covin (k[schwa]v-[schwa]n). Hist. A secret conspiracy or agreement between two or more persons to injure or defraud another. — Also spelled covine. “Covin is a secret assent determined in the hearts of two or more, to the prejudice of another: As if a tenant for term of life, or tenant in tail, will secretly conspire […]
recapitalization, n. An adjustment or recasting of a corporation’s capital structure — that is, its stocks, bonds, or other securities — through amendment of the articles of incorporation or merger with a parent or subsidiary. • An example of recapitalization is the elimination of unpaid preferred dividends and the creation of a new class of
repurchase agreement. A short-term loan agreement by which one party sells a security to another party but promises to buy back the security on a specified date at a specified price. — Often shortened to repo. [Cases: Corporations 82, 120. C.J.S. Corporations §§ 180–181, 193–195, 239–241.]
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A creditor who has the right, on the debtor’s default, to proceed against collateral and apply it to the payment of the debt. UCC § 9-102(a)(72). — Also termed secured party.
foster care. 1. A federally funded child-welfare program providing substitute care for abused and neglected children who have been removed by court order from their parents’ or guardians’ care or for children voluntarily placed by their parents in the temporary care of the state because of a family crisis. 42 USCA §§ 670–679a. • The
societas leonina (s[schwa]-sI-[schwa]-tas lee-[schwa]-nI-n[schwa]). [Latin “partnership with a lion”] Roman law. An illegal partnership in which a partner shares in only the losses, not the profits; a partnership in which one person takes the lion’s share. — Also termed leonina societas. “But an arrangement by which one party should have all the gain was not
cambium (kam-bee-[schwa]m). [Law Latin “exchange”] Hist. 1. An exchange of money, debt, or land. cambium locale. A contract of exchange in which a person agrees to pay a sum of money at one location in consideration of money received at another location. — Also termed cambium mercantile; cambium trajectitium. cambium reale. An exchange of land.
independent advice. Counsel that is impartial and not given to further the interests of the person giving it. • Whether a testator or donor received independent advice before making a disposition is often an important issue in an undue-influence challenge to the property disposition. — Also termed proper independent advice.
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appraiser. An impartial person who estimates the value of something, such as real estate, jewelry, or rare books. — Also termed valuer. merchant appraiser. See MERCHANT APPRAISER.
An obligation to compensate another for the other’s loss. • The duty arises under the terms of an agreement, which governs the extent of the duty. An insurance policy is fundamentally an indemnification agreement, but the duty is often made a part of other contracts as well.