Meaning of loanback | Babel Free

Definitions

1. A loan made from a pension or annuity to someone who has contributed money to that pension or annuity.
   countable, uncountable
2. A loan from a trust fund to the grantor that created the fund.
   countable, uncountable

Examples

“For example, a unit-linked office may require⟳ the borrower to have⟳ part at least of his personal pension premiums invested in units in a special fund from which the office makes loans to loanback borrowers.”

“Furthermore, the Target⟳ plans provide⟳ a guaranteed loanback facility with loans from as little as £5,001.”

“Most of the plans have⟳ loanback facilities, which allow⟳ you to use⟳ your pension to get⟳ a loan.”

“A prearranged loanback of the entire gift property itself (rather than just the income therefrom) may well be disregarded as being merely a grantor retained control⟳ over the property, thereby causing the entire amount of the "loan" to be included in the grantor's estate.”

“The following, in combination, may avert an implication of prior agreement: (a). Use⟳ of an independent trustee; (b). Reasonable time between creation of trust⟳ and loanback.”

“A more modest approach⟳ is for the parent to give⟳ money to a child, followed by a loanback to the parent.”

CEFR level