Law Dictionary
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Legal Terms
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- Banking Law
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legal entity
any individual, partnership, proprietorship, corporation, association or other organization that has, in the eyes of the law, the capacity to make a contract or an agreement and the abilities to assume an obligation and to pay off its debts. A legal entity, under the law, is responsible for its actions and can be sued for damages.
Source : U.S. Department of the Treasury
Language : English