Define: Overdrawn

How is Overdrawn defined in a legal contract?

• Overdrawn means exceeding the available balance of an account which could potentially lead to legal actions by the financial institution if not settled or appropriate arrangements are not made.
  Seen in 5 SEC filings
• Overdrawn means having a negative current balance in an account.
  Seen in 3 SEC filings
• Overdrawn means when an account has a negative balance with insufficient funds for transactions or withdrawals.
  Seen in 3 SEC filings
• Overdrawn and ““in overdraft”” means taking more than the available balance from an account.
  Seen in 2 SEC filings
• Overdrawn means when an account has a negative balance.
  Seen in 2 SEC filings
• Overdrawn means that an account has received support or resources of a greater value than the credits purchased to date, therefore, the account is overdrawn.
  Seen in 2 SEC filings
• Overdrawn and ““in overdraft”” means taking more money from an account than what is available, which can also be referred to as the amount of money owed as a result of that action.
  Seen in 2 SEC filings
• Overdrawn means when an account’s balance is negative.
  Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for ‘Definitions of overdrawn’ yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Overdrawn means the state in which the balance of an account goes below zero.

Relevant Contract Types

• Banking Agreements
• Credit Agreements
• Overdraft Agreements

Relevant Sectors

• Banking
• Financial Services

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Genie Definition 2

Overdrawn means utilisation of resources or credits in an account beyond what is available or purchased.

Relevant Contract Types

• Subscription Agreements
• Credit Agreements
• Service Level Agreements

Relevant Circumstances

• When services or products are provided on a credit basis
• When purchases exceed the limit set in the subscription
• When accounts are allowed to exceed their balance to a certain limit, then penalties apply.

Relevant Sectors

• Software as a Service (SaaS)
• Retail
• Telecommunications

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