aval

Noun. (finance) A financial guarantee by a third party to assume the burden of a debt, especially a bill of exchange in the event of default.

This is an unmodified, but possibly outdated, definition from Wiktionary and used here under the Creative Commons license. Wiktionary is a great resource. If you like it too, please donate to Wikimedia.

This entry was last updated on RefTopia from its source on 3/20/2012.