failure of record. Hist. In a trial by record, a party’s inability to produce the record and thereby prove a pleading; an absence of proof to support a party’s pleading. • The other party was entitled to summary judgment. See trial by record under TRIAL.
immatriculation. Int’l law. The grant of nationality to and enrollment on the national registry of a merchant ship, thereby giving the ship the right to fly the registering nation’s flag.
cost, insurance, and freight. A mercantile-contract term allocating the rights and duties of the buyer and the seller of goods with respect to delivery, payment, and risk of loss, whereby the seller must (1) clear the goods for export, (2) arrange for transportation by water, (3) procure insurance against the buyer’s risk of damage during
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preferential transfer. Bankruptcy. A prebankruptcy transfer made by an insolvent debtor to or for the benefit of a creditor, thereby allowing the creditor to receive more than its proportionate share of the debtor’s assets; specif., an insolvent debtor’s transfer of a property interest for the benefit of a creditor who is owed on an earlier
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bargain and sale. 1. A negotiated transaction, usu. for goods, services, or real property. 2. Hist. A written agreement for the sale of land whereby the buyer would give valuable consideration (recited in the agreement) without having to enter the land and perform livery of seisin, so that the parties equitably “raised a use” in
going public. The process of a company’s selling stock to the investing public for the first time (after filing a registration statement under applicable securities laws), thereby becoming a public corporation. [Cases: Securities Regulation 11.10–11.14. C.J.S. Securities Regulation §§ 8, 35–39, 45, 63.]
statute staple. Hist. 1. A 1353 statute establishing procedures for settling disputes among merchants who traded in staple towns. • The statute helped merchants receive swift judgments for debt. Cf. STATUTE MERCHANT. 2. A bond for commercial debt. • A statute staple gave the lender a possessory right in the land of a debtor who
conscious-presence test. A method for judging whether a testator is in the presence of a witness to a will, whereby if the testator can sense the presence of the witness — even if the witness cannot be seen — the witness is present. Restatement (Third) of Property: Wills and Other Donative Transfers § 3.1 (1999).
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recharacterization. A court’s determination that an insider’s loan to an entity in liquidation (such as a corporation or partnership) should be treated as a capital contribution, not as a loan, thereby entitling the insider to only part of the liquidation proceeds payable after all the business’s debts have been discharged. • Factors influencing this determination
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senatus consultum Macedonianum (si-nay-t[schwa]s k[schwa]n-s[schwa]l-t[ schwa]m mas-[schwa]-doh-nee-ay-n[schwa]m). [Latin “Macedo’s Resolution”] Roman law. A senate decree under Vespasian to protect fathers from children in their power who had borrowed excessive sums in expectation of their father’s death, by making actions to recover such loans unlawful. — Also termed Macedonian Decree. “The senatus consultum Macedonianum reads as
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