What is the definition of Penalty plan? | Dictionary.net

PENALTY PLAN

\pˈɛnə͡lti plˈan], \pˈɛnə‍lti plˈan], \p_ˈɛ_n_əl_t_i p_l_ˈa_n]\

Definitions of PENALTY PLAN

1910 - Black's Law Dictionary (2nd edition)

Sort: Oldest first

A plan used commonly for mutual funds in which one of the partners who withdraws payment before the maturity date, which levies a penalty payment on the withdrawal. The penalty is highest if the withdrawal is made earlier.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

Word of the day

hydromorphic

[Greek] Structurally adapted to an aquatic environment, as organs of water plants.

View More

Nearby Words