ABC transaction. Oil & gas. A sale of a working interest from an owner (A) to an operator (B) in return for a cash payment and the right to another (usu. larger) payment when the well produces, followed by A’s sale of the right to the production payment to a corporation (C), which pays A […]
receipt, n. 1. The act of receiving something (my receipt of the document was delayed by two days). 2. A written acknowledgment that something has been received (keep the receipt for the gift). accountable receipt. A receipt in which a person admits that goods or money were delivered to the person and that the person
A court decree requiring a party (esp. one in a divorce or paternity proceeding) to make payments to maintain a child or spouse, including medical, dental, and educational expenses. [Cases: Child Custody 1–992; Divorce 208, 230. C.J.S. Divorce §§ 315, 320–331, 336–339, 369, 394–400, 422–426, 481–487; Parent and Child §§ 55–155, 157, 203, 321–325, 377.]
indemnity (in-dem-n[schwa]-tee), n. 1. A duty to make good any loss, damage, or liability incurred by another. [Cases: Indemnity 20, 25, 50–61.] 2. The right of an injured party to claim reimbursement for its loss, damage, or liability from a person who has such a duty. 3. Reimbursement or compensation for loss, damage, or liability
equity of exoneration (eg-zon-[schwa]-ray-sh[schwa]n). The right of a person who is secondarily liable on a debt to make the primarily liable party discharge the debt or reimburse any payment that the secondarily liable person has made. • One example is the right of a surety to call on the principal for reimbursement after the surety
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A lien not appearing of record and unknown to purchasers; a lien reserved by the vendor and kept hidden from third parties, to secure the payment of goods after delivery.
satisfaction, n. 1. The giving of something with the intention, express or implied, that it is to extinguish some existing legal or moral obligation. • Satisfaction differs from performance because it is always something given as a substitute for or equivalent of something else, while performance is the identical thing promised to be done. —
Minerals Management Service. A unit in the U.S. Department of the Interior responsible for entering into and managing leases for the recovery of minerals on the outer continental shelf and for collecting and distributing royalty and other payments due the U.S. and Indian tribes from mineral production.
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arrestment. 1. The arrest of a person or of personal effects. 2. Scots law. The taking or attachment of property belonging to another person but in the possession of a third party, either to obtain security or to found jurisdiction. • The process of attachment is similar to garnishment: the property holder is ordered to
decimation (des-[schwa]-may-sh[schwa]n). 1. A major destruction of people; a great loss of life. 2. Hist. A tithing; a payment of the tenth part. 3. Hist. A punishment, esp. by death, of every tenth person by lot. • Under Roman law, decimatio referred to the punishment by lot of every tenth soldier in a legion for