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Simple English definitions for legal terms
monies
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A quick definition of monies:
Monies: Monies are funds or sums of money that can be easily converted to cash. It can be in the form of coins, paper currency, or assets that can be traded as a commodity. Money is used as a medium of exchange authorized by the government as part of its currency. It is also used for paying debts and investing. E-money or digital cash is a money substitute that is transformed into information stored on a computer or computer chip so that it can be transferred over information systems such as the Internet.
A more thorough explanation:
Definition: Monies refer to funds or sums of money that can be easily converted to cash. It can also refer to assets that are invested or traded as a commodity.
Examples:
- When you deposit money into your bank account, it becomes monies that can be easily withdrawn as cash.
- The money market deals with the trading of short-term, high-quality monies such as treasury bills and commercial paper.
- Investment monies refer to funds that are set aside for investment purposes, such as buying stocks or real estate.
These examples illustrate how monies can refer to different forms of funds or assets that can be easily converted to cash or traded as a commodity.