Legal Question in Credit and Debt Law in New York

Re: evergreen

Typically, it refers to a contractual provision regarding the payment of sum up-front money and replenishing the sum when it is exhausted through work performed by the other party.

In the context of legal work, for example, an attorney may request a retainer from a client as part of the attorney's initial representation of the client. As the attorney works, he or she draws upon the retainer to satisfy his legal fees, typically monthly, when bills are generated. At such time as the retainer is exhausted or hits a specified level, the client is obligated to replenish the retainer so that payment for the work the attorney will do in the future will be secured.

By the way, if you are asking this question in the context of retaining an attorney, the attorney should put the retainer in an escrow account that bears interest for your benefit and should refund to you any unused portion of the retainer once the representation terminates.

-- Kenneth J. Ashman; Ashman & Griffin, LLC; [email protected]