employees, even if the company went bankrupt.
- The construction loan was fully funded, which means that all the money needed to build the project was available.
These examples illustrate the definition of funded because they show situations where there is enough money to pay for something. In the first example, the company's pension plan is fully funded, which means that the employees can be assured that they will receive their pensions even if the company goes bankrupt. In the second example, the construction loan is fully funded, which means that the project can be completed without any financial problems.