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Partition: A legal procedure by which an estate held by tenants in common or co-tenants if divided and title in severalty to a designated portion passed to each of the previous tenants in common.

Payee: A payee is a person, company or group you will send payments to through the Credit Union's Bill Payment service.

Payments in Arrears: A payment stream in which each lease payment is due at the end of each monthly period of the lease.

Payment Due Date: The date your next loan or line of credit payment is due. If the minimum payment due towards your current balance is not received by this date, we will begin to assess late charges. These late fees are assessed each day that your payment is not received.

Payroll Deduction: This popular convenience service allows members to have savings deposits and loan payments made from their paychecks automatically. Members can payroll deduct to Regular Shares, Holiday Club, Checking, IRA and Money Market accounts, and can make consumer and home equity loan payments as well. Members can even designate a portion of their payroll deduction to be deposited in a family member’s account. Transfers from the member’s account to the family member’s account are made on the first of every month. This FREE service allows members to accomplish one of the most important principles of good money management.

Permanent Insurance: Insurance that accumulates cash value tax free. The policy endows when the cash accumulation becomes equal to the face value or the amount of coverage.

Personal Identification Number (PIN): An identification number needed to withdraw funds from an automated teller machine or MATTI.

Plat: A plan or map of a certain piece or pieces of land.

Pour-Over Will: A will used with a revocable living trust to "pour-over" to a revocable trust any assets that are not transferred to the trust prior to death. Assets transferred in this manner do not avoid probate.

Power of Attorney: A legal document that authorizes another person to act, either a specific act or generally, in the stead of the person drawing the instrument, terminable automatically upon the death of either party.

Preferred Line of Credit: Members are able to borrow from $5,000 up to $15,000 for credit purposes as well as protect their Checking Accounts from overdrafts. A variable APR is applied. APR = Annual Percentage Rate. Credit approval required.

Preferred Ratings: Many companies have created specific rating classes based on one's superior health status. These rates are substantially lower than those charged to applicants with average health. Some carriers may have as many as eight different health classifications.

Prepayment Penalty: A penalty under a note, mortgage or deed of trust, imposed when the loan is paid before it is due.

Prepayment: The act of paying a note earlier than its scheduled due date.

Primary Residence: The primary structure in which an individual resides.

Prime Rate: A benchmark that a financial institution establishes from time to time and uses in computing an appropriate rate of interest for a particular loan contract.

Principal: Amount of debt, not including interest. The face value of a note or mortgage.

Probate: Legal process that validates a will, appoints an executor, and through which an individual's assets are transferred to beneficiaries according to the provisions of a will or by state law (if a person dies without a will).

Property: The rights of ownership; the right to use, possess, enjoy and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.

Protection Lease: Lease taken covering interest previously leased from third party where cloud on title exists.

"Prudent Man" Rule: Legal term for a fiduciary's duty to manage assets. Generally, fiduciary must manage assets as a prudent man of discretion and intelligence would.