Definition of DAILY BALANCES, AVERAGE DAILY BALANCE in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms.
Definition of DAILY BALANCES, AVERAGE DAILY BALANCE
In school depository law. "Daily balances" means the various balances for the different days in the period for which interest is to be paid, and the "average daily balance" for the interest period means the sum of these daily balances divided by the number of days in the interest period. Jones v. Marrs, 114 Tex. 62, 263 S.W. 570, 574.
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That's the definition of DAILY BALANCES, AVERAGE DAILY BALANCE in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.
