Bankruptcy. A debtor’s leasing ploy to try to keep property outside the bankruptcy estate, whereby a lease either presents the lessee-debtor with a bargain purchase option or transfers title to the lessee-debtor at the end of the lease term. • When such a lease is discovered, the property is treated as part of the bankruptcy […]
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consolidation, n. 1. The act or process of uniting; the state of being united. 2. Legislation. The combination into a single statutory measure of various legislative provisions that have previously been scattered in different statutes. 3. Civil procedure. The court-ordered unification of two or more actions, involving the same parties and issues, into a single
transmittal letter. A nonsubstantive letter that establishes a record of delivery, such as a letter to a court clerk advising that a particular pleading is enclosed for filing. • Lawyers have traditionally opened transmittal letters with the phrase “Enclosed please find,” even though that phrasing has been widely condemned in business-writing handbooks since the late
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James hearing. A court proceeding held to determine whether the out-of-court statements of a coconspirator should be admitted into evidence, by analyzing whether there was a conspiracy, whether the declarant and the defendant were part of the conspiracy, and whether the statement was made in furtherance of the conspiracy. United States v. James, 590 F.2d
peril of the sea. An action of the elements at sea of such force as to overcome the strength of a well-founded ship and the normal precautions of good marine practice. • A peril of the sea may relieve a carrier from liability for the resulting losses. — Also termed danger of navigation; danger of
one-satisfaction rule. The principle that a plaintiff is entitled to only one recovery for a particular harm, and that the plaintiff must elect a single remedy if the jury has awarded more than one. • This rule is, for example, one of the foundations of a defendant’s right to have a jury verdict reduced by
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pyramid scheme. A property-distribution scheme in which a participant pays for the chance to receive compensation for introducing new persons to the scheme, as well as for when those new persons themselves introduce participants. • Pyramid schemes are illegal in most states. — Also termed endless-chain scheme; chain-referral scheme; multilevel-distribution program; pyramid distribution plan. Cf.
arbitrator, n. A neutral person who resolves disputes between parties, esp. by means of formal arbitration. ME-DIATOR; ARBITER. — Also termed (in Latin) compromissarius. [Cases: Arbitration 26, 29. C.J.S. Arbi-tration §§ 58, 60, 62, 68, 107, 109.] — arbitratorship, n.
executive, n. 1. The branch of government responsible for effecting and enforcing laws; the person or persons who constitute this branch. • The executive branch is sometimes said to be the residue of all government after subtracting the judicial and legislative branches. — Sometimes also termed executive department. Cf. LEGISLATURE; JUDICIARY(1). [Cases: Constitutional Law 76–80(4);
bulk sale. A sale of a large quantity of inventory outside the ordinary course of the seller’s business. • Bulk sales are regulated by Article 6 of the UCC, which is designed to prevent sellers from defrauding unsecured creditors by making these sales and then dissipating the sale proceeds. — Also termed bulk transfer. [Cases: