good standing

Definition

The state of an individual or a business being up to date or current on dividend payments, debt servicing, reporting requirements, or other obligations. Being in good standing may entitle a person or corporation to greater flexibility in the negotiation of transactions or debt repayments, and is a key component of good credit.

Use good standing in a sentence

They were in good standing and that meant that they were up to date with all of their payments and everything.

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The individual was in good standing with our firm so we let the trustee's office know that the debtor was making payments.

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After a long struggle to keep the company afloat, Bob was very proud of the fact that he now was back in good standing with his bank and creditors.

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good money subject to collection