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Taxable Distribution - Taxable funds paid out from a retirement savings plan, such as a profit sharing, money purchase pension, Traditional IRA, Roth IRA, SEP, SARSEP, or 401(k) plan.

Taxable Equivalent Yield - A yield an investor would be required to earn from a taxable security to equal the value of a tax-exempt security of the same credit quality.

Tax-Deferred Interest - Interest received but not currently subject to income taxation.

Tax-Free Exchange - The non-taxable exchange of a non-qualified annuity for another non-qualified annuity, as allowed under IRS Code Section 1035.

Tax Lien - A claim imposed against property for unpaid taxes.

Tax Swap - The simultaneous purchase and sale of non-identical bonds to take capital losses on bonds sold, normally used by an investor seeking to offset capital gains.

Tenancy - The holding of real estate under any kind of right of title.

Tenancy in Common - A form of joint ownership of real or personal property in which two or more individuals own interests in the same property. At the death of a tenant-in-common, the decedent's ownership interest transfers to that individual's heirs, not to the other owner.

Term - The specified duration of a loan or the time limit within which a loan must be repaid.

Term of Policy - The duration of an insurance policy. For term insurance, this is the length of time the death-benefit protection is available.

Terms and Conditions - The rules that the lender and borrower, or parties to a contract, agree to regarding the loan or contract.

Third-Party Owner - In insurance, a policy owner who is not the insured.

Tick - A change in the price of a publicly traded security.

Time Draft - A draft payable at a fixed or determinable future point in time.

Title - The paper or other legal evidence of ownership rights to real or personal property.

Title IV Loan - Several education loan programs collectively referred to as the Federal Family Education Loan Program (FFELP). These loans include the Federal Stafford Loans (Subsidized and Unsubsidized), Federal PLUS Loans and Federal Consolidation Loans.

Title Insurance Company - A company that researches and confirms the legal owner of a property, as well as insures a home owner and/or lender against a loss that could result from a defect of title.

Title Insurance - Insurance that protects a lender or property owner against loss due to legal defects in the title.

Title Search - A review of the appropriate title records to ensure that the seller or current owner is the legal owner of the property and to determine any other liens or claims outstanding.

Total Return - A measure of performance of an investment that combines price changes, and the results of reinvesting all earnings, such as interest or dividends, during the period being measured.

Trading Halt - An interruption in trading of a stock, bond, option or future contract which can be initiated by an exchange while news is being broadcast about the company or security.

Traditional IRA - A tax-deferred retirement account opened and funded with contributions, rollovers or with funds transferred from another Traditional IRA.

Transfer Tax - A state or local tax imposed when title to the property passes from one owner to another.

Transferable Letter of Credit - A letter of credit addressed to the beneficiary, allowing him or her to transfer all or part of the letter of credit to one or more parties.

Triple-Net Lease - A lease requiring the tenant to pay for property taxes, insurance and maintenance in addition to rent. Also referred to as Net Net Net Lease.

Triple-Witching - A common term referring to the third Friday of March, June, September and December when futures and stock options, based on the S&P 500 index, all expire on the same day.

Trust - A legal arrangement that enables an individual to transfer money or other assets to a trustee who holds legal title of the assets for the benefit of that individual and his or her beneficiaries. Trusts typically involve three parties: a grantor, a trustee and a beneficiary.

Trust Agreement - The document, that directs the trustee in the administration and disposition of trust assets. Instructions may include what is to be done (and when), the powers of the trustee, the terms by which distributions can be made (both from income and principal), and any other types of provisions.

Trust Deed - The instrument given by a borrower (trustor) to a trustee vesting title to a property in the trustee to ensure the borrower's fulfillment of a particular obligation.

Trust Receipt - A trust agreement, in the form of a receipt, between a bank and a borrower, which is temporarily substituted for other collateral securing a loan. By means of this receipt, the bank releases documents evidencing merchandise. The borrower agrees to keep the property and any funds received from its sale separate and distinct from his or her own property, and subject to repossession by the bank should he or she fail to comply with the conditions of the agreement.

Trustee - An individual or company, such as a bank, designated by a trust document to play a fiduciary role in managing trust assets for the benefit of the grantor and beneficiary.

Trustee Transfer - A non-taxable transfer of funds between similar retirement plans (e.g., Traditional IRA to Traditional IRA) or from one Trustee to another.

Turnover - In securities trading, the volume of shares traded as a percentage of total shares listed on an exchange during a period. May also apply to individual securities and the portfolio of individual or institutional investors.

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Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank and certain other affiliates, provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other services. International corporate and institutional services are offered through Wilmington Trust Corporation's international affiliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.

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