layoff bet
A bet placed by a bookmaker to protect against excessive losses or to equalize the total amount placed on each side of the wager. See LAYOFF BETTOR. [Cases: Gaming 73.]
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destructibility of contingent remainders
destructibility of contingent remainders. Property. The common-law doctrine requiring a future interest to vest by the time it is to become possessory or else suffer total destruction (the interest then reverting to the grantor). The doctrine could be avoided by the use of trustees to preserve contingent remainders. • This doctrine has been abolished in
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incorporation
incorporation, n. 1. The formation of a legal corporation. See ARTICLES OF INCORPORATION . [Cases: Corporations 1. C.J.S. Corporations §§ 2, 4.] 2. Constitutional law. The process of applying the provisions of the Bill of Rights to the states by interpreting the 14th Amendment’s Due Process Clause as encompassing those provisions. • In a variety
investment company
A company formed to acquire and manage a portfolio of diverse assets by investing money collected from different sources. • The Investment Company Act of 1940 defines the term as an issuer of securities that (1) is, holds itself out to be, or proposes to be engaged primarily in the business of investing, reinvesting, or
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general disability insurance
Disability insurance that provides benefits to a person who cannot perform any job that the person is qualified for. — Also termed total-disability insurance. Cf. occupational-disability insurance. [Cases: Insurance 2561. C.J.S. Insurance §§ 1089, 1187, 1189.]
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common stock ratio
common-stock ratio. The relationship of outstanding common stock to the corporation’s total capitalization. • The common-stock ratio measures the relative claims of stockholders to earnings (earnings per share and payout ratio), cash flow (cash flow per share), and equity (book value per share). Cf. PAYOUT RATIO.
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nanny tax
Slang. A federal social-security tax imposed on the employer of a domestic employee if the employer pays that employee more than a specified amount in total wages in a year. • The term, which is not a technical legal phrase, was popularized in the mid-1990s, when several of President Clinton’s nominees were found not to
tare
tare (tair), n. 1. A deficiency in the weight or quantity of merchandise resulting from including its container’s weight in the total. 2. An allowance or abatement of a certain weight or quantity that a seller makes to the buyer because of the container’s weight. Cf. TRET.
de alto et basso
de alto et basso (dee al-toh et bas-oh), n. [Law Latin “of high and low”] Hist. The total submission of all differences — great or small — to arbitration.