binder. 1. A document in which the buyer and the seller of real property declare their common intention to bring about a transfer of ownership, usu. accompanied by the buyer’s initial payment. 2. Loosely, the buyer’s initial payment in the sale of real property. Cf. EARNEST MONEY. 3. An insurer’s memorandum giving the insured temporary […]
revenue. Gross income or receipts. general revenue. The income stream from which a state or municipality pays its obligations unless a law calls for payment from a special fund. See general fund under FUND(1). [Cases: Municipal Corporations 886; States 126. C.J.S. Municipal Corporations § 1627; States § 228.] land revenue. Revenue derived from lands owned
rollover, n. 1. The extension or renewal of a short-term loan; the refinancing of a maturing loan or note. 2. The transfer of funds (such as IRA funds) to a new investment of the same type, esp. so as to defer payment of taxes. [Cases: Internal Revenue 3587, 3594. C.J.S. Internal Revenue §§ 206–208, 313,
reification (ree-[schwa]-fi-kay-sh[schwa]n), n. 1. Mental conversion of an abstract concept into a material thing. 2. Civil procedure. Identification of the disputed thing in a nonpersonal action and attribution of an in-state situs to it for jurisdictional purposes. 3. Commercial law. Embodiment of a right to payment in a writing (such as a negotiable instrument) so
assurance, n. 1. Something that gives confidence; the state of being confident or secure (self-assurance). 2. English law. See life insurance under INSURANCE (she obtained assurance before traveling abroad, naming her husband as the beneficiary). 3. The act of transferring real property; the instrument by which it is transferred (the owner’s assurance of the farm
shelter doctrine. Commercial law. The principle that a person to whom a holder in due course has transferred commercial paper, as well as any later transferee, will succeed to the rights of the holder in due course. • As a result, transferees of holders in due course are generally not subject to defenses against the
censo (sen-soh). [Spanish] Spanish law. 1. The census; specif., an official count of the people within a nation, state, district, or other political subdivision. 2. Ground rent. 3. An annuity or payment for the use of land. censo al quitar (ahl kee-tahr). A redeemable annuity. — Also termed censo redimible. censo consignativo (kawn-seeg-nah-tee-voh). A transferable
exchange, n. Commercial law. 1. The act of transferring interests, each in consideration for the other. [Cases: Exchange of Property 1. C.J.S. Exchange of Property §§ 2–3.] bargained-for exchange. See BARGAINED-FOR EXCHANGE. like-kind exchange. See LIKE-KIND EXCHANGE. tax-free exchange. See TAX-FREE EXCHANGE. 1031 exchange. See 1031 EXCHANGE. 2. Money or negotiable instruments presented as payment;
A corporation’s direct or indirect transfer of money or other property, or incurring of indebtedness to or for the benefit of its shareholders, such as a dividend payment out of current or past earnings. [Cases: Corporations 155(1). C.J.S. Corporations § 300.]
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ex dividend. Without dividend. • Shares are traded ex dividend when the seller, not the purchaser, is entitled to the next dividend payment because it will be made before the stock transfer is completed. The first day on which shares are traded ex dividend, the stock price will drop by an amount usu. approximating the