a debit balance on a bank customer’s current account - overdraft
to pay back money spent by a person on one’s behalf - reimburse
a person who fails to pay a debt - defaulter
a document of value given as cover for a loan - security
to come to the end - expire
state as a condition - stipulate
to compensate a person or free him from liability - indemnify
to ensure against risks - cover
having force - valid
to take legal action for non-payment - sue
the person who receives payment by a draft - beneficiary
