BARRATRY. In maritime law. An act committed by the master or mariners of a vessel, for some unlawful or fraudulent purpose, contrary to their duty to the owners, whereby the latter sustain injury. It may include negligence, if so gross as to evidence Fraud. In criminal law. Common barratry is the practice of exciting groundless judicial proceedings. Black’s 1st. See Note.
Note: Both definitions apply equally in the courtroom: In the first, the “master” is the judge (in some jurisdictions judges are called “masters”), the “mariners” are the attorneys, the “vessel” is your TRADE NAME, the only rightful “owner” of the “vessel” is you, and the “injury” to you, the owner, is the loss of wealth or freedom. In the second, the judges and attorneys proceed against you without the requisite claim to do so, acting on behalf of fictitious entities, i.e. corporations/ governments. Per Erie Railroad v Tompkins (1938) 304 U.S. 64-92, the bankruptcy of 1933 had placed everything under the 14th Amendment. Erie’s ruling that there was “no more general federal common law” was open admission of anarchy/tyranny. Law and contracts fell under a private, colorable law merchant in colorable admiralty- maritime, the “special federal common law” (see special) of the Uniform Commercial Code. Issues are decided in general (see general) equity (conscience of the court), not special equity (explicit terms of express contracts). Adopting private commercial paper as money resulted in an “at law” mixture of public, maritime, bankruptcy,
equity, etc. in the same court. The judge moves between one and the other as the situation indicates, including shifting from equity into admiralty in order to impose criminal penalties in civil matters. This is why you must “post a bond”—something normally reserved for civil proceedings—on a misdemeanor traffic citation, a criminal proceeding (even though the matter is actually civil in nature). Arguing the Constitution is frivolous since one has long since consented with what is happening,
Definition of bifurcated
: divided into two branches or parts
This near-earth asteroid appears as a bifurcated structure, consisting of two distinct lobes that seem to be in contact.— Richard P. Binzel et al.The town is a bifurcated community—two distinct communities in one, really.— Dennis Farney… the strange bifurcated world of whiteness and blackness in which I was born and reared.— William Styron
- HIGHEST AND BEST USE
Real estate. In valuing property, the use that will generate the most profit.
• This standard is used esp. to determine the fair market value of property subject to eminent
domain. — Often shortened to best use. — Also termed most suitable use. [Cases: Taxation
348(3).] Black's Law 8th Edition
- OPERATION OF LAW
operation of law. The means by which a right or a liability is created for a party regardless of
the party's actual intent
- CONSTRUCTIVE TRUST
constructive trust. An equitable remedy that a court imposes against one who has obtained property by wrongdoing. • A constructive trust, imposed to prevent unjust enrichment, creates no fiduciary relationship. Despite its name, it is not a trust at all. Cf. resulting trust. — Also termed implied trust; involuntary trust; trust de son tort; trust ex delicto; trust ex maleficio; remedial trust; trust in invitum. See trustee de son tort under TRUSTEE. Cf. resulting trust. [Cases: Trusts
91–111. C.J.S. Trover and Conversion §§ 10, 12, 174–201.]
“A constructive trust is the formula through which the conscience of equity finds expression. When property has been acquired in such circumstances that the holder of the legal title may not in good conscience retain the beneficial interest, equity converts him into a trustee.” Beatty v.Guggenheim Exploration Co., 122 N.E. 378, 380 (N.Y. 1919)(Cardozo, J.).Black's Law Dictionary (8th ed. 2004) , Page 4702
“It is sometimes said that when there are sufficient grounds for imposing a constructive trust, the court ‘constructs a trust.’ The expression is, of course, absurd. The word ‘constructive’ is derived from the verb ‘construe,’ not from the verb ‘construct.’ … The court construes the circumstances in the sense that it explains or interprets them; it does not construct them.” 5 Austin W. Scott & William F. Fratcher, The Law of Trusts § 462.4 (4th ed. 1987).
informant. One who informs against another; esp., one who confidentially supplies
information to the police about a crime, sometimes in exchange for a reward or special treatment.
— Also termed informer; feigned accomplice.
citizen-informant. A witness who, without expecting payment and with the public good in
mind, comes forward and volunteers information to the police or other authorities.
information. A formal criminal charge made by a prosecutor without a grand-jury indictment.
See Fed. R. Crim. P. 7. • The information is used to prosecute misdemeanors in most states, and
about half the states allow its use in felony prosecutions as well. — Also termed bill of
information. Cf. INDICTMENT. [Cases: Indictment and Information 35. C.J.S. Indictments and
Informations §§ 8, 11, 43.]
- non-uccA "non-UCC recorded" security interest is an attached security interest that is recorded somewhere other than in the Article 9 filing system. An "unrecorded" security interest, on the other hand, is an attached security interest that is not recorded in any filing system.' Finally, a "hidden" security interest is an attached security interest that is recorded in the Article 9 filing system but which may not be discovered by a reasonably diligent search of that filing system.9 When a creditor tries to assess whether he has first priority in collateral, he should consider the possibility that a prior non-UCC recorded, unrecorded or hidden security interest may exist. Failure to do so may leave him with an inaccurate impression of his priority rights in the collateral. See U.C.C. § 9-203 (1977) (discussing when a security interest attaches).
Pertaining to Draco (an archon [magistrate] of Athens about 621 B.C.; reputed author of the first Athenian written code of laws) or his laws; hence, inflexible; severe.
[ fahy-dee-ahy-kuh-mis-uh m ]SHOW IPAWORD ORIGIN
noun, plural fi·de·i·com·mis·sa [fahy-dee-ahy-kuh-mis-uh] . Civil Law.
a request by a decedent that the heir or legatee to the estate convey a specified part of the estate to another person, or permit another person to enjoy such a part.
Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. A declaration of homestead must always be subordinated to a loan.
A debt subordination agreement is a contract in which a junior creditor agrees that its claims against a debtor will not be paid until all senior indebtedness of the debtor is repaid. Under a general subordination agreement, a junior creditor agrees to subordinate its claim to all presently existing and future claims against the debtor. In a specific subordination agreement, a junior creditor subordinates its claim to a particular obligation of the debtor.
- TAX AVOIDANCETo avoid taxes by arranging one's affairs so as not to incur tax.
“Any one may so arrange his affairs that his taxes shall be as low as possible. He is not bound to choose that pattern which will best pay the Treasury. There is not even a patriotic duty to increase one’s taxes.”Or this from Justice Robert Edgar Meggarry:
"No one may act in contravention of the law. But no one is bound to leave his property at the mercy of the revenue authorities if he can legally escape their grasp."In some jurisdictions, also known as tax mitigation or tax planning. In a family law judgment, the Newfoundland Court of Appeal, in 1999, Bursey, had occasion to write these words:
“Notionally, the words avoid and evade often are employed synonymously in everyday discourse. In the context of taxation, however, frequently these concepts are ascribed different connotations de-marking the line between conduct which is legal and that which is not."It is well recognized that it is not considered untoward for one to avoid taxes by arranging one's affairs so as not to incur tax. "On the other hand, purposely evading of taxes, known to be due and payable, connotes the taking of active steps to elude and shirk one's obligation to pay taxes which have been incurred and are due and owing.”
- MASSACHUSETTS TRUSTA unique way to organize a business where the property is bought by, or transferred to, a trustee (such as a trust company) and the trustee issues trust units, which the investors, or their designates, hold as beneficiaries.
- ADVERSE INTERESTA right or concern that's contrary to the interest or claim of another. An adverse interest in real property is a claim against the property, such as an easement.Definition provided by Nolo’s Plain-English Law Dictionary.
- ARMS LENGTHAn arm's length agreement is one which is freely entered into by parties who don't have a special relationship or control over one another. An arm's length agreement is indicated by the fairness of price, conditions, and other terms of the agreement. For example, an agreement between relatives or agreements involving a deal on the side may not be considered arm's length agreements because they may not reflect the true value of the deal.
- INTER VIVOS(in-tur-veye-vohs) adj. Latin for "among the living," usually referring to the transfer of property by agreement between living persons and not by a gift through a will. It can also refer to a trust (intervivos trust) which commences during the lifetime of the person (trustor or settlor) creating the trust as distinguished from a trust created by a will (testamentary trust) which comes into existence upon the death of the writer of the will. (See: inter vivos trust)
- FRAUDULENT CONVEYANCEA fraudulent conveyance, or fraudulent transfer, is an attempt to avoid debt by transferring money to another person or company. It is generally a civil, not a criminal matter, meaning that one cannot go to jail for it, but in some jurisdictions there is potential for criminal prosecution.
- REMUNERATION/rəˌmyo͞onəˈrāSH(ə)n/noun. money paid for work or a service.
- FAIT ACCOMPLIa thing accomplished and presumably irreversible.
- CIVIL ACTIONAn action brought to enforce, redress, or protect a private or civil right; a noncriminal litigation. — Also termed (if brought by a private person) private action; (if brought by a government) public action. [Cases: Action 1. C.J.S. Actions §§ 2–9, 11, 17, 21, 32–33, 36.] “The code of New York, as originally adopted, declared, ‘the distinctions between actions at law and suits in equity, and the forms of all such actions and heretofore existing, are abolished; and there shall be in this State hereafter but one form of action for the enforcement or protection of private rights and the redress of private wrongs, which shall be denominated a civil action.’ With slight verbal changes the above provision has been enacted in most of the States and Territories which have adopted the reformed procedure.” Edwin E. Bryant, The Law of Pleading Under the Codes of Civil Procedure 106 (2d ed. 1899).
- PRESUMPTIONA legal inference or assumption that a fact exists, based on the known or proven existence of some other fact or group of facts. • Most presumptions are rules of evidence calling for a certain result in a given case unless the adversely affected party overcomes it with other evidence. A presumption shifts the burden of production or persuasion to the opposing party, who can then attempt to overcome the presumption. See BURDEN OF PRODUCTION . [Cases: Criminal Law 305; Evidence 53–89. C.J.S. Criminal Law § 695; Evidence§§ 2, 130–196, 1341.] “A presumption may be defined to be an inference as to the existence of one fact from the existence of some other fact founded upon a previous experience of their connection.” William P. Richardson, The Law of Evidence § 53, at 25 (3d ed. 1928).
- NEGATIVE AVERMENTAn averment that is negative in form but affirmative in substance and that must be proved by the alleging party. • An example is the statement “she was not old enough to enter into the contract,” which is more than just a simple denial. Cf. TRAVERSE. [Cases: Pleading 78, 119–123. C.J.S. Pleading §§ 160–161, 186–187, 189–190.]
- ALIENATIONTransferring the ownership of property from one person to another.
the substitution of one person or group by another in respect of a debt or insurance claim, accompanied by the transfer of any associated rights and duties.
- fiduciary dutyfiduciary duty (fi-d[y]oo-shee-er-ee). A duty of utmost good faith, trust, confidence, and candor owed by a fiduciary (such as a lawyer or corporate officer) to the beneficiary (such as a lawyer's client or a shareholder); a duty to act with the highest degree of honesty and loyalty toward another person and in the best interests of the other person (such as the duty that one partner owes to another). See FIDUCIARY; fiduciary relationship under RELATIONSHIP. [Cases: Fraud 7.]
- ACCRETIONGrowth or accumulation by external additions.
- ABSOLUTEThat which cannot be measured, determined, limited, expressed; the fundamentally and self-existently real from which all other reality springs.
- UCC 3-103
§ 3-103. DEFINITIONS.
(a) In this Article:
(1)"Acceptor" means a drawee who has accepted a draft.
(2)"Consumer account" means an account established by an individual primarily for personal, family, or household purposes.
(3)"Consumer transaction" means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes.
(4)"Drawee" means a person ordered in a draft to make payment.
(5"Drawer" means a person who signs or is identified in a draft as a person ordering payment.
(7"Maker" means a person who signs or is identified in a note as a person undertaking to pay.
(8)"Order" means a written instruction to pay money signed by the person giving the instruction. The instruction may be addressed to any person, including the person giving the instruction, or to one or more persons jointly or in the alternative but not in succession. An authorization to pay is not an order unless the person authorized to pay is also instructed to pay.
(9"Ordinary care" in the case of a person engaged in business means observance of reasonable commercial standards, prevailing in the area in which the person is located, with respect to the business in which the person is engaged. In the case of a bank that takes an instrument for processing for collection or payment by automated means, reasonable commercial standards do not require the bank to examine the instrument if the failure to examine does not violate the bank's prescribed procedures and the bank's procedures do not vary unreasonably from general banking usage not disapproved by this Article or Article 4.
(10)"Party" means a party to an instrument.
(11) "Principal obligor," with respect to an instrument, means the accommodated party or any other party to the instrument against whom a secondary obligor has recourse under this article.
(12)"Promise" means a written undertaking to pay money signed by the person undertaking to pay. An...
n. 1) a neutral person (often a professional trustee) appointed by a judge to take charge of the property and business of one of the parties to a lawsuit and receive his/her rents and profits while the right to the moneys has not been finally decided. Appointment of a receiver must be requested by petition of the other party to the suit, and will only be authorized if there is a strong showing that the moneys would not be available when a decision is made. The funds are held for the prevailing party. 2) a person appointed to receive rents and profits coming to a debtor either while a bankruptcy is being processed or while an arrangement is being worked out to pay creditors, so that funds will be paid for debts and possibly available for distribution to creditors. 3) shorthand for one who commits the crime of receiving stolen goods knowing they were obtained illegally.
- COMMERCIAL DOMICILE
Commercial Domicile – In order to constitute "commercial domicile" where intangible property is taxable other than at owner's domicile, possession and control of such intangible property must be localized in some independent business or investment away from owner's domicile so that its substantial use and value primarily attach to and become an asset of the outside business. 68 O.S.1941, §§ 1501, 1504. In re Harris, Upham & Co., 148 P.2d 191, 194 Okl. 155. Where corporation has only a paper domicile, the state where the greatest portion of corporation's control exists is its "commercial domicile". Southern Pac. Co. v. McColgan, 156 P.2d 81, 100, 68 Cal.App.2d 48. Where railroad company, incorporated in Kentucky, was not authorized to do business in Kentucky, but did its business in California and six other states, and over 50 per cent. of its transportation business was done in California, company had its "commercial domicile" in California. Southern Pac. Co. v. McColgan, 156 P.2d 81, 100, 68 Cal.App.2d 48. Where a corporation organized under the laws of one state transacts no business therein and establishes its principal office in another state where the corporation manages and directs its business, it acquires a "commercial domicile" there. Cargill, Inc., v. Spaeth, 10 N.W.2d 728, 733, 215 Minn. 540. Delaware corporation, which had its principal office and manufacturing facilities in Michigan where it kept its books and records and held officers' and directors' meetings, had a "business situs" as to its intangibles and also a "commercial domicile" in Michigan for purposes of determining its liability for Michigan privilege fees. Udylite Corp. v. Michigan Corp. & Securities Commission, 29 N.W.2d 132, 136, 319 Mich. 1. Where steamship company, which was incorporated in Indiana, and which operated steamships on the Great Lakes between ports in New York, Ohio, Michigan, Illinois, Minnesota and Canada, had its...
- COMMERCIAL MARK OR NAMECommercial Mark or Name – A "trade-name" is the name or style under which a concern or firm does business; the name used in trade to designate a particular business of certain individuals considered somewhat as an entity which is adopted for the purpose of giving individuals an apparent standing in the business community, being synonymous with "business name" and "commercial name." Plum v. Siekmann, 280 N.W. 264, 268, 135 Neb. 101. The two terms "commercial mark" and "commercial name," as used in the treaty with France of April 16, 1869, are translations of terms used in the civil law of France. The distinction between a trade-mark and a commercial mark is pointed out by Pouillet in his work on Marques de Fabrique, in which he says a trade-mark is not a commercial mark, and it is with reason that the law mentions both. The trade-mark is specially or purely the mark of the manufacturer, or him who creates the product or manufactures it; the commercial mark is that of the dealer, who, receiving the product of the manufacturer, sells it in turn to the consumer. The name of a town, or, more generally, the name of a locality, may serve as a trade-mark, yet here still it is on condition that the name shall be presented under a distinct special form, always the same. It is this peculiar expression which constitutes the mark, and not the name taken separately and for itself. The commercial name is the name of an individual, or any name which is the property of the merchant, without reference to its use as a mark or trade-mark in distinctive form. The name "Vichy" is a commercial name. La Republique Francaise v. Schultz, 57 F. 37, 41. Words and Phrases, Permanent Edition, Vol. 7A, 1952, pp. 539-540.
- SUBSTANCE OVER FORMSubstance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events".
- TAX AVOIDANCEThe arrangement of one's financial affairs to minimize tax liability within the law.
salvage (sal-vij), n.1. The rescue of imperiled property. 2. The property saved or remaining after a fire or other loss, sometimes retained by an insurance company that has compensated the owner for the loss. [Cases: Insurance 2194, 2717. C.J.S. Insurance § 1119.] 3. Compensation allowed to a person who, having no duty to do so, helps save a ship or its cargo. — Also termed (in sense 3) salvage award; reward. [Cases: Salvage 1. C.J.S. Salvage §§ 2, 4, 24.] — salvage,vb.
“Salvage is a reward payable either by the shipowner or by the owners of goods carried in the ship to persons who save the ship or cargo from shipwreck, capture or other loss. The right to salvage is an ancient rule of maritime law and is not based on contractual rights. The actual amount payable is, as a rule, assessed by the Court. Sometimes an express agreement, fixing an amount, is made before the assistance is rendered, but this is not a question of salvage in the strict sense, which always implies service by persons who are under no obligation to render it.” 2 E.W. Chance, Principles of Mercantile Law 98 (P.W. French ed., 10th ed. 1951).
“With reference to aid rendered to distressed property on navigable waters the word ‘salvage’ is often used indifferently to describe the salvage operation and the salvage operation and the salvage award — the latter being the compensation granted for the services rendered.” Martin J. Norris, The Law of Salvage§ 2, at 2 (1958).
“A salvage award, or reward, is the compensation allowed to the volunteer whose services on navigable waters have aided distressed property in whole or in part. The award is not regarded merely as pay on the principle of quantum meruit or as remuneration pro opera et labore, but as a reward to persons participating and the owners of salving property, voluntarily rendering their services and to encourage others to similarly undertake the saving of life and property. That part of the award...
- DEPOSITIONdeposition (dep-<<schwa>>-zish-<<schwa>>n).1. A witness's out-of-court testimony that is reduced to writing (usu. by a court reporter) for later use in court or for discovery purposes. See Fed. R. Civ. P. 30; Fed. R. Crim. P. 15. — Also termed examination before trial. [Cases: Criminal Law 627.2; Federal Civil Procedure 1311–1456; Pretrial Procedure 91–206. C.J.S. Criminal Law § 468; Discovery§§ 2, 4, 6–7, 9–10, 12–32, 34–61, 69, 77, 125; Pretrial Procedure§§ 4–6, 10–17, 24, 33, 35–54, 63–66, 70–72, 74, 76–77, 109–129, 132–138.] 2. The session at which such testimony is recorded.
- EX PARTEex parte (eks pahr-tee), adv.[Latin “from the part”] On or from one party only, usu. without notice to or argument from the adverse party <the judge conducted the hearing ex parte>. ex parte,adj. Done or made at the instance and for the benefit of one party only, and without notice to, or argument by, any person adversely interested; of or relating to court action taken by one party without notice to the other, usu. for temporary or emergency relief <an ex parte hearing> <an ex parte injunction>. • Despite the traditional one-sidedness of ex parte matters, some courts now require notice to the opposition before what they call an “ex parte hearing.” — Sometimes spelled exparte. — ex parte,adv.
- HOLD HARMLESS AGREEMENTHold Harmless Agreement: A hold harmless agreement is a contract clause typically used in construction contracts aimed to release one party from consequences or liabilities due to the act of other. The Hold Harmless agreement is commonly provided by the subcontractor to the contractor, builder, or other related professionals, insuring against all work being executed by the subcontractor. The provisions of a Hold Harmless agreement will minimize the risk of being part of a litigation or allow you to pursue a claim for indemnity if a subcontractor or any of his employees sustain an injury.
- INDEMNIFYindemnify: absolve a person from responsibility for damage or loss arising from a transaction.
- PERSONAL GUARANTEEPersonal Guarantee: An individual's legal promise to repay charges to a business credit card. Providing a personal guarantee means that if the business becomes unable to repay its credit card debts, the individual guarantor is personally responsible.
- PENAL SUMPenal Sum a sum to be paid as a penalty especially under the terms of a bond.
- LEGALLY BINDINGLegally Binding: Common legal phrase indicating that an agreement has been consciously made, and certain actions are now either required or prohibited. For example, a lease for an apartment is legally binding, because upon signing the document, the lessor and the lessee are agreeing to a number of conditions. The lessor typically agrees to provide the apartment in a certain condition for a certain length of time, and the lessee typically agrees to pay an agreed upon rent and refrain from certain destructive behaviors. The other requirement for an agreement or contract to be considered legally binding is consideration - both parties must knowingly understand what they are agreeing to. If a person is forced, tricked, or coerced into entering into an agreement, it typically is not considered legally binding.
- LAWFUL MONEYLawful Money: Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and banknotes. Oddly enough, the dollar bills that we carry around in our wallets are not considered lawful money. The notation on the bottom of a U.S. dollar bill reads "Legal Tender for All Debts, Public and Private", and is issued by the U.S. Federal Reserve, not the U.S. Treasury. Legal tender can be exchanged for an equivalent amount of lawful money, but effects such as inflation can change the value of fiat money. Lawful money is said to be the most direct form of ownership, but for purposes of practicality it has little use in direct transactions between parties anymore.[12 USC 411. As amended by act of Jan. 30, 1934 (48 Stat. 337).Mar 13, 2017 -They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
- IRAFIRAF- Individual Retirement Account File : has tax and entity information for taxpayers who have established an IRA.
- ATTORNEY GENERAL OPINION
Attorney General’s opinion- An Attorney General’s opinion is an opinion furnished by the U.S. Attorney General to the President or another executive official on a request concerning a question of law. It also refers to a written opinion given by a state attorney general interpreting a legal provision when requested by a public official. Opinions of the Attorney General have advisory effect only. They do not have the force and effect of the law; and is limited to the facts presented by the official or officials requesting the opinion. Further, the opinions may be changed or recalled due to subsequent court decisions and/or legislative enactments. As the chief legal officer of the State, the Attorney General is responsible for rendering opinions to governmental entities and officers only, and not to private individuals.
- FIXTURE FILINGSFixture Filings: The act or an instance of recording, in public real estate records, a security interest in personal property that is a fixture to real property or is intended to become a fixture.
- UCC 11UCC-11: The financing statement search request form recognized in many states under Revised Article 9 of the Uniform Commercial Code as the form required by filing offices to request a search of their records for UCC filings on a particular party. Not all states recognize this form nor do all states’ filing office perform UCC searches. In such states, a service company or searchers perform the UCC searches.
- UCC-3UCC-3: The financing statement amendment form recognized nationally under Revised Article 9 of the Uniform Commercial Code as the filing recorded in public records to amend the information for a previously filed UCC-1. A financing statement amendment can add, delete or change the following: debtor or secured party information and collateral information. It can additionally assign or release partial or full rights in the collateral, as well as terminate the effectiveness of the UCC-1.
- TAX EVASIONtax e·va·sion ˈtaks əˌvāZHən noun 1.the illegal nonpayment or underpayment of tax.
- UCC-1UCC-1: The financing statement form recognized nationally under Revised Article 9 of the Uniform Commercial Code as the initial filing recorded in public records to perfect a secured party’s interest in a debtor’s personal property used as collateral or security in a transaction.
- MATURITY DATEMaturity Date: The date the debtor and the secured party agree to complete the terms of their agreement.
- LOCAL FILING OFFICELocal Filing Office: Refers to a public records indexing system for liens and other related filings in a specified County, Parrish or Municipal jurisdictional area. The liens or documents recorded within this index are limited or restricted in comparison to a Central Filing Office in that the document(s) recorded in the index are limited to that particular geographical jurisdiction. Some jurisdictions may have multiple recording offices within a particular County, City, or Town.
- PERFECTIONPerfection- The filing of a financing statement pursuant to the UCC creates a security interest in collateral. Hence, the security rights of the filer have been “perfected”.
- LEGISLATIVE COURTlegislative court.A court created by a statute, as opposed to one created by a constitution. — Also termed (in federal law) Article I court. [Cases: Courts 41. C.J.S. Courts §§ 93–96, 100, 102.]
- KANGAROO COURTkangaroo court. 1. A self-appointed tribunal or mock court in which the principles of law and justice are disre-garded, perverted, or parodied. • Kangaroo courts may be assembled by various groups, such as prisoners in a jail (to settle disputes between inmates) and players on a baseball team (to “punish” teammates who commit fielding errors).2. A court or tribunal characterized by unauthorized or irregular procedures, esp. so as to render a fair proceeding impossible. 3. A sham legal proceeding. • The term's origin is uncertain, but it appears to be an Americanism. It has been traced to 1853 in the American West. “Kangaroo” might refer to the illogical leaps between “facts” and conclusions, or to the hapless defendant's quick bounce from court to gallows. Black's Law Dictionary (8th ed. 2004)
- FEDERAL COURTfederal court.A court having federal jurisdiction, including the U.S. Supreme Court, courts of appeals, district courts, bankruptcy courts, and tax courts. — Also termed United States court.
- COURT OF RECORDcourt of record. 1. A court that is required to keep a record of its proceedings. • The court's records are presumed accurate and cannot be collaterally impeached. See OF RECORD(2). [Cases: Courts 48. C.J.S. Courts § 4.] “The distinction that we still draw between ‘courts of record’ and courts that are ‘not of record’ takes us back to early times when the king asserts that his own word as all that has taken place in his presence is incontestable. This privilege he communicates to his own special court; its testimony as to all that is done before it is conclusive. If any question arises as to what happened on a previous occasion, the justices decide this by recording or bearing record (recordantur, portant recordum). Other courts ... may and, upon occasion, must bear record; but their records are not irrefragable .... We easily slip into saying that a court whose record is incontrovertible is a court which has record (habet recordum) or is a court of record, while a court whose record may be disputed has no record (non habet recordum) and is no court of record.” 2 Frederick Pollock & Frederic W. Maitland, History of English Law Before the Time of Edward I 669 (2d ed. 1899). 2. A court that may fine and imprison people for contempt. “A court of record is, strictly speaking, a court which has power to fine and imprison.” Lancelot Feilding Everest, Everest and Strode's Law of Estoppel 13 (1923).
- CONSTITUTIONAL COURTconstitutional court. 1. A court named or described and expressly protected in a constitution; esp., ARTICLE III COURT. 2. A court whose jurisdiction is solely or primarily over claims that legislation (and sometimes executive action) is inconsistent with a nation's constitution. • Germany, for example, has state constitutional courts and a Federal Constitutional Court. Black's Law 8th Edition
- COURTcourt,n.1. A governmental body consisting of one or more judges who sit to adjudicate disputes and administer justice . “A court ... is a permanently organized body, with independent judicial powers defined by law, meeting at a time and place fixed by law for the judicial public administration of justice.” 1 William J. Hughes, Federal Practice, Jurisdiction & Procedure§ 7, at 8 (1931). 2. The judge or judges who sit on such a governmental body .3. A legislative assembly .4. The locale for a legal proceeding .5. The building where the judge or judges convene to adjudicate disputes and administer justice . — Also termed (in sense 5) courthouse.
- ARTICLE I COURTArticle I court. 1. See legislative court under COURT. 2. A type of federal legislative court that is not bound by the requirements of or protected under U.S. Const. art. III, § 2, and that performs functions similar to those of an administrative agency, such as issuing advisory opinions. U.S. Const. art. I, § 8. Cf. ARTICLE III COURT. “Congress also has the power, within certain limits, to create what are called ...Article I tribunals .... These Article I tribunals are really akin to administrative agencies; that is, the ‘judges' do not have any constitutionally guaranteed lifetime tenure and protection from salary diminution; they are not governed by the case or controversy limitation of Article III.... At the present time, Article I courts include territorial courts, certain courts in the District of Columbia, courts martial, and legislative courts and administrative agencies that adjudicate ‘public rights.’ ” John E. Nowak & Ronald D. Rotunda, Constitutional Law 22–23 (4th ed. 1991). Black's Law 8th Edition
- ARTICLES OF INCORPORATIONarticles of incorporation.A governing document that sets forth the basic terms of a corporation's existence, including the number and classes of shares and the purposes and duration of the corporation. • In most states, the articles of incorporation are filed with the secretary of state as part of the process of forming the corporation. In some states, the articles serve as a certificate of incorporation and are the official recognition of the corporation's existence. In other states, the government issues a certificate of incorporation after approving the articles and other required documents. — Also termed articles of association; articles of organization; certificate of incorporation. — Often shortened (informally) to articles. Cf. BYLAW(1); CHARTER(5). See governing document under DOCUMENT(1). [Cases: Corporations 18. C.J.S. Corporations §§ 26, 33–35, 41, 559.]
- ASSUMPSITassumpsit (<>-s<>m[p]-sit). [Law Latin “he undertook”] 1. An express or implied promise, not under seal, by which one person undertakes to do some act or pay something to another .2. A common-law action for breach of such a promise or for breach of a contract < the creditor's assumpsit against the debtor>. [Cases: Assumpsit, Action of 1. C.J.S. Assumpsit, Action of §§ 2, 4–6.] “It was early known as ‘trespass on the case upon promises,’ but in time came to be designated assumpsit (he assumed or promised), and lies for damages for breach of all contracts, parol or simple, whether written or verbal, express or implied.” Edwin E. Bryant, The Law of Pleading Under the Codes of Civil Procedure 9–10 (2d ed. 1899). “In its origin an action of tort, [assumpsit] was soon transformed into an action of contract, becoming afterwards a remedy where there was neither tort nor contract. Based at first only upon an express promise, it was afterwards supported upon an implied promise, and even upon a fictitious promise. Introduced as a special manifestation of the action on the case, it soon acquired the dignity of a distinct form of action, which superseded Debt, became concurrent with Account, with Case upon a bailment, a warranty, and bills of exchange, and competed with Equity in the case of the essentially equitable quasi-contracts growing out of the principle of unjust enrichment. Surely, it would be hard to find a better illustration of the flexibility and power of self-development of the Common Law.” James Barr Ames, “The History of Assumpsit,” in 3 Select Essays in Anglo-American Legal History 298 (1909). general assumpsit.An action based on the defendant's breach of an implied promise to pay a debt to the plaintiff. — Also termed common assumpsit; indebitatus assumpsit. [Cases: Assumpsit, Action of 7. C.J.S. Assumpsit, Action of § 10.] “General assumpsit is brought for breach of a fictitious or implied promise raised by law from a debt founded upon an...
- ARGUMENTARGUMENT argument. 1. A statement that attempts to persuade; esp., the remarks of counsel in analyzing and pointing out or repudiating a desired inference, for the assistance of a decision-maker. 2. The act or process of attempting to persuade. See ORAL ARGUMENT; CLOSING ARGUMENT.
- ARGUENDOARGUENDO arguendo (ahr-gyoo-en-doh). [Latin “in arguing”] 1. For the sake of argument < assuming arguendo that discovery procedures were correctly followed, the court still cannot grant the defendant's motion to dismiss>.2. During the course of argument . — Abbr. arg. Black's Law 8th Edition
- ADMINISTRATIVE PROCESSADMINISTRATIVE PROCESS administrative process. 1. The procedure used before administrative agencies. [Cases: Administrative Law and Procedure 309. C.J.S. Public Administrative Law and Procedure § 71.] 2. The means of summoning wit-nesses to an agency hearing. [Cases: Administrative Law and Procedure 464.C.J.S. Public Administrative Law and Procedure §§ 124, 132.] Black's Law 8th Edition
- ADMINISTRATIVE-LAW JUDGEADMINISTRATIVE-LAW JUDGE administrative-law judge.An official who presides at an administrative hearing and who has the power to ad-minister oaths, take testimony, rule on questions of evidence, and make factual and legal determinations. 5 USCA § 556(c). — Abbr. ALJ. — Also termed hearing examiner; hearing officer; trial examiner. [Cases: Administrative Law and Procedure 443. C.J.S. Public Administrative Law and Procedure § 138.] Black's Law 8th Edition
- ADMINISTRATIVE LAWADMINISTRATIVE LAW administrative law.The law governing the organization and operation of administrative agencies (including executive and independent agencies) and the relations of administrative agencies with the legislature, the executive, the judiciary, and the public. • Administrative law is divided into three parts: (1) the statutes endowing agencies with powers and establishing rules of substantive law relating to those powers; (2) the body of agency-made law, consisting of A administrative rules, regulations, reports, opinions containing findings of fact, and orders; and (3) the legal principles governing the acts of public agents when those acts conflict with private rights. [Cases: Administrative Law and Procedure 1. C.J.S. Public Administrative Law and Procedure §2.] “Administrative law deals with the field of legal control exercised by law-administering agencies other than courts, and the field of control exercised by courts over such agencies.” Felix Frankfurter, The Task of Administrative Law, 75 U. Pa. L. Rev. 614, 615 (1927). “[A]dministrative law is to labor law, securities regulation, and tax what civil procedure is to contracts, torts, and commercial law. Administrative law studies the way government institutions do things. It is therefore the procedural component to any practice that affects or is affected by government decision makers other than just the courts. Its study goes beyond traditional questions; it explores a variety of procedures and it develops ideas about decision making and decision makers.” 1 Charles H. Koch, Administrative Law and Practice§ 1.2, at 2 (2d ed. 1997). international administrative law. 1. The internal law and rules of international organizations. 2. The substantive rules of international law that directly refer to the administrative matters of individual states. 3. Domestic administrative law specifically concerned with international problems or situations. — Also termed administrative...
- MINISTERIALMINISTERIAL ministerial,adj. Of or relating to an act that involves obedience to instructions or laws instead of discretion, judgment, or skill . [Cases: Judges 33. C.J.S. Judges § 55.] Black's Law 8th Edition
- FREEDOM OF CONTRACTFreedom of Contract The power to enter contracts and to formulate the terms of contractual relationships can be regarded as an integral part of personal liberty. For instance, this respect for the exercise of personal liberty is the policy reason underlying the rule in contracts that one may not be bound to a contract absent that person’s assent. In the United States, the power of contracting is understood to be one of the innate rights originating in the people and guaranteed by the Constitution. Liberty of contract also enforces individual rights to hold and deal with property. Like other liberties, freedom of contract is limited by corresponding rights held by other persons and by the state’s legitimate interest in appropriate regulation. Such regulation may be directed, for example, at protecting weaker parties from the free exercise of overwhelming contractual power by stronger dominant parties. The ideological basis of contract freedom is reinforced by economic principles, as well. For example, economic intercourse is most efficient when its participants desire it and are free to bargain with each other to reach mutually desirable terms.
- PENAL ACTIONpenal action. 1. A criminal prosecution. [Cases: Action 18. C.J.S. Actions § 68.] 2. A civil proceeding in which either the state or a common informer sues to recover a penalty from a defendant who has violated a statute. • Although civil in nature, a penal action resembles a criminal proceeding because the result of a successful action is a monetary penalty intended, like a fine, to punish the defendant. See COMMON INFORMER. [Cases: Action 19. C.J.S. Actions § 70.] “At one time it was a frequent practice, when it was desired to repress some type of conduct thought to be harmful, to do so by the machinery of the civil rather than of the criminal law. The means so chosen was called a penal action, as being brought for the recovery of a penalty; and it might be brought, according to the wording of the particular statute creating the penal action, either by the Attorney-General on behalf of the state, or by a common informer on his own account. A common informer was anyone who should first sue the offender for the penalty. Penal actions are still possible in a few cases, and their existence renders invalid several suggested distinctions between civil wrongs and crimes.” John Salmond, Jurisprudence 107 (Glanville L. Williams ed., 10th ed. 1947). “For in ‘penal actions,’ unless the statute expressly authorizes private persons to act as informers, the State alone can sue and recover the penalty; and yet there is full authority for ranking such suits by it as merely civil pro-ceedings.” J.W. Cecil Turner, Kenny's Outlines of Criminal Law 538 (16th ed. 1952). 3. A civil lawsuit by an aggrieved party seeking recovery of a statutory fine or a penalty, such as punitive damages. [Cases: Action 19. C.J.S. Actions § 70.] “[T]here exists a well-known class of proceedings called ‘penal actions,’ by which pecuniary penalties can be recovered — in some cases by any person who will sue for them — from the doers of various prohibited acts; these acts being thus...
- MATERIALMANMATERIALMAN materialman. A person who supplies materials used in constructing or repairing a structure or vehicle. — Also termed material supplier. [Cases: Automobiles 373; Mechanics' Liens 82. C.J.S. Mechanics' Liens § 99; Motor Vehicles §§ 1627–1629, 1631–1677.] Black's Law 8th Edition
- ADMIRALTYADMIRALTY. The name of a jurisdiction which takes cognizance of suits or actions which arise in consequence of acts done upon or relating to the sea; or, in other words, of all transactions and proceedings relative to commerce and navigation, and to damages or injuries upon the sea. 2 Gall. R. 468. In the great maritime nations of Europe, the term " admiralty jurisdiction," is, uniformly applied to courts exercising jurisdiction over maritime contracts and concerns. It is as familiarly known among the jurists of Scotland, France, Holland and Spain, as of England, and applied to their own courts, possessing substantially the same jurisdiction as the English Admiralty had in the reign of Edward III. Ibid., and the authorities there cited; and see, also, Bac. Ab. Court of Admiralty; Merl. Repert. h. t. Encyclopedie, h. t.; 1 Dall. 323. 2. The Constitution of the United States has delegated to the courts of the national government cognizance "of all cases of admiralty and maritime jurisdiction;" and the act of September 24, 1789, ch. 20 s. 9, has given the district court " cognizance of all civil causes of admiralty and maritime jurisdiction," including all seizures under laws of imposts, navigation or trade of the United States, where the seizures are made on waters navigable from the sea, by vessels of ten or more tons burden, within their respective districts, as well as upon the high seas. 3. It is not within the plan of this work to enlarge upon this subject. The reader is referred to the article Courts of the United States, where he will find all which has been thought necessary to say upon it as been the subject. Vide, generally, Dunlap's Adm. Practice; Bett's Adm. Practice; 1 Kent's Com. 353 to 380; Serg. Const. Law, Index, h. t.; 2 Gall. R. 398. to 476; 2 Chit. P. 508; Bac. Ab. Courts of Admiralty; 6 Vin. Ab. 505; Dane's Ab. Index b. t; 12 Bro. Civ. and Adm. Law; Wheat. Dig. 1; 1 Story L. U. S. 56, 60; 2 Id. 905, 3 Id. 1564, 1696; 4 Sharsw. cont....
- SUBORDINATIONSubordination. means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A debt subordination agreement is a contract in which a junior creditor agrees that its claims against a debtor will not be paid until all senior indebtedness of the debtor is repaid. Under a general subordination agreement, a junior creditor agrees to subordinate its claim to all presently existing and future claims against the debtor. In a specific subordination agreement, a junior creditor subordinates its claim to a particular obligation of the debtor.
Subordination means a person who takes free of a security interest takes title that is not subject to the security interest and can transfer the property to others free of the security interest.
The priority rule of new section 9-317(a) for lien creditors is different. New section 9-317(a) provides that under the conditions spelled out in new section 9-317(a)(2), as just discussed, a security interest is "subordinate to" the rights of a lien creditor. Former section 9-301(1)(b) likewise provided for subordination.
Subordination essentially means the lien creditor has the first crack at the property to satisfy the lien. To oversimplify somewhat, if property worth $1,000 is levied upon to satisfy a $300 judgment before a security interest in the property securing a $1,000 debt was perfected, then the lien creditor gets $300 and the secured party is able to reach only the $700 of "equity" left in the property. In practice, the resolution of conflicts between lien creditors and secured parties is anything but mathematically precise and determining how and what a secured party actually will realize on its security interest if it is subordinate to a lien creditor can be difficult at best.
- LIQUIDATELiquidate. To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the corporation.
- LIEN CREDITORLien Creditor".As was true under former Article 9, under new section 9-102(a)(52) a "lien creditor " is a creditor who obtains a lien by litigation, especially through execution. As noted in Chapter 3 (The Nature of Secured Credit under Article 9), the most common lien making a person a lien creditor is a lien arising by a levy pursuant to a writ of execution.
- LEGAL TENDERLegal Tender. Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country. A creditor is obligated to accept legal tender toward repayment of a debt. Legal tender can only be issued by the national body that is authorized to do so, such as the U.S. Treasury in the United States and the Royal Canadian Mint in Canada.
- INSOLVENCYInsolvency. is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
- FINANCING STATEMENTFinancing statement. Is a statement that contains information about a security interest in collateral used to secure a debt. It is filed with the secretary of state or other designated public official and it serves as public notice to any interested parties that a lender has established a security interest in property pledged as collateral. The document is time stamped, the filing date is noted, and a file number is assigned, securing the lender's claim to the assigned collateral. The purpose of the statement is to put other creditors, or purchasers, on notice that the security interest exists and will remain on the property even if sold and even if another creditor loans money against the same property. Under Article 9 of the Uniform Commercial Code, a financing statement must state the names of the debtor and the secured party, the address of the secured party, the address of the debtor, indicate the items of collateral and should be signed by the debtor.
- EXPRESSExpress. Clear; definite; explicit; plain; direct; unmistakable; not dubious or ambiguous. Declared in terms; set forth in words. Directly and distinctly stated. Made known distinctly and explicitly, and not left to inference. Manifested by direct and appropriate language, as distinguished from that which is inferred from conduct. The word is usually contrasted with implied.
- CONTINUATION STATEMENTContinuation Statement. UCC § 9-515. DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING STATEMENT.
- SET-OFFSET-OFF, contracts, practice. Defalcation; (q. v.) a demand which a defendant makes against the plaintiff in the suit for the purpose of liquidating the whole or a part of his claim.
2. A set-off was unknown to the common law, according to which mutual debts were distinct and inextinguishable except by actual payment or release. 1 Rawle's R. 293; Babb. on Set-off, 1.
3. The statute 2 Geo. II., c. 22, which has been generally adopted in the United States with some modifications however, allowed, in cases of mutual debts, the defendant to set his debt against the other, either by pleading it in bar, or giving it in evidence, when proper notice had been given of such intention, under the general issue. The statute being made for the benefit of the defendant, is not compulsory; 8 Watts, R. 39; the defendant may Waive his right, and bring a cross action against the plaintiff. 2 Campb. 594; 5 Taunt. 148; 9 Watts, R. 179
4. It seems, however, that in some cases of intestate estates, and of insolvent estates, perhaps owing to the peculiar wording of the law, the statute has been held to operate on the rights of the parties before action brought, or an act done by either of them. 2 Rawle's R. 293; 3 Binn. Rep. 135; Bac. Ab. Bankrupt K.
5. Set-off takes place only in actions on contracts for the payment of money, as assumpsit, debt and covenant. A set-off is not allowed in actions arising ex delicto, as, upon the case, trespass, replevin or detinue. Bull. N. P. 181.
6. The matters which may be set off, may be mutual liquidated debts or damages, but unliquidated damages cannot be set off. 1 Black. R. 394; 2 John. 150; 8 Conn. 325; 1 M'Cord, 7; 3 Wend. 400; 1 Stew. & Port. 19; 2 Yeates, 208; 1 Sumn. 471; 2 Blackf. 31; 1 A. K. Marsh. 41; 6 Halst. 397; 5 Wash. C. C. 232 3 Bibb, 49; 2 Caines, 33. The statutes refer only to mutual unconnected debts; for at common law, when the nature of the employment, transaction or dealings necessarily constitute an account consisting of...
- LEGAL FICTION
Legal Fiction. Believing or assuming something that is not true is true. Used in judicial reasoning for avoiding issues where a new situation comes up against the law, changing how the law is applied, but not changing the text of the law.
An assumption or supposition of law that something which is or may be false is true, or that a state of facts exists-which has never really taken place. New Hampshire Strafford Bank v. Cornell, 2 N. H.324; Hibberd v. Smith, 07 Cal. 547, 4 Pac. 473, 56 Am. Rep. 720.A fiction is a rule of law which assumes as true, and will not allow to be disproved,something which is false, but not impossible. Best, Ev. 419.These assumptions are of an innocent or even beneficial character, and are made for the advancement of the ends of justice. They secure this end chiefly by the extension of procedure from cases to which it is applicable to other cases to which it is not strictly applicable, the ground of inapplicability being some difference of an immaterial character. Brown.Fictions are to be distinguished from presumptions of law. By the former, something known to be false or unreal is assumed as true; by the latter, an inference is set up,which may be and probably is true, but which, at any rate, the law will not permit to be controverted.Mr. Best distinguishes legal fictions from presumptions juris et de jure, and divides them into three kinds.
- DISCHARGE OF CONTRACT
DISCHARGE OF A CONTRACT. The act of making a contract or agreement null.2. Contracts may be discharged by, 1. Payment. 2. Accord and satisfaction. 8 Com. Dig. 917; 1 Nels. Abr. 18; 1 Lilly's Reg. 10, 16; Hall's Dig. 7 1 Poth. Ob. 345. 3. Release. 8 Com. Dig. 906; 3 Nels. Ab. 69; 18 Vin. Ab. 294; 1 Vin. Abr. 192; 2 Saund. 48, a; Gow. on Partn. 225, 230; 15 Serg. & Rawle, 441; 1 Poth Ob. 897. 4. Set off. 8 Vin. Ab. 556, Discount; Hall's Dig. 226, 496; 7 Com. Dig. 335, Pleader, 2 G 17; 1 Poth. Ob. 408. 5. The rescission of the contracts. 1 Com. Dig. 289, note x; 8 Com. Dig. 349; Chit. on Contr. 276. 6. Extinguishment. 7 Vin: Abr. 367; 14 Serg. & Rawle, 209, 290; 8 Com. Dig. 394; 2 Nels. Abr. 818; 18 Vin. Abr. 493 to 515; 11 Vin. Abr. 461. 7. Confusion, where the duty to pay and the right to receive unite in the same person. 8 Serg. & Rawle, 24-30 1 Poth. 425. 8. Extinction, or the loss of the subject matter of the contract. Bac. Abr. 48 8 Com. Dig. *349; 1 Poth. Ob. 429. 9. Defeasance. 2 Saund. 47, n. note 1. 10. The inability of one of the parties to fulfil his part. Hall's Dig. 40. 11. The death of the contractor, as where he undertook to teach an apprentice. 12. Bankruptcy. 13. By the act of limitations. 14. By lapse of time. Angell on Adv. Enjoym. passim; 15 Vin. Abr. 52, 99; 2 Saund. 63, n. b; Id. 66, n. 8; Id. 67, n. 10; Gow on Partn. 235; 1, Poth. 443, 449. 15. By neglecting to give notice to the, person charged. Chit. on Bills, 245. 16. By releasing one of two partners. See Receipt. 17. By neglecting to sue the principal at the request of the surety, the latter is discharged. 8 Serg. & Rawle, 110. 18. By the discharge of a defendant, who has been arrested under a capias ad satisfaciendum. 8 Cowen, R. 171. 19. By a certificate and discharge under the bankruptcy laws. Act of Congress of August, 1841.
- DEEMDeem in law is used to treat something as if it were really something else or it has qualities it does not have.:477 Deem. has been traditionally considered to be a useful word when it is necessary to establish a legal fiction either positively by "deeming" something to be what it is not or negatively by "deeming" something not to be what it is. All other uses of the word should be avoided. Phrases like “if he deems fit”, “as he deems necessary”, or “nothing in this Act shall be deemed to...” are objectionable as unnecessary deviations from common language. "Thinks" or "considers" are preferable in the first two examples and "construed" or "interpreted" in the third.:478
- CHARGECharge, N. In general. An incumbrance, lien, or burden; an obligation or duty; a liability; an accusation. Darling v. Rogers, 22 Wend. (N. Y.) 491. In contracts. An obligation, binding upon him who enters into it, which may be removed or taken away by a discharge. Termes de la Ley. An undertaking to keep the custody of another person's goods. State v. Clark, 86 Me. 194, 29 Atl. 984. An obligation entered into by the owner of an estate, which binds the estate for its performance. Com. Dig. "Rent," c. 6; 2 Ball & B. 223. In the law of wills. A responsibility or liability imposed by the testator upon a devisee personally, or upon the land devised. In equity pleading. An allegation in the bill of matters which disprove or avoid a defense which it is alleged the defendant is supposed to pretend or intend to set up. Story, Eq. PI.
- ABSOLUTE RIGHTSAbsolute Rights “As regards right to interfere with contractual obligations of another, ‘absolute rights ’ which individual may exercise without reference to motive are rights incident to ownership of property, rights growing out of contractual relations, and right to enter or refuse to enter contractual relations. “By the ‘absolute rights ’ of individuals is meant those which are in their primary and strictest sense, such as would belong to their persons merely in a state of nature, and which every man is entitled to enjoy, whether out of society or in it. The rights of personal security, of personal liberty, and private property do not depend upon the Constitution for their existence. They existed before the Constitution was made, or the government was organized. These are what are termed the ‘absolute rights ’ of individuals, which belong to them independently of all government, and which all governments which derive their power from the consent of the governed were instituted to protect. ” Words and Phrases, Volume 1,1968 West Publishing Company
- INDIVIDUAL MASTER FILEIMF- Individual Master File: The Individual Master File (IMF) has information about taxpayers and their individual income tax returns.
- BUSINESS MASTER FILEBMF- Business Master File: has information about taxpayers filing business returns and documents related to that business.
- BMFBMF- Business Master File: has information about taxpayers filing business returns and documents related to that business.
- EXPENSEExpense: in business accounting and business taxation, any current cost of operation, such as rent, utilities, and payroll, as distinguished from capital expenditure for long-term property and equipment.
- COSTCosts: Fees and charges required by law to be paid to the courts or their officers, the amount of which is specified by court rule or statute. A monetary allowance, granted by the court to a prevailing party and recoverable from the unsuccessful party, for expenses incurred in instituting or defending an action or a separate proceeding within an action.
- DRACONIANDraconian: Pertaining to Draco (an archon [magistrate] of Athens about 621 B.C.; reputed author of the first Athenian written code of laws) or his laws; hence, inflexible; severe.
- FIXTUREfixture: as a legal concept, means any physical property that is permanently attached (fixed) to real property (usually land) Property not affixed to real property is considered chattel property. Fixtures are treated as a part of real property, particularly in the case of a security interest.
- HEREDITAMENThereditament: In law, a hereditament (from Latin hereditare, to inherit, from heres, heir) is any kind of property that can be inherited. Hereditaments are divided into corporeal and incorporeal.
- PREFERRED STOCKpreferred stock: a class of shares of stock in a corporation which gives the holders priority in payment of dividends and distribution of assets in case of dissolution of the corporation over owners of "common" stock.
- PROCEEDSproceeds. The yield, income, money, or anything of value produced from a sale of property or a particular transaction. Proceeds refers to whatever is received when an item is sold or to that which results or accrues from some possession or transaction.
- PRODUCTproduct: A good distributed commercially that is (1) tangible personal property, (2) the result of a fabrication or production process, and (3) passed through the distribution channel before the consumption of the good.
- RESres : n. Latin. The thing. The subject of the matter—that is, an action concerning an object or property, rather than a person,; the status of individuals.
- SITUSsitus: In law, the situs (pronounced /ˈsaɪtəs/) (Latin for position or site) of property is where the property is treated as being located for legal purposes. ... For example, real estate in England is subject to English law, real estate in Scotland is subject to Scottish law, and real estate in France is subject to French law.
- PIGNUSpignus. plural pignora \-nərə\ Roman & civil law. : a pledge or pawn arising where a creditor has power of sale and takes possession for security.
- AUTOTRISAUTOTRIS means Automated Tracking Identification System.
- WITHOUT RECOURSEWithout Recourse: a formula used to disclaim responsibility for future nonpayment, especially of a negotiable financial instrument. Without recourse is a phrase that has several meanings. In a general sense, without recourse pertains to when the buyer of a promissory note or other negotiable instrument assumes the risk of default. Without recourse can also refer to a financing arrangement where the dealer's maximum possible liability is limited to warranties pertaining to the quality of an installment contract.
- WITHOUT PREJUDICEWithout Prejudice: refers to the privilege that attaches to written or verbal statements made by a party to a dispute in a genuine attempt to settle that dispute. This means that the statements will generally not be admissible in Court as evidence against the person who made the statement.
- TRANSMITTING UTILITYTransmitting utility.—The term “transmitting utility” means an entity (including an entity described in section 824(f) of this title) that owns, operates, or controls facilities used for the transmission of electric energy— (16 U.S. Code § 796 - Definitions)(A) in interstate commerce;(B) for the sale of electric energy at wholesale.
Transmitting utility" (UCC 9-102 (81)) means a person primarily engaged in the business of:
(A) operating a railroad, subway, street railway, or trolley bus;
(B) transmitting communications electrically, electromagnetically, or by light;
(C) transmitting goods by pipeline or sewer; or
(D) transmitting or producing and transmitting electricity, steam, gas, or water.
- CHATTEL PAPERChattel paper : a record that evidences both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods ...
- AGRICULTURAL LIEN
Agricultural lien" means an interest, other than a security interest, in farm products:
(A) which secures payment or performance of an obligation for:
(B) which is created by statute in favor of a person that:
(C) whose effectiveness does not depend on the person's possession of the personal property.
- DEPOSITARYDepositary. dəˈpäzəˌterē/noun 1.a person to whom something is lodged in trust./ adjective 2. (of a share or receipt) representing a share in a foreign company. The depositary share or receipt is traded on the stock exchange of the investor's country rather than the actual share, which is deposited in a foreign bank.
- ENS LEGISA creature of the law; an artificial being, as contrasted with a natural person. Applied to corporations, considered as deriving their existence entirely from the law.
- PAYMENT INTANGIBLEA general intangible in which an account debtor's main obligation is to pay money. Loosely, a non-physical asset that is not easily assessed but manifests itself as an income stream for a given commercial entity. See UCC § 9-102(a)(61).
- SAFE KEEPINGSafe keeping is the act or process of preserving in safety or the state of being preserved in safety. Safekeeping can arise in bailment, where property is placed in the custody and control of another, usually by agreement in which the holder (bailee) is responsible for the safekeeping and return of the property.
- FederalismA principle of government that defines the relationship between the central government at the national level and itsconstituent units at the regional, state, or local levels. Under this principle of government, power and authority is allocatedbetween the national and local governmental units, such that each unit is delegated a sphere of power and authority only itcan exercise, while other powers must be shared. The term federalism is derived from the Latin root foedus, which means "formal agreement or covenant." It includes theinterrelationships between the states as well as between the states and the federal government. Governance in the UnitedStates takes place at various levels and branches of government, which all take part in the decision-making process. Fromthe U.S. Supreme Court to the smallest local government, a distribution of power allows all the entities of the system to workseparately while still working together as a nation. Supreme Court justice hugo l. black wrote that federalism meant
a proper respect for state functions, a recognition of the fact that the entire country is made up of a Union ofseparate State governments, and a continuance of the belief that the National Government will fare best if theStates and their institutions are left free to perform their separate functions in their separate ways. (Younger v.Harris, 401 U.S. 37, 91S. Ct. 746, 27 L. Ed. 2d 669 )The Constitution lists the legislative powers of the federal government. The Tenth Amendment protects the residual powersof the states: "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, arereserved to the States respectively, or to the people."
- TRUST DEEDA species of mortgage given to a trustee for the purpose of securing a numerous class of creditors, as the bondholders Of a railroad corporation, with power to foreclose and sell on failure of the payment of their bonds, notes, or other claims. In some states, and in the District of Columbia, a trust deed or deed of trust is a security resembling a mortgage, being a conveyance of lands to trustees to secure the payment of a debt, with a power of sale upon default, and upon a trust to apply the net proceeds to paying the debt and to turn over the surplus to the grantor. A "trust deed" on real estate as security for a bond issue is, in effect, a mortgage on property executed by the mortgagor to a third person as trustee to hold as security foT^e mortgage debt as evidenced by the bonds, for the benefit of the purchasers of the bonds as lenders.
- TRUSTEEA person or one of a group of persons appointed to manage the affairs of an individual, institution, business, etc. A person who holds property in trust for another. TRUSTOR: One who creates a trust. Also called settlor.
- Testamentary TrustA trust which does not take effect until after the grantor’s death.
- Revocable Trust
A trust in which the trustor retains the power to revoke the trust agreement and have the assets returned to him or other designated individuals within ten years.
- Simple Trust
A trust which is required by its Indenture to distribute all the income in any year to the beneficiaries.
- Irrevocable Trust
A trust in which the trustor does not retain the power to revoke the trust agreement, or in which he can do so only after a ten year period.
- Inter vivos Trust
A trust which goes into effect during the grantor’s life.
- Complex Trust
A trust in which the trustees have the discretion to distribute any, all, or any portion, of the trust income to the beneficiaries in any year.
In General: A right of property real or personal, held by one party for the benefit of another - by trust agreement.
- TRANSFERTo convey or remove from one person or place to another; hand over.
A legal wrong committed upon the person or property independent of contract. It may be either (1) a direct invasion of some legal right of the individual; (2) the infraction of some public duty by which special damage accrues to the individual; (3) the violation of some private obligation by which like damage accrues to the individual. Three elements of every tort action are: Existence of legal duty from defendant to plaintiff, breach of duty, and damage as proximate result.
The means whereby the owner of lands comes into legal possession of his property. The union of all the elements which constitute ownership. The right to or ownership in lands; also the evidence of such ownership. A perfect title requires the union of possession and the right to the thing possessed.
The taking of the property (wealth) of another without his consent and with the intent to deprive him of it. May be accomplished by force, intimidation, fraud or any combination of these. Wealth must have been created before it can be stolen. (See "TAXES")
A person who makes a will. A person who has died leaving a valid will.
Holding; possessing. Length of time of holding or 'possessing; terms; conditions, etc. on which anything is held or occupied.
- TENANTS IN COMMON
Those who hold property,, or lands in common.
- TAXESThe taking of wealth by government, either by force or intimidation, from the productive people within its political jurisdiction. People who produce no wealth cannot be subject to the extraction of taxes. (See "THEFT')
- TAX HAVENThe IRS Agents Handbook defines tax haven as "a term that generally connotes any foreign country that has either a very low tax or no tax at all on certain categories of income. However, as the IRS uses the term, it refers to the use of certain foreign countries by U.S. taxpayers in order to avoid federal income tax."
A person who follows or succeeds another in office, position or ownership of property. A person or thing that comes next 'after another in a series.
- STANDARD OF LIVING
Subjective evaluation of the relationship between the total amount of goods consumed and the total needs and desires.
Law. A person who settles property on someone, or creates a trust of property.
- SECURITYProtection; assurance; indemnification. The term is usually applied to an obligation, pledge, mortgage, deposit, lien, etc.,, given by a debtor in order to make sure the payment or performance of his debt, by furnishing the creditor with a resource to be used in case of failure in the principal obligation.
A well-founded claim. The ideas of claim and that the claim must be well-founded always constitute the idea of right. If these claims inhere in the very nature of man himself, they are called inherent, inalienable rights. Right and obligation are correlative ideas. The idea of a well-founded claim becomes in law a claim founded in or established by the law; so that it is said that a right in law is an acknowledged claim. Thus, at law, no right is brought into existence until a well-founded claim is made in a proper and timely manner.
- REVOCABLE TRUSTThe general rule is that a trust is revocable where at any time the power to revest title of property conveyed into trust is exercisable by the grantor or a non-adverse party, or both. A revocable trust is transparent for income tax purposes under the Internal Revenue Code, since the grantor is treated as l.he owner. When a trust is revocable, there is no reason why the grantor should not also be trustee, since the tax consequences are already settled by the revocability of the trust.
A return to a former condition; the return of property to the grantor or his heirs. An estate returning to the person who granted it or his heirs.
A written statement giving that one resigns.
The number of members of any assembly (or body) that must be present if the business done is to be legal or binding. More than one half the membership usually constitutes a quorum if no special rule exists.
- QUITCLAIM DEED
A deed of conveyance operating by way of release; that is, intended to pass any title, interest, or claim which the grantor may have in the premises, but not professing that such title is valid, nor containing any warranty or covenants for title.
- PURE TRUST
A term often used to refer to a trust brought into existence pursuant to the common law right of contract. These contractually created entities are generally formed through the utilization of two basic documents. The first document is the Declaration of Trust under which a Trustee receives property, from a Creator or Grantor and contractually obligates himself, upon receipt of the property, to manage the property. The second document is the Trust Indenture. The Trustee accepting the property and undertaking to manage this corpus is contractually bound to follow, strictly, the specific terms of the Trust Indenture in Carrying out his duties. Thus, the documents creating the Trust impose contractual obligations on the trustee to act as fiduciary with respect to the property and funds placed in his hands, initially by the Creator or Grantor.
The duties of the protector of a trust are to ensure that the trustee acts in the best interests of the beneficiary. He may act as counsel to the trustee and generally has the power to replace the trustee at will.
That which is peculiar or proper to any person; that which belongs exclusively to one. In the strict sense, an aggregate of rights which are guaranteed and protected by the law. The term is said to extend to every species of valuable right and interest. More specifically, ownership; the unrestricted and exclusive right.-to a thing; the right to dispose of a thing in every legal way, to possess it, to use it, and to exclude everyone else from interfering with it. The highest right a man can have to anything; being used to refer to that right which one has to lands or tenements, goods or chattels, which no way depends on another man’s courtesy.
- PROMISSORY NOTEA written promise to pay a certain sum of money, at a future time, unconditionally. By the Uniform Negotiable Instruments Act, a negotiable promissory note is defined as an unconditional promise in writing made by one person to another signed by the maker engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where a note is drawn to the maker’s own order, it is not complete until endorsed by him. Although a promissory note, in its original shape, bears no resemblance to a bill of exchange, yet when indorsed, it is exactly similar to one; for then it is an order by the indorser of the note upon the maker to pay the indorsee. The indorser is as it were the drawer; the maker, the acceptor; and the indorsee, the payee. Most of the rules applicable to bills of exchange equally affect promissory notes. No particular form is requisite to these instruments: a promise to deliver the money, or be accountable for it, or that the payee shall have it, is sufficient. There are two principal qualities essential to the validity of a note: First, that it be payable to all events, not dependent on any contingency, nor payable out of any particular fund. Second, it is required that it be for the payment of money only, and not in bank-notes; though it has been held differently in the state of New York. A promissory note payable to order or bearer passes by indorsement, and, although a chose in action, the holder may bring suit on it in his own name. Although a simple contract, a sufficient consideration is implied from the nature of the instrument.
An engagement by which the promisor contracts towards another to perform or to do something in the advantage of the latter. When a promise is made, all that is said at the time in relation to it must be considered; if, therefore, a man promises to pay all he owes, accompanied by a denial that he owes any thing, no action will lie to enforce such a promise. And when the promise is conditional, the condition must be performed before it becomes of binding force.
In the law of bailment. A bailment of goods to a creditor as security for some debt or engagement. A bailment or delivery of goods by a debtor to his creditor, to be kept till the debt be discharged.
The necessary elements to constitute a contract one of "pledge" are: Possession of the pledged property must pass from the pledgor to the pledgee; the legal title to the property must remain in the pledgor; and the pledgee must have a lien on the property for the payment of a debt or the performance of an obligation due him by the pledgor or some other person.
Any limitation or condition which may take away or suspend the power of alienation, or take the subject of it out of commerce, for a period beyond the life or lives in being and 21 years thereafter.
- PERPETUALNever ceasing; continuous; enduring; lasting; unlimited in respect of time; continuing without intermission or interval.
An offer, as an element of a contract, is a proposal to make a contract. It must be made by the person who is to make the promise, and it must be made to the person to whom the promise is made. It may be made either by words or by signs, either orally or in writing, and either personally or by a messenger; but in whatever way it is made, it is not in law an offer until it comes to the knowledge of the person to whom it is made.
A duty. A tie which binds us to pay or do something agreeably to the laws and customs of the country in which the obligation is made. Express or conventional obligations are those which the obligor binds himself in express terms to perform the obligation is one which arises by operation of law.
Not able to determine the value of; not subject to assessment.
Not able to transfer or pass; not able to sell.
From the Latin nasci, be born. The essential quality of a thing, essence.
- NATURAL PERSON
As in contrast to juristic person - a natural person is a man, woman or child.
The conveyance of an estate or property by way of pledge for the security of debt, and to become void on payment of it. An estate created by a conveyance absolute in its form, but intended to secure the performance of some act, such as the payment of money, and the like, by the grantor or some other person, and to become void if the act is performed agreeably to the terms prescribed at the time of making such conveyance. Both real and personal property may be mortgaged, and in substantially the same manner, except that a mortgage being in its nature a transfer of title, the laws representing the necessity of possession of personal property and the nature of instruments of transfer being different, require the transfer to be made differently in the two cases. The foregoing definitions are applicable to the common-law conception of a mortgage. But in many states in modern times, it is regarded as a mere lien, and not as creating a title or estate. It is a pledge or security of particular property for the payment of a debt or the performance of some other obligation, whatever form the transaction may take, but is not now regarded as a conveyance in effect, though it may be cast in the form of a conveyance.
A contract by which one party gives to another party power and authority to act in their behalf in a prescribed manner.
Official misconduct; violation of a trust or duty.
(Of a trust or business) To Pay the debts of; to settle the accounts of (as in business); to dissolve the trust and discharge the assets for final distribution.
The state of being under obligation; the debt or other financial obligation of a business, for money, goods, services, etc., received.
- LEGAL TITLE
One cognizable or enforceable in a court of law, or one which is complete and perfect so far as regards the apparent right of ownership and possession, but which carries., no beneficial interest in the property, another person being equitably entitled thereto; in either case, the antithesis of "equitable title."
A species of contract for the possession and profits of lands and tenements either for life or for a certain term of years, or during the pleasure of the parties, which gives rise to the relationship of landlord and tenant. One of its essential properties is, that its duration must be for a shorter period than the duration of the interest of the lessor in the land; for if he disposes of his entire interest it becomes an assignment, and is not a lease. In other words, the granting of a lease always supposes that the grantor reserves to himself a reversion in the leased premises. The party who leases is called the lessor, he to whom the lease is made the lessee, and the compensation or consideration of the lease is the rent. The words lease and demise are frequently used to signify the estate or interest conveyed; but they properly apply to the instrument of conveyance.
- LAND GRANT
A donation of public lands to a subordinate government, a corporation, or an individual; as from the United States to a state, or to a railroad company to aid in the construction of its roads.
In the most general sense, "land" comprehends any ground, soil, or earth whatsoever. In its more limited sense, the term denotes the quantity and character of the interest or estate which the tenant may own in land.- The term "lands" designates all real estate and the term "land" may include anything that may be classed as real estate or real property.
- JURISTIC PERSON
A legal entity created by law rather than by nature, and having many of the same rights, privileges, freedoms, obligations, and responsibilities of a natural person. A corporation or a trust is a juristic person as is a pure trust organization.
- JURISDICTIONThe authority by which judicial officers take cognizance of and decide causes. Power to hear and determine a cause. It includes power to enforce the execution of what is decreed.
- JOINT-TENANCYA possession of estate by two or more persons in unity and harmony of interest, title, possession and time, under which the survivor takes the entire amount.
- IRREVOCABLE TRUST
A trust that is not revocable (see REVOCABLE TRUST)
In Contracts. The right of property which a man has in a thing. (See Insurable Interest). On Debts. The compensation which is paid by the borrower of money to the lender for its use, and generally, by a debtor to his creditor in recompense for his detention of the debt.
- INSURANCEA contract whereby, for an agreed premium, one party undertakes to indemnify the other against loss on a specified subject by specified perils.
- INSURABLE INTEREST
Such an interest in a subject of insurance as will entitle the person possessing it to obtain insurance. It is essential to the contract of insurance, as distinguished from a wager policy, that the assured should have a legally recognizable interest in the insured subject, the pecuniary value of which may be appreciated and computed or valued. It is also essential to the contract that the insurer incur a risk in the underwriting venture.
- INFLATIONThe taking of wealth by government through fraud by the issue of legal tender paper currency having little or no real value. A form of hidden tax falling most heavily on those people who produce surplus wealth and attempt to store it in the form of government currency
- INDENTUREA formal written instrument made between two or more persons in different interests. A deed to which two or more persons are parties, and in which these enter into reciprocal and corresponding grants or obligations towards each other.
- INDEMNITYThat which is given to a person to prevent his suffering damages.
- INCURTo bring a liability upon oneself; to subject oneself to; entail.
Taxes, duties or impositions. A duty on imported goods or merchandise. The Constitution of the United States gives congress power "to lay and collect taxes, duties, excises, and imposts," and prohibits the states from laying "any imposts or duties on exports or imposts" without the consent of congress. U.S. Const. Art. I, Sect. 8, n.l; Art. I, Sect. 10, n.2.
- HYPOTHECATE (ASSETS)
To pledge (property, stock, etc.) to a creditor as security for a loan or debt without delivering over. To deliver as security for a loan.
- GRANTOR TRUSTUnder this Trust the Grantor(s) (partyfsj transferring property into the Trust for the benefit of specific named beneficiaries) retains so much control over the use or enjoyment of the property transferred that, for tax purposes, he is deemed the owner. This generic term derives from the provisions of §§671 - 678 of the Internal Revenue Code. It is significant mainly in the federal income, estate and gift tax realm. The retention of control by the Grantor of the trust results in imposition of taxes on earnings from the property on his (the Grantor’s) taxable estate and not the taxable estate of the named beneficiaries
- GRANTORA person who makes a grant or conveyance to someone or something.
- GOODS AND CHATTELSIn Contracts. A term which includes not only personal property in possession, but choses in action and chattels real, as a lease for years of house or land, or emblements (the profits of the land sown).
In Contracts. The term applies to inanimate objects and does not include animals or chattels real, as a lease for years of house or land, which chattels does include. In a more limited sense, goods is used for articles of merchandise.
- FRAUDULENT CONVEYANCE
A conveyance or transfer of property, the object of which is to defraud a creditor, or hinder or delay him, or to put such property beyond his reach. A conveyance made with intent to avoid some duty or debt due by or incumbent on the person making the transfer.
Law. Any deliberate misrepresentation of the truth or a fact by which a person attempts to persuade another to do something to his disadvantage: Any intent to deceive is proof of fraud.
A special privilege conferred by government on individuals, and which does not belong to citizens of the country generally by common right.
Held in trust; i.e. A fiduciary possessory is legally responsible for what belongs to another. Of a trustee; of trust and confidence: A guardian acts in a fiduciary capacity.
- FEE SIMPLE
An absolute fee which has been paid for the transfer of assets, beyond which no further encumbrances are held, or payments are due. The process of owning property which has been transferred in complete payment without further obligation of any kind. An absolute or fee-simple estate is one in which the owner is entitled to the entire property, with unconditional power of disposition during his life, and descending to his heirs and legal representatives upon his death intestate.
- FACTORIZING PROCESS
In American law. A process by which the effects of a debtor are attached in the hands of a third person.
One whose business is to receive and sell goods for a commission, being entrusted with the possession of the goods to be sold, and usually selling in his own name. A factor differs from a "broker" in that he is entrusted with the possession, management, and control of the goods, (which gives him a special property in them,) while a broker acts as a mere intermediary without control or possession of the property; and further, a factor is authorized to buy and sell in his own name, as well as in that of the principal, which a broker is not.
An inland imposition, paid sometimes upon the consumption of the commodity, and frequently upon the retail sale.
- ESTATEThat portion of a person’s wealth not consumed immediately, but rather allowed to accumulate, sometimes in the form of real wealth, but most often in the form of various types of claims on wealth.
Equity. Justice administered according to fairness as contrasted with the strictly formulated rules of common law. It is based on a system of rules and principles which originated in England as an alternative to the harsh rules of common law and which were based on what was fair in a particular situation. One sought relief under this system in courts of equity rather than in courts of law. The term "equity" denotes the spirit and habit of fairness, justness, and right dealing which would regulate the intercourse of men with men. Gilles v. Department of Human Resources Development, 11 Ca1.3d 313, 113 Cal.Rptr. 374, 380, 521 P.2d 110. Equity is a body of jurisprudence, or field of jurisdiction, differing in its origin, theory, and methods from the common law; though procedurally, in the federal courts and most state courts, equitable and legal rights and remedies are administered in the same court. (Black's Law 6th Edition)
- EQUITABLE TITLEA right in the party to whom it belongs to have the legal title transferred to him or the beneficial interest of one person whom equity regards as the real owner, although the legal title is vested in another
In its most enlarged sense, this word is nearly equivalent to taxes, embracing all impositions or charges levied on persons or things; in its more restrained sense, it is often used as equivalent to customs, or imposts.
A human action which is exactly conformable to the laws which require us to obey them. It differs from legal obligation, because a duty cannot always be enforced by the law; it is our duty, for example, to be temperate in eating, but we are under no legal obligation to do so; we ought to love our neighbors, but no law obliges us to love them.
- DOMICILEThe established, fixed, permanent, or ordinary dwelling-place or place of residence of a person, (whether natural or juristic) as distinguished from his temporary and transient, though actual, place of residence. It is his legal residence, as distinguished from his temporary place of abode; or his home, as distinguished from a place to which business or pleasure may temporarily call him.
- DISTRIBUTABLE NET INCOMEThe term "distributable net income" means, with respect to any taxable year, the taxable income of the estate or trust computed with the statutory modifications.
- DELIVERYIn conveyancing. The final and absolute transfer of a deed, properly executed, to the grantee, or to some person for his use, in such manner that it cannot be recalled by the grantor.
A written instrument under seal, containing a contract or agreement which has been delivered by the party to be bound and accepted by the obligee or covenantee. Any instrument in writing under seal, whether it relates to the conveyance of real estate or to any other matter, as, for instance, a bond, single bill, agreement, or contract of any kind, is as much a deed as is a conveyance of real estate, and after delivery and acceptance, is obligatory.
- DECLARATION OF TRUST
The act by which the person who holds the legal title to property or an estate acknowledges and declares that he holds the same in trust to the use of another person or for certain specified purposes. The name is also used to designate the deed or other writing embodying such a declaration.
In Contracts. A sum of money due by certain and express agreement. All that is due a man under any form of obligation or promise.
- DE JURE
Rightfully, of right, lawfully, by legal title. Contrasted with de facto. Of right: Distinguished from de gratia (by favor). By law: Distinguished from de equitable (by equity).
- DE FACTO
Actually, in fact, in deed. A term used to denote a thing actually done.
- CREDITORHe who has a right to require the fulfillment of an obligation or contract
The ability to borrow, on the opinion conceived by the lender that he will be repaid. A debt due in consequence of a contract of hire or borrowing of money.
A person who creates something; originator, author, producer, etc. The person who brings a Business Trust Organization into existence.
- COVENANTIn the law of contracts. An agreement, convention, or promise of two or more parties, by deed, in writing, signed, sealed, and delivered, by which either of the parties pledges himself to the other that something is either done or,'shall be done, or stipulates for truth'of certain facts.
In common parlance, any agreement, whether under seal or not.. In effect, this has become the legal meaning in many states, in which private seals have been abolished by statute.
The whole body; material substance of anything; a collection of stocks, bonds, etc. forming the principal of a trust fund or estate, as opposed to the interest or income.
- CORPOREAL PROPERTY
In the Common Law, the term to signify property in possession. It differs from incorporeal property, which consists of choses in action and easements, as a right of way, and the like.
- CORPOREAL HEREDITAMENTS
Substantial, permanent objects which may be inherited. The term land will include all such.
Law. A transfer of ownership; the document showing such a transfer; deed.
A mutual agreement between two or more people to do or not to do certain things. A written agreement that can be enforced by law.
To complete; realize, fulfill, to fulfill or perfect itself.
That which amounts in view of the law to an act, although the act itself is not really performed.
Law. Something given or done as a return for something given or done by another, without which no contract is binding. The acts or promises which serve as the basis of the bargain on both sides.
- COMMON LAW SYSTEMA system devised by man for the sole purposes of creating a forum in which the Common Law, the Law of Conscience, can flourish and function in the resolution of controversies, and in the determination and application of justice. The heart of this Common Law System is a Common Law jury of twelve randomly selected from the community in order to maximize the probability that, by each individual juror being loyal to his own conscience, the jury will represent the conscience of the community as a whole. Any system, or the aspect of a system, that suspends or interferes with the reasoning power and conscience of a juror is not a common law system, or any part thereof.
- COMMON LAW
The Law of Conscience as applied to governing the affairs and actions of the individual, and the affairs between individuals. Its essence is the golden rule. Its science is the science of living honestly with one's self and with other individuals. It is the coalescing of the two great powers bestowed upon man by his creator - the power to reason and the power of the spirit, working together in harmony with the laws of God and nature. It is loyalty-to-self, loyalty-to-truth, as revealed to each individual through his conscience. Being the Law of Conscience, it cannot be written - it can only be written about. All that can be written about the Common Law is how it manifests itself through the individual who is loyal to self - loyal to his conscience. It is frequently said that Common Law is custom and usage from immemorial antiquity, that Common Law is the judgments and decrees of courts recognizing these usages and customs, that Common Law is the statutory and case law background of England and the American Colonies before the American Revolution - and now, our courts tell us that there is such a thing as "specialized federal common law," or just "federal common law." None of these are Common Law in its true sense and meaning. At best, they are manifestations of individual decisions and actions in particular situations, pursuant to conscience. Al worst, they are manifestations of decisions and actions in situations wherein reason, spirit, and conscience of the individuals involved were stifled or suspended. To say otherwise is to lose or change the important thing - the true meaning of Common Law.
The exchange of goods, productions, or property of any kind. Intercourse by way of trade and traffic between different peoples or states and the citizens or inhabitants thereof, including not only the purchase, sale, and exchange of commodities, but also the instrumentalities and agencies by which it is promoted and the instrumentalities and agencies by which it .is carried on, and the transportation of persons as well as of goods, both by land and by sea. The words "commerce" and "trade" are often used interchangeably; but, strictly speaking, commerce relates to intercourse or dealings with foreign nations, states, or political communities, while trade denotes business intercourse or mutual traffic within the limits of a state or nation, or the buying, selling, and exchanging of articles between members of the same community.
- COLOR OF TITLEThe appearance, semblance, or simulacrum of title. Also termed "apparent title." Any fact extraneous to the act or mere will of the claimant, which has the appearance on its face, of supporting his claim of a present title to land, but which, for some defect, in reality falls short of establishing it. Any instrument having a grantor and a grantee, and containing a description of the lands intended to be conveyed, and apt words for their conveyance, gives color of title to the lands described. Such an instrument purports to be a conveyance of title, and because it does not, for some reason, have that effect, it passes only color or the semblance of title.
- COLLATERALThat which is by the side, and not the direct line; that which is additional to or beyond a thing.
- CIVIL LAW
This term is generally used to designate the Roman jurisprudence, or Roman Civil Law. In its most extensive sense, the term Roman Law comprises all those legal rules and principles which were in force among the Romans, without reference to the time when they were adopted. But in a more restricted sense we understand it to be the law compiled under the auspices of the Emperor Justinian. This system of law is the antithesis of the Common Law in that its fundamental premise is that sovereignty resides in a ruler, or ruling body; whereas the fundamental premise of the Common Law is that sovereignty resides in the individual, and in the people as a whole. The influence upon (and, indeed, the usurpation of) principles, practices and usages of the Common Law System in the United States by Roman Civil Law jurisprudence cannot be denied by the impartial inquirer.
- CIVIL ACTION
In Practice. In the Civil Law. A personal action which is instituted to compel payment, or the doing of some other thing which is purely civil. At Common Law. An action which has for its object the recovery of private or civil rights or compensation for their infraction.
- CHOSE IN ACTION
A right to receive or recover a debt, or money, or damages for breach of contract, or for a tort connected with contract, but which cannot be enforced without action.
Every species of property, moveable or immovable, which is less than a freehold.
- CESTUI QUE USE
He for whose use and benefit lands or tenements are held by another person. He who has a right to receive the profits and benefits of the estate, but the legal title and possession, together with the duty of defending the same reside in the other.
- CESTUI QUE TRUSTHe who has a right to a beneficial interest in and out of an estate the legal title to which is vested in another. He may be said to be the equitable owner but has no legal title to the estate, as he is merely a tenant at will if he occupies the estate; and, therefore, may be removed from possession in an action of ejectment by his own trustee.
- CERTIORARIIn Practice. A writ issued by a superior to an inferior court of record, requiring the latter to send in to the former some proceeding therein pending, or the records and proceedings in some cause already terminated in cases where the procedure is not according to the course of the common law. It is the practice of the United States Supreme Court, upon a suggestion of any defect in the transcript of the record sent up into that court upon a writ of error, to allow a special certiorari, requiring the court below to certify more fully.
- CERTIFICATEA certificate of a Business Trust Organization' represents ownership of Capital Units and is issued by the trustee under authorization of the Indenture. The holder has no power, sway, or influence over the Business Trust Organization or its assets; only a dependence on chance that by sole discretion of the trustees, action will be taken to authorize a distribution. At death of holder, it is null and void.
- CAPITAL UNITS
The beneficial interests in a Business Trust Organization are divided into Capital Units, evidenced by certificates, conveying to the holder the limited rights to receive their pro-rata share of any distributions of income or assets that may be made by the trustees. The Capital Units are personal property which convey neither legal title to the property nor any voice in the management of the business or the selection of trustees
- BUSINESS TRUST ORGANIZATION
An unincorporated organization created and managed by "trustees" for the benefit and profit of persons who hold or may acquire transferable certificates. Similar to stock certificates of a corporation, trust certificates provide individual holders evidence of interest in a trust estate.
A Business Trust Organization often is called a "common-law trust" but this phrase is not descriptive of any of the peculiar characteristics of such organizations.
The basis for the terminology "common-law trust" is that they are created under the common law of contracts and do not depend upon any statute.
As indicated by its name, a Business Trust is an estate adapted to business or commercial activities. Reduced to its bare essentials, the Business Trust Organization consists of a combination of capital vested in trustees who manage the entity profitably for trust holders of beneficial interest.
That which occupies the time, attention, and labor of men for the purpose of a livelihood or profit. "Business" is often synonymous with calling, occupation, or trade. The doing of a single act pertaining to a particular business will not be considered engaging in or carrying on the business; yet a series of such acts would be so considered.
- BILL OF SALE
In Contracts. A written agreement, formerly limited to one under seal, by which one person assigns or transfers his right to or interest in goods and personal chattels to another. It is in frequent use in the transfer of personal property, especially that of which immediate possession is not or cannot be given. The effect of a Bill of Sale is to transfer the property in the thing sold.
A person for whose benefit a trust exists. A person who receives, or is named to receive, money or property from a trust.
- BENEFICIAL INTEREST
Profit, benefit, or advantage resulting from a contract, or the ownership of an estate as distinct from the legal ownership or control. A cestui que trust has the beneficial interest in a trust estate while the trustee has the legal estate.
An unincorporated society; a body of persons united and acting together without a charter, but upon the methods and forms used by incorporated bodies for the prosecution of some common enterprise. It is fundamentally a large partnership, from which it differs in that it is not bound by the acts of the individual partners, but only by those of its managers or trustees, and that shares in it are transferable, and it is not dissolved by the retirement, death, or bankruptcy of its individual members.
- ASSIGNMENTIn Contracts. A transfer or making over to another of the whole of any property, real or personal, in possession or in action, or of any estate or right therein. Every demand connected with a right of property, real or personal, is assignable. To make an assignment valid at law, the subject of it must have an existence, actual or potential, at the time of the assignment. The proper technical and operative words in assignment are "assign, transfer, and set over;" but "give, grant, bargain, and sell" or any other words which show the intent of the parties to make a complete transfer, will work an assignment. Since an assignment is the relinquishment or transfer of a valuable right from one person to another, it is subject to many of the legal requirements of Deeds and Bills of Sale. Under an assignment, the assignee obtains only those property rights that the assignor had and nothing more.
- ASSET CURRENCY
A currency that is backed by all who are legally or equitable chargeable with its obligation, and with everything which can be made available for the payment of debt. The Federal Reserve Act of 1913 converted the currency of the United States to an Asset Currency.
- ASSETSThe word has come to signify everything which can be made available for the payment of debts; and is always used when we speak of the means which a party has, as compared with his liabilities or debts. All the stock in trade, cash, and all available property belonging to a merchant or company.
An estate held by absolute ownership, without recognizing any superior to whom any duty is due on account thereof. In the U.S. the title to land is essentially allodial, and every tenant in fee simple has an absolute and unqualified dominion over it; yet in technical language his estate is said to be in fee, a word which implies a feudal relationship, although such relation has ceased to exist in any form, while in several states the lands have been declared to be allodial. In England there was no allodial-tenure, for all land is held mediately or immediately ot the king; but the words "tenancy in fee simple" are there properly used to express the most absolute dominion which a man can have over his property.
- ALLODIALFree, not holden of any lord or superior; owned without obligation of vassalage or fealty; the opposite of feudal.
An understanding reached by two or more persons, groups of persons, etc. The act. of coming to a mutual understanding. Correspondence between words with respect to number, case, gender, person, etc.; concord, concurrence, accord, pact, covenant.
- ADVERSE PARTYOne who serves upon a decision making board and has a personal interest in the results which may be in conflict with the self interest of the other members of the board. With regard to the Business Trust Organization, it is a trustee whose position of self interest is in opposition to that of the other trustees, especially if one of the other trustees was also the Creator. This opposition or adversity of self interest is recognized through the holding of greater portions of beneficial interest.
- ACKNOWLEDGMENTAdmission, concession, confession, avowal. Admission of the existence or truth of anything. Law, an official certificate in legal form; admission of a debt or other liability.
- ACCEPTANCEThe taking of something offered or given. Favorable reception; approval. A taking as true and satisfactory; belief.
- ABSTRACT OF TITLEA condensed history of the title to land, consisting of a synopsis or summary of the material or operative portion of all conveyances, of whatever kind or nature, which in any manner affect said land, together with a statement of all liens, charges, or liabilities to which it is in any way material for the purchaser to be apprised.
Surety bond. a contract among at least three parties: the obligee: the party who is the recipient of an obligation. the principal: the primary party who will perform the contractual obligation. the surety: who assures the obligee that the principal can perform the task.
Forthcoming bond. 1. A bond guaranteeing that something will be produced or forthcoming at a particular time, or when called for. 2. A bond (usually given to a sheriff) to permit a person to repossess attached property in exchange for that person's commitment to surrender the property in the event of an adverse judgment; specifically, a bond required of a defendant as a condition of retaining possession of a chattel in an attachment or replevin action, whereby the surety agrees to surrender the chattel and to pay its value if the plaintiff wins the lawsuit. Also termed delivery bond. Cf. replevin bond. [Cases: Attachment]
- Discharging bond. A bond that both permits a defendant to regain possession of attached property and releases the property from the attachment lien.- Also termed a dissolution bond. See forthcoming bond.
Self-help. refers to obtaining relief or enforcing one's rights without going through legal processes, such as repossessing a car when payments are past due, retrieving borrowed or stolen goods, or demanding and receiving payment. Self-help is legal as long as it does not "disturb the peace" or violate some other law.
Receivership (receiver) is the process of appointment by a court, a contract, or a government official of a receiver to take custody of the property, business, rents and profits of an insolvent person or entity, or a party whose property is in dispute.
Good faith is an abstract and comprehensive term that encompasses a sincere belief or motive without any malice or the desire to defraud others. It derives from the translation of the Latin term bona fide, and courts use the two terms interchangeably.
time deposit : a bank deposit that can be withdrawn only after a set period of time or with prior notice. b : something given as security see also security deposit NOTE: A deposit may be applied to a purchase price or may be considered partial payment. 3 in the civil law of Louisiana a : the gratuitous transfer of possession of movable property to another for a limited time or specified purpose such that the depositary is liable to some extent for loss or damage to the property see also sequestration compare bailment hiring loan for consumption and loan for use at loan NOTE: Like the common-law bailment, the civil law deposit requires either actual or constructive delivery.
special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust
general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship
demand deposit : a bank deposit that can be withdrawn without prior notice.
DEPOSIT. Usually defined to be a naked bailment of goods to be kept for the bailor, without reward, and to be returned when he shall require it. A contract, by which one of the contracting parties gives a thing to another to keep, who is to do so gratuitously, and obliges himself to return it when he shall be requested
DEFAULT. The neglect to perform a legal obligation or duty; but in technical language by default is often understood the non-appearance of the defendant within the time prescribed by law, to defend himself; it also signifies the non-appearance of the plaintiff to prosecute his claim.
2. When the plaintiff makes default, he may be nonsuited; and when the defendant makes default, judgment by default is rendered against him. Com. Dig. Pleader, E 42 Id. B 11. Vide article Judgment by Default, and 7 Vin. Ab. 429; Doct. Pl. 208 Grah. Pr. 631. See, as to what will excuse or save a default, Co. Litt. 259 b.
DEFAULT, contracts, torts. By the 4th section of the English statute of frauds, 29 Car. H., c. 3, it is enacted that "no action shall be brought to charge the defendant upon any special promise to answer for the debt, default, or miscarriage of another person, unless the agreement," &c., "shall be in writing," &c. By default under this statute is understood the non-performance of duty, though the same be not founded on a contract. 2 B. & A. 516.
Cure. (A) Contract Law; to correct or remove a defect that would be considered a breach by the curing party. For example, a tenant that is late with the rent may pay the amount and avoid eviction by curing the breach.
Bank account. a contract between a customer and a bank whereby the bank obliges itself to honour cheques up to the amount deposited with the bank or up to an agreed overdraft limit. The overdraft is effectively a loan.
CREDITOR PROCEEDINGS. Commencement of foreclosure, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Debtor against the Collateral or any other collateral securing the Indebtedness. This includes a garnishment of any of Debtor’s deposit account with Secured Party. However, this Event of Default shall not apply if there is a good faith dispute by Debtor as to the validity or reasonableness of the claim which is the basis of the creditor proceeding and if Debtor gives Secured Party written notice of the creditor proceeding and deposits with Secured Party monies or a surety bond for the creditor proceeding, in an amount determined by Secured Party, in its sole discretion, as being an adequate reserve or bond for the dispute.
DEFECTIVE COLLATERALIZATION. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral documents to create a valid and perfected security interest or lien) at any time and for any reason.
FALSE STATEMENTS. Any warranty, representation or statement made or furnished to Secured Party by or on behalf of Debtor under this Agreement if false or misleading in any material respect, either now or at the time made or furnished.
OTHER DEFAULTS. Failure of Debtor to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or in any other agreement between Secured Party and Debtor. If any failure, other than a failure to pay money, is curable and if Debtor has not been given prior notice of a breach of the same provision of this Agreement, it may be cured (and no Event of Default will have occurred) if Debtor, after Secured Party sends written notice demanding cure of such failure: (a) cures the failure within fifteen (15) days; or (b), if the cure requires more than fifteen (15) days, immediately initiate steps sufficient to cure the failure and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
DEFAULT ON INDEBTEDNESS. Failure of Debtor to make any payment when due on the Indebtedness.
- BOND. A certificate or evidence of a debt on which the issuing company or governmental body promises to pay the bondholders a specified amount of interest for a specified length of time, and to repay the loan on the expiration date. A long term debt instrument that promises to pay the lender a series of periodic interest payments in addition to returning the principal at maturity. In every case a bond represents debt—its holder is a creditor of the corporation and not a part owner as is the shareholder.... Black’s 6th. See Note, birth certificate, industrial bond.
Note: The birth certificate is the bond instrument employed by the government to secure loans.
- BONA FIDE PURCHASER. A “bona fide purchaser” is a purchaser for value in good faith and without notice of any adverse claim who takes delivery of a security in bearer form or of one in registered form issued to him or indorsed to him or in blank. UCC 8-302. One who has purchased property for value without any notice of any defects in the title of the seller. Black's 6th. “One who pays a valuable consideration, has no notice of outstanding rights of others and acts in good faith concerning the purchase.” Barron’s 3rd. See Note.
Note: When you consummate the Secured Party process you are a bona fide purchaser of your birth certificate and TRADE NAME.
- BLANK INDORSEMENT. The indorsement of a bill of exchange or promissory note, by merely writing the name of the indorser*, without mentioning any person to whom the bill or note is to be paid; called “blank” because a blank or space is left over it for the name of the insertion of the indorsee**, or of any subsequent holder. Otherwise called an indorsement “in blank.” Black’s 1st. 2. He who indorses; i.e. being the payee or holder, writes his name on the back of a bill of exchange, etc.Black’s 1st. 3** indorsee. The person to whom a bill of exchange, promissory note, bill of lading, etc. is assigned by indorsement, giving him a right to sue thereon. Black’s 1st.
- BLANK. See blank indorsement, in blank.
- BIRTH RECORD. Official statistical data concerning dates and places of persons’ birth, as well as parentage, kept by local j government officials. Black’s 1st. See Note, birth certificate.
Note: Under “birth certificate” the definition references “one's birth,” and under “birth record” the definition blood man/woman; “person” references a “persons’ birth.” “One” means flesh-and- means artificial entity/juristic person. See individual.
- BIRTH CERTIFICATE. A formal document which certifies as to the date and place of one’s birth and a recitation of his or her parentage, as issued by an official in charge of such records. Furnishing of such is often required to prove one’s age. Black’s 6th. See Note, birth, birth record, document of title, field warehouse receipt, bond.
Note: A birth certificate is a negotiable document (see document), a registered security (see securities), pedigree chattel (see chattel) document that establishes the existence of the straw man (see straw man), a distinct artificial person (see artificial person, person) with a fictitious TRADE NAME (see fictitious name); document of title for a straw man; warehouse receipt (see field warehouse receipt) for your body; delivery receipt. For many years the designator, “U.S. DEPT. OF COMMERCE - BUREAU OF THE CENSUS,” appeared on birth certificates. In America, the original birth document is generally created at county level (sometimes at city level) via birth documents from the hospital.
The source of the following information is U.S. Vital Statistics System, Major Activities and Developments, 1950 - 95; (published by U.S. Department of Health and Human Services). Beginning with the 1939 revision, the birth certificate became the Standard Certificate of Live Birth, and there have been 11 different subsequent issues of this document. The National Office of Vital Statistics had its beginnings in 1935 when the Division of Vital Statistics, then in the Bureau of the Census, was mandated to promote a cooperative system of vital statistics and vital records. From the earliest days of their existence, the American Bar Association and American Medical Association provided strong support for establishing offices to collect vital statistics. From page 47 of the book:
“From this time  forward, the course of registration and vital statistics was to be recognized as basic to the development of public health organization and practice....
- BIRTH. The act of being born or wholly brought into separate existence. Black’s 1st. See Note, and Note at birth record.
Note: A man or a woman is “born”; TRADE NAMES are “wholly brought into separate existence.” Each event qualifies as a “birth.” The birth certificate documents a muddied mixture of the two events that allows the system to both claim that it is “your” birth certificate yet also claim to hold legal title of (not ownership of) the corporately colored TRADE NAME.
- BILL OF LADING. In common law. The written evidence for the contract and carriage and delivery of goods sent by sea for a certain freight. 1 H. Bl. 359. Black’s 1st. See Note.
- BILL OF EXCHANGE. A written order from A. to B., directing B. to pay C. a certain sum of money therein named. A bill of exchange is an instrument, negotiable in form, by which one, who is called the “drawer,” requests another, called the “drawee,” to pay a specified sum of money. A bill of exchange is an order by one person, called the “drawer” or “maker,” to another, called the “drawee” or “acceptor,” to pay money to another, (who may be the drawer himself,) called the “payee,” or his order, or to the bearer. If the payee, or a bearer, transfers the bill by indorsement, he then becomes the “indorser.” Black’s 1st. See Note, payee.
Note: It has recently been discovered that the IRS has its own bank account (semisecret), called a “Treasury Tax and Loan Account,” or TTL, in every banking/financial institution that deals in Federal Reserve Notes. It has also been verified that IRS levies are effected from the “Special Procedures Function Department (or Office)” via simple fax (bill of exchange) instructing the particular bank, savings & loan, credit union, brokerage house, etc., to debit the depositor’s/taxpayer’s account and credit the TTL.
- BILLBILL. Commercial transactions. A written statement of the terms of a contract, or specification of the items of a contract or of a demand. Also, a general name for any item of indebtedness, whether receivable or payable... Black’s 6th. Also, the creditor’s written statement of his claim, specifying the items. .. Black’s 1st. In Mercantile Law. The creditor’s written statement of his claim, specifying the items. It differs from an account stated in this, that a bill is the creditor’s statement; an account stated is a statement that has been assented to by both parties. Bouvier’s 8th.
- BEARER. “Bearer” means the person in possession of an instrument, document of title, or certificated security payable to bearer or indorsed in blank. UCC 1-201 (5).
- BAR. 1. A partition or railing running across a court-room, intending to separate the general public from the space occupied by the judges, counsel, jury, and others concerned in the trial of a cause....the whole body pf attorneys and counselors, or the members of the legal profession, collectively, who are figuratively called the “bar.” They are thus distinguished from the “bench,” which term denotes the whole body of judges.... Black’s 6th.
- BANKRUPTCY. Popularly defined as insolvency, the inability of a debtor to pay his debts as however, it is the legal process under the Federal Bankruptcy Act by which assets of the debtor are liquidated as quickly as possible to pay off his creditors and to discharge the bankrupt, or free him of his debts, so he can start anew. In reorganization, on the other hand, liquidation may be avoided and the debtor may continue to function, pay his creditors, and carry on business. Barron’s 3rd. “Mr. Speaker. We are now here in Chapter 11. Members of Congress are official trustees presiding over the greatest reorganization in world history, the U.S. Government ... It is ah established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; declared by President Roosevelt, being bankrupt and insolvent. H.J.R. 192, 73rd Congress in session June 5, 1933 - Joint Resolution to Suspend the Gold Standard and Abrogate the Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Governmental Offices, Officers, and Departments and is further evidence that the United States Federal Government exists today in name only....” Congressional Record, March 17,1993, Vol. 33. See Chapter 11 Reorganization.
- BANKER’S NOTE. A commercial instrument resembling a bank-note in every particular except that it is given by a private banker or unincorporated banking institution. Black’s 1st. See banker, private bank.
- BANKER’S ACCEPTANCE. ...A bill of exchange draft payable at maturity that is drawn by a creditor against his or her debtor. Banker’s acceptances are short-term credit instruments most commonly used by persons or firms engaged in international trade. They are comparable to short-term government securities (for example, Treasury Bills) and may be sold on the open market at a discount. Black’s 6th. A bill of exchange drawn on and accepted by a commercial bank.... Black’s 7th. See bank, banker, private bank, House Joint Resolution 192 of June 5,1933.
- BANKER. In general sense person that engages in business of banking. In narrower meaning, a private person who keeps a bank; one who is engaged in the business of banking without being incorporated. One who carries on the business of banking by receiving money on deposit with or without interest, by buying and selling bills of exchange, promissory notes, bonds or stock, or other securities, and by loaning money without being incorporated. Under some statutes, an individual banker, as distinguished from a “private banker” (q.v.), is a person who, having complied with the statutory requirements, has received authority from the state to engage in the business of banking, while a private banker is a person engaged in banking without having any special privileges or authority from the state. Black’s 6th. See private bank.
- BANK ACCEPTANCE. Draft drawn on and accepted by bank. Bouvier’s 8th
- BANK. “Bank” means an organization that is engaged in the business of banking. The term includes savings banks, savings and loan associations, credit unions, and trust companies. UCC 9-102(a)(8). See person.
- BAILMENT. A delivery of something of a personal nature by one party to another, to be held according to the purpose or object of the delivery, and to be returned or delivered over when that purpose is accomplished. Bouvier’s 8th.
Note: A cycle of bailment commences when a mother delivers a baby (“something of a personal nature”) to the state by signing the birth certificate and registering and surrendering legal title to the biological property, i.e. the baby’s body. See dummy, surety, appearance.
- BAILEE. “Bailee” means the person who, by a warehouse receipt, bill of lading, or other document of title, acknowledges possession of goods and contracts to deliver them. UGC 7-102(1 )(a).
- BAIL. (Fr. bailer, to deliver). By bail is understood sureties, given according to law, to insure the appearance of a party in court. The persons who become surety are called bail. Sometimes the term is applied, with a want of exactness, to the security given by a defendant, in order to obtain a stay of execution, after judgment, in civil cases. Bail is either civil or criminal. Bouvier’s 6th. One who becomes the surety for the appearance of the defendant in court. Bouvier’s 8th. To deliver the defendant to persons who, in the manner prescribed by law, become security for his appearance in court. Bouvier’s 8th. n. Monetary amount for or condition of pretrial release from custody, normally set by a judge at the initial appearance. The purpose of bail is to ensure the appearance of the accused at subsequent proceedings. If the accused is unable to make bail, or otherwise unable to be released on his or her own recognizance, he or she is detained in custody. The Eighth Amendment (U.S. Const.) provides that excessive bail shall not be required. Black’s 6th. The surety or sureties who procure the release of a person under arrest, by becoming responsible for his appearance at the time and place designated. Those persons who become sureties for the appearance of the defendant in court. Black’s 6th. See Note.
Note: If a straw man/TRADE NAME/defendant cannot make/pay bail then the man/ woman attached with that straw man/TRADE NAME/defendant becomes the bail. This is formal legal recognition/acknowledgment that this particular man/woman is the surety for the appearance of the dummy/straw man/TRADE NAME/defendant (artificial person) in court. See dummy, surety, appearance.
- AVER. In pleading. To declare or assert; to set out distinctly and formally; to allege. Black’s If!.
- AUTHENTICATE. “Authenticate” means to do either of the following: (A) To sign. (B) To execute or otherwise adopt a symbol, or encrypt or similarly process a record in whole or in part, with the present intent of the authenticating person to identify the person and adopt or accept a record. UCC 9-102(a)(7).
- ATTORNMENT. Law. Forms: see Attorn v. [a. OF. atournement,, f. atourner: see Attorn and -ment.] 1. A turning over, transference, assignment. 2. spec. The transference of his homage and service by a tenant tp a new feudal lord; hence, legal acknowledgment of the new landlord. OED.
- ATTORNEY & CLIENT. His first duty is to the courts and the public, not to the client,55 and wherever the duties to his client conflict with those he owes as an officer of the court in the administration of justice, the former must yield to the letter.56 The office of attorney is indispensable to the administration of justice and is intimate and peculiar in its relation to, and vital to the well-being of, the court.57 An attorney has a duty to aid the court in seeing that actions and proceedings in which he is engaged as counsel are conducted in a dignified and orderly manner, free from passion and personal animosities, and that all causes brought to an issue are tried and decided on their merits only58... Duty not looked on lightly. Attorneys as officers of court have duty to maintain respect due court which duty should exceed that imposed upon the public generally and which duty should not be looked upon lightly and cannot be shirked under the guise of representing interest of a party litigant.... Arm of State. As attorney, is an officer of the court and as such an officer and arm of the state (124 F. Supp. 257).... Nature and duty of obligation. One who is admitted to practice as attorney at law, both by virtue of his oath of office and customs and traditions of the legal profession, owes to the court the highest duty of fidelity (97 N.W. 2d 287; 255 Minn. 370 In re: Lord). Accepting employment entails duty to courts and faithful performance of services. .. Vital Public Interest. The relation of attorney and client is affected by vital public interest.... Letters Patent. Right to practice law is a property right, existing by virtue of letters patent (168 A. 229; 114 N.J. Eq. 68).... Corpus Juris Secundum 4 (1980). Practicing Attorney. Ability which is greater than that possessed by average citizen.... 7 Corpus Juris Secundum 29 (1980). Accepting employment entails duty to courts and faithful performance of services.... See Note. S.-U.S. v. Frank, D.C.N.J., 53...
- ATTORNEY, [a. OF. atorne, aturne, atourne, pa. ppie. masc. of atourner to Attorn, in sense of ‘one appointed or one constituted,’ whence all the specific uses. (The statement found in the law dictionaries for the last 200 years, that the word means ‘one who acts in the turn of another’ is a bad guess.) For spelling cf. Attorn.] 1. One appointed or ordained to act for another; an agent, deputy, commissioner. In later times only fig. and perhaps with conscious reference to sense 2. obs. 2. (Attorney in fact, private attorney.) One duly appointed or constituted (by Letter or Power of Attorney) to act for another in business and legal matters, either generally, as in payment, receipt, and investment of money, in suing and being sued, etc., or in some specific act, which the principal, by reason of absence, is unable to perform in person. Hence the contrast in ‘in person’ and ‘by attorney,’ frequent also in fig. senses. 3. (Attorney-at-Law, public attorney) A professional and properly- qualified legal agent practicing in the courts of Common Law (as a solicitor practiced in the courts of Equity); one who conducted litigation in these courts, preparing the case for barristers or counsel, whose duty and privilege it is to plead and argue in open court. 4. Transf. An advocate, pleader, mediator. 5. Specific title of the law officer of various councils, etc., and the clerk of various courts. 6. The King’s Attorney, (earlier) descriptive designation of the legal officer now called Attorney-General. Mr. Attorney, the ‘style’ used in addressing (formerly also in speaking of) him. 7. attrib., as in attorney-cunning, etc. OED. See “The Truth About Esquires” in Part I of this manual; also attorney & client.
- ATTORN, v. Law [a. OF. atorne-r, aturne-r, atourne-r (whence law Latin attornare) to turn, turn to,'assign, attribute, dispose, arrange, order, appoint, constitute, ordain, decree, f. a to + tourner to Turn. The analogical spelling is a(t)tum\ but under the influence of Med.L. attornare, the late AF, became attorner, whence attorn passed into the Eng. law-books.] 1. Trans. To turn over to another; to assign, transfer (goods, tenants’ service, allegiance, etc.) 2. To transfer oneself (i.e. one’s homage and allegiance) from one lord to another; to yield allegiance, or do homage to, as lord. 3. Law. To agree formally to be the tenant of one into whose possession the estate has passed; to do some act which constitutes a legal acknowledgment of the new landlord.’^ OED.
- ATTACHMENT. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. UCC 9-203(a). See Note.
Note: Depending on the type of collateral, a security interest attaches and becomes enforceable under different circumstances. See UCC 9-203 for details. Under Previous Article 9, which is still essentially in harmony with Revised Article 9, when the three basic prerequisites of a security interest exist, i.e. agreement, value, and collateral, the security agreement became enforceable between the parties and was said to "attach."
- ASSIGNEE. The person or business to whom a security interest in collateral is transferred. WSUG.
- ARTIFICIAL PERSON. See artificial, person.
- ARTIFICIAL. Created by art, or by law; existing only by force of or in contemplation of law. Black’s 1st. See Note.
Note: Names of persons appearing in all-capital letters are not written in English and exist only by force of or in contemplation of law. Persons so-named are artificial persons See juristic person, person, proper, all-capital-letters-written, idem sonans, fictitious name.
- ART. [L ars skill, art] A principle put in practice and applied to some art, machine, manufacture, or composition of matter. Black’s 1st.
- APPELLATION[Appellato, onis, f. accosting; appeal; calling by name; name, title; pronunciation. Burt’s Latin-English Dictionary. 1926.] [a. Fr. appellation (13th c., ad. L. appellation-em, of action f. appellare <to accost,* address, call upon>...j I. Appealing, appeal [from O.Fr. apeler.] Obs. 1. The action of appealing to a higher court or authority against the decision of an inferior one; the appeal so made... b. Ground of appeal, title, claim. Obs. Rare. 2. gen. The action of appealing or calling on; entreaty, or earnest address. Obs. II. Calling, designation [from later Fr. apeller, or L. appellare.] 3. The action of calling by a name; nomenclature. 4. A designation, name or title given: a. to a particular person or thing, b. to a class: A descriptive or connotative name.” OED. 1. A name or title. The act of naming or calling.” F&W. Act of calling by a name;...a name or designation Webster’s Collegiate Dictionary. Fifth Edition. 1947. f. appealing, calling, naming, appellation. Cassell’s French-English and English-French Dictionary.
- A coming into court as party to a suit, whether as plaintiff or defendant. The former proceeding by which a defendant submits himself to the jurisdiction of the court. Bouvier’s 8th.
Note: There are two kinds of appearance: general and special. See bail.
- ALLODIUMLand held absolutely in one’s own right, and not of any lord or superior; land not subject to feudal duties or burdens. An estate held by absolute ownership, without recognizing any superior to whom any duty is due on account thereof. Black’s 1st. See Note at allodial.
- ALLODIAL. [< ML allodial(is), equiv. to allodi(um), ALLODIUM + alis -al; see allodium] Free; not holden of any lord or superior; owned without obligation of vassalage or fealty; the opposite of feudal. Black’s 1st. See Note, allodium. Compare feudal.
- ALL-CAPITAL-LETTERS-WRITTEN. See Note.
Note: A proper name appearing in all-capital letters falls outside the rules of English grammar, which authorizes the use of a capitalized letter only for a very limited number of well-defined uses, such as the initial letter of a proper name. A capital letter is defined as: “(of letters) of the large size used at the beginning of a sentence or as the first letter of a proper name.” (ACED) No lexical authority for use of all-capital letters in the name of a man or woman has yet been referenced by those who would insist on corrupting the true names of men and women by displaying their name in all-capital letters. An all-capital letters-written version of one’s name is not one’s true name, but an artificial construct, existing by force of law only. No authority of English grammar recognizes such a contrivance. The legal term, in propia persona, means “in one’s own proper person.” How can one do anything outside of “one’s own proper person” unless there exists some other “person” by whom/which one could act? Using the juristic artifice known as “legal fiction,” parties identified by their proper-noun name have been ascribed corrupted, all-capital-letter names. All legal pleadings, court records, and licenses use only names appearing in all-capital letters—i.e. “newborn” artificial persons existing in contemplation of or by force of law alone. See legal fiction, proper, fictitious name, artificial, artificial person, idem sonans, informer.
- AGREEMENT. “Agreement “ means the bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this code. Whether an agreement has legal consequences is determined by the provisions of this code, if applicable; otherwise by the law of contracts (Section 1-103). UCC 1-201(3). Compare contract. See Note.
Note: In other words, you have formed an agreement in fact and are inextricably linked with the TRADE NAME by course of dealing, usage, trade, and course of performance. The legal consequences of the “marriage” with your straw-man TRADE NAME is spelled out in the code, where applicable; where not applicable, it references Section 1-103, which states that all other forms of law “...shall supplement its provisions.” The UCC is the supreme codified law on the planet. Legal consequences are dictated under the UCC. In law, and the UCC is the supreme law, there are only two kinds of people: debtors and creditors.
- AFFIDAVIT OF SERVICE. An affidavit intended to certify the service of a writ, notice, or other document. Black’s 1st. See Note.
Note. When using the mails/United States Postal Service for service of commercial process, it is always wise to include (the original of) an affidavit of service along with the item served. In so doing, one averts the potential claim by the recipient: “I received the envelope, but it was empty.”
- AFFIDAVIT. A written or printed declaration or statement of facts, made voluntarily, and confirmed by the oath or affirmation of the party fnaking it, taken before an officer with authority to administer such oath. Black’s 1st. See Note, commerce.
Note: The capacity to issue one’s solemn declaration of truth, one’s sacred word is the most basic, fundamental, underlying, foundational concept of all commerce, society, and civilization. Ari “affidavit” is a written statement under oath executed and sworn to before an authorized officer on the maker’s commercial liability that all assertions contained within the affidavit are true, correct, and complete, not misleading, the truth, the whole truth, and nothing but the truth. An affidavit is the most solemn, unequivocal, and ceremonial means extant to express truth without evasion, concealment, deception, or insincerity. As distinguished from “testimony,” an affidavit is not subject to cross-examination and is intended to be a complete, self-contained document. All truth is subjective, and only each free-will being possesses the right, duty, privilege, and capacity to state that affiant’s own truth in accordance with the unique nature, perspectives, and priorities of the affiant. No one has the authority nor the ability to state the truth of another. As per the maxim of law: “The order of things is confounded if everyone preserves not his jurisdiction.” Because truth is supreme in Commerce, an affidavit is the most important document in Commerce and stands as the truth unless rebutted point-fpr-point by counteraffidavit signed and certified on the executing party’s commercial liability as true, correct, and complete (i.e. not misleading, the truth, the whole truth, and nothing but the truth). Exodus 20:16, the “Ninth Commandment,” states: "Thou shalt not bear false witness against thy neighbor." The Bible is especially harsh on those who bear false witness. Lies are weapons that are easy to utter, difficult if not...
- AFFIANT. The person who makes! and subscribes an affidavit. The word is used, in this sense, interchangeably with “deponent.” But the latter term should be reserved as the designation of one who makes a deposition. Black’s 1st. See Note, affidavit:
Note: As relates to the Redemption Process, “affiant” is defined as the natural-born, flesh and blood, sentient being whose name is designated in upper- and lower-case letters (one’s true name) in accordance with the rules of English grammar, who executes and signs an affidavit under oath.
- ADMIRALTY LAW. The terms “admiralty” and “maritime” are virtually synonymous. Black’s 6*
- ADMIRALTY. A court which has a very extensive jurisdiction of maritime causes, civil and criminal. See Note, admiralty law, maritime.
Note: Admiralty courts, i.e. Municipal Court, Superior Court,'etc., comprise the only jurisdiction that can enforce a criminal penalty for a civil offense. No other type of jurisdiction has this capability. This is why people must post bail prior to arraignment or trial and are sometimes sentenced to jail time (two aspects of criminal procedure) for civil “offenses,” such as traffic citations, wherein no party is injured and no property damaged. All courts in America operate as admiralty courts.
- ADHESION CONTRACT. A contract so heavily restrictive of one party, while so non- restrictive of another, that doubts arise as to its representation as a voluntary and uncoerced agreement; implies a grave inequality of bargaining power. The concept often arises in the context of “standard-form printed contracts prepared by one party and submitted to the other on a ‘take it or leave it’ basis. The law has recognized there is often no true equality in bargaining power in such contracts and has accommodated that reality in construing them.” Barron’s 3rd. Sea Note.
Note: A driver license application and an IRS Form 1040 are examples of an adhesion contract.
- ACTION. “Action” in the sense of a judicial proceeding includes recoupment, counter-claim, set-off, suit in equity, and any other proceedings in which rights are determined. UCC 1- 201(1). See setoff.
- ACCUSATION. A formal charge against a person, to the effect that he is guilty of a punishable offense, laid before a court or magistrate having jurisdiction to inquire into the alleged crime. Black’s 6th.
Note: Per listing of “Informer or Informant” on the birth document, and as subscribed thereto by one’s mother, one has, by definition, had an accusation preferred against one. This is also very possibly the basis for all subsequent insistences by Big Brother that the all-capital letters TRADE NAME references the man or woman so identified by the birth document. See informer, identification of goods, proper, all-capital letters-written.
- ACCOUNTING. “Accounting,” except as used in “accounting for,” means a record that is all of the following: (A) Authenticated by a secured party. (B) Indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of record. (C) Identifying the components of the obligations in reasonable detail. UCC 9-102(a)(4).
- ACCOUNT DEBTOR“Account debtor” means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. UCC 9- 102(a)(3).
- ACCOUNT NUMBER. See Note.
Note: Same as account (2). The sovereign creditor’s mirror-image, private-side (of the governmental double-entry bookkeeping ledger) account number (e.g. 123456789) of the straw man-debtor’s public-side Social Security Account Number (e g. 123-45-6789). All IRS (and state tax agency) correspondence references the account number as the dash-less version of the Social Security Account Number.
- ACCOUNT“Account,” accept as used in “account for,” means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or for information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state. The term includes healthcare insurance receivables. The term does not include (i) rights to payment evidenced by chattel paper or an instrument, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, (v) letter-of-credit rights or letters of credit, or (vi) rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card. UCC 9-102(a)(2). See consumer transaction.
- ACCOMMODATION SURETYSee voluntary surety under surety.
- ACCOMMODATION PARTYOne who signs commercial paper in any capacity for purpose of lending his name (i.e. credit) to another party to instrument. Such party is a surety. Black’s 6 , UCC 3-419. See Note, surety.
Note: When you sign a traffic citation, IRS Form 1040, etc., you are the accommodation party. You are the source of all credit for the party whose name appears on the driver license, Social Security card, etc. in your possession. You have provided the TRADE NAME with value (credit) your entire life.
- ACCOMMODATION NOTEOne to Which accommodating party has put his name, without consideration, to accommodate some other party, who is to issue it and is expected to pay it. Black’s 6th. UCC 3-419. See Note.
Note: All promises to pay are done by accommodation. The flesh-and-blood man or woman signs the note for accommodation on behalf of the TRADE NAME. The fictitious straw man (TRADE NAME), an artificial person created by government, is the “transmitting utility” (see transmitting utility) whereby all goods and services of the industrial society flow into and out of the possession of the flesh-and-blood man/woman. The straw man, having no life, no brain, and no body with which to apply a signature, must be accommodated by the actual/attached man/woman, also known, in this context, as a Surety (see surety).
- ACCOMODATION MAKEROne who puts his name to a note without any consideration with the intention of lending his credit to the accommodated party. Black’s 6th. See Note.
Note: When you sign a traffic citation, which is a “promise to (appear and then) pay,” a promissory note, you are the accommodation maker, your straw man the accommodated party.
- ACCOMMODATION LOANA loan for which the lender receives no consideration in return. Black’s 7th. See accommodation.
- ACCOMMODATION INDORSERA party who places his name to a note without consideration for purposes of benefiting or accommodating some other party. Black’s 6th. See Note, accommodation, accommodation maker.
- ACCOMMODATIONAn arrangement or engagement made as a favor to another, not upon a consideration received. Something done to oblige, usually spoken of a loan of money or commercial paper; also a friendly agreement or composition of differences. The word implies no consideration. While a party’s intent may be to aid a maker of note by lending his credit, if he seeks to accomplish thereby legitimate objectives of his own, and not simply to aid maker, the act is not for accommodation. Black’s 6th. n. 1. A loan or other financial favor. 2. The act of signing an accommodation paper as surety for another. Black’s 7th. See Note.
Note: All of your licenses, permits, utilities services, bank accounts, travel documents, W-4 Forms, tax returns, paychecks, etc. are in your straw man’s fictitious TRADE NAME, not your true name. Until now, when you signed any of these items, you were signing for accommodation and obligating yourself, albeit unwittingly, on behalf of the TRADE NAME. See straw man.
- ACCEPTOR“Acceptor” means a drawee who has accepted a draft. UCC 3-103(1). The person who accepts a bill of exchange, (generally the drawee,) or who engages to be primarily responsible for its payment. Black’s 1st. See Note.
- ACCEPTANCE OF DRAFT; CERTIFIED CHECK(a) means the drawee’s signed agreement to pay a draft as presented. It shall be written on the draft and may consist of the drawee’s signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person, (b) A draft may be accepted although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has been dishonored, (c) If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith, (d) “Certified check” means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subdivision (a) or by a writing on the check which indicates that the check is certified. The drawee of a check has no obligation to certify the check, and refusal to certify is not dishonor of the check. UCC 3-409.
- ACCEPTANCE OF A BILL OF EXCHANGEIn mercantile law. The act by which the person on whom a bill of exchange is drawn (called the “drawee”) assents to the request of the drawer to pay it, or, in other words, engages, or makes himself liable to pay it when due. It may be by parol or in writing, and either general or special, absolute or unconditional; and it may be impliedly, as well as expressly, given. But the usual and regular mode of acceptance is by the drawee’s writing across the face of the bill the word “acceptance,” and subscribing his name; after which he is termed the acceptor. Black’s 1st. See banker’s acceptance, bill of exchange, sight draft. parol, a word; speech; hence, oral or verbal; expressed or evidenced by speech only; not expressed by writing. .. Black’s 4th.
- ACCEPTANCE FOR VALUESee Note, remedy, acceptance, value, holder in due course, banker’s acceptance.
Note: By acceptance for value is implied a taking, an “acceptance” of something, in exchange for another thing previously provided, e.g. a using credit balance previously established to purchase something. Value, as peculiarly defined within the UCC, is an esoteric term, and implies that some sort of credit has been established beforehand, whereby the party with the credit may take/accept/purchase some item in commerce based on his credit, i.e. what is owed. It applies in numerous types of situations. Basically, if a party has established his position as a creditor of some sort, he can unilaterally accept (purchase/take) anything that would help reconcile the credit discrepancy by executing that particular transaction. Such a creditor, having essentially a credit balance, need not obtain anyone’s approval before so acting. One example of this is the acceptance for value of a document bearing the creditor’s TRADE NAME, e.g. the birth certificate. The source of all credit and accountability (value) associated with the TRADE NAME is the sovereign, flesh-and-blood man/woman from whose true name the TRADE NAME was derived.
- ACCEPTANCE BY SILENCEWhen the court “implies a promise” or holds that good faith requires a party not to violate these expectations, it is recognizing that sometimes silence says more than words, and it is understanding its duty to the spirit of the bargain is higher than its duty to the technicalities of the language. Corbin on Contracts. See Note.
- ACCEPTANCEL accept(are), equiv. to ac- + cep take + -t- freq. suffix] The voluntary act of receiving something or agreeing to certain terms. In contract law, acceptance is consent to the terms of an offer, creating a binding contract; the taking and receiving of anything in good part, and as if it were a tacit agreement to a preceding act, which might have been defeated or avoided if such acceptance had not been made. The act of a person to whom a thing is offered or tendered by another, whereby he receives the thing with the intention of retaining it, such intention being evidenced by a sufficient act. Black’s 6th. An agreement, either by express act or by implication from conduct, to the terms of an offer so that a binding contract is formed. • If an acceptance modifies the terms or adds new ones, it generally operates as a counteroffer. Black’s 7th. A negotiable instrument, especially a bill of exchange, that has been accepted for payment. Black’s 7th.
- ABSOLUTE RIGHTSAs regards right to interfere with contractual obligations of another, “absolute rights” which individual may exercise without reference to motive are rights incident to ownership of property, rights growing out of contractual relations, and right to enter or refuse to enter contractual relations. By the “absolute rights” of individuals is meant those which are in their primary and strictest sense, such as would belong to their persons merely in a state of nature, and which every man is entitled to enjoy, whether out of society or in it. The rights of personal security, of personal liberty, and private property do not depend upon the Constitution for their existence. They existed before the Constitution was made, or the government was organized. These are what are termed the “absolute rights” of individuals, which belong to them independently of all government, and which all governments which derive their power from the consent of the governed were instituted to protect. W&P. Vol. 1. Compare droit-droit.
- AB INITIOadv. [Latin] From the beginning; from the first act. Black’s 1