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Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail

Waiver of Notice

What it is:

A waiver of notice is an agreement that allows people to conduct certain legal procedures without giving formal notification that he or she is going to do so.

How it works (Example):

For example, let's assume that John Doe dies and his estate goes to a probate court so that the judge can dole out the assets to heirs and beneficiaries.

Normally, the court must provide a formal public notice of the proceeding. But if the people who have an interest in John Doe's assets consent to a waiver of notice, the court can begin proceedings without having to notify them about all the proceedings regarding the will.

Corporations often use waivers of notice for annual stockholders meetings.

Why it Matters:

Waivers of notice expedite legal procedures by allowing everybody to skip over the step of announcing what's going on. However, this can also be dangerous for interest parties who want to keep tabs on cases. It is important to note that a waiver of notice does not change a person's right to information; it simply waives their right to advance notice of upcoming events.

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