scienter (sI-en-t[schwa]r or see-), n. [Latin “knowingly”] 1. A degree of knowledge that makes a person legally responsible for the consequences of his or her act or omission; the fact of an act’s having been done knowingly, esp. as a ground for civil damages or criminal punishment. See KNOWLEDGE; MENS REA . [Cases: Criminal Law […]
book entry. 1. A notation made in an accounting journal. 2. The method of reflecting ownership of publicly traded securities whereby a customer of a brokerage firm receives confirmations of transactions and monthly statements, but not stock certificates. See CENTRAL CLEARING SYSTEM. [Cases: Brokers 23, 26. C.J.S. Brokers §§ 65, 67–69.]
A security with low investment quality. • Low-grade securities usu. offer higher yields to attract capital. See high-yield bond under BOND(3).
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future interest. A property interest in which the privilege of possession or of other enjoyment is future and not present. • A future interest can exist in either the grantor (as with a reversion) or the grantee (as with a remainder or executory interest). Today, most future interests are equitable interests in stocks and debt
deregistration, n. The point at which an issuer’s registration under § 12 of the Securities Exchange Act of 1934 is no longer required because of a decline in the number of holders of the issuer’s securities. 15 USCA § 78l. Cf. DELISTING. [Cases: Securities Regulation 35.22. C.J.S. Securities Regulation §§ 112–114.] — deregister, vb.