investor. 1. A buyer of a security or other property who seeks to profit from it without exhausting the principal. 2. Broadly, a person who spends money with an expectation of earning a profit. accredited investor. An investor treated under the Securities Act of 1933 as being knowledgeable and sophisticated about financial matters, esp. because […]
dispensation (dis-pen-say-sh[schwa]n). An exemption from a law, duty, or penalty; permission to do something that is ordinarily forbidden.
judgment-proof, adj. (Of an actual or potential judgment debtor) unable to satisfy a judgment for money damages because the person has no property, does not own enough property within the court’s jurisdiction to satisfy the judgment, or claims the benefit of statutorily exempt property. — Also termed execution-proof.
saving clause. 1. A statutory provision exempting from coverage something that would otherwise be included. • A saving clause is generally used in a repealing act to preserve rights and claims that would otherwise be lost. [Cases: Statutes 228, 277. C.J.S. Statutes §§ 370–372, 431.] 2. SAVING-TO-SUITORS CLAUSE. 3. SEVERABILITY CLAUSE. — Also termed savings
probate estate. A decedent’s property subject to administration by a personal representative. • The probate estate comprises property owned by the decedent at the time of death and property acquired by the decedent’s estate at or after the time of death. — Also termed probate property. See decedent’s estate under ESTATE(3). [Cases: Executors and Administrators
Total income from all sources minus deductions, exemptions, and other tax reductions. • Income tax is computed on net income. — Also termed net earnings. [Cases: Taxation 980. C.J.S. Taxation §§ 1715–1716.]
A provision in some commercial general liability policies, excluding coverage for bodily injury or property damages arising from the discharge, dispersal, release, or escape of chemicals, waste, acid, and other pollutants. • Pollution-exclusion clauses may take one of two forms: (1) sudden and accidental, and (2) absolute. The sudden-and-accidental clause, usu. limited to policies issued
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free chapel. Hist. Eccles. law. A church founded by the Crown (or by a person under royal grant) and not subject to the bishop’s jurisdiction. “[T]hose onely are Free-chappels, which are of the King’s Foundation, and by him exempted from the Jurisdiction of the Ordinary; but the King may licence a Subject to found such
year and a day. The common-law time limit fixed for various purposes, such as claiming rights, exemptions, or property (such as rights to wreckage or estrays) or for prosecuting certain acts — so called because a year was formerly counted to include the first and last day, meaning that a year from January 1 was