closed account
An account that no further credits or debits may be added to but that remains open for adjustment or setoff.
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partnership certificate
partnership certificate. A document that evidences the participation of the partners in a partnership. • The certificate is often furnished to financial institutions when the partnership borrows money.
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equip
equip, vb. To furnish for service or against a need or exigency; to fit out; to supply with whatever is necessary for efficient action.
receivership
receivership. 1. The state or condition of being in the control of a receiver. [Cases: Corporations 552, 621(.5); Receivers 1. C.J.S. Corporations § 756; Receivers§§ 1–3.] 2. The position or function of being a receiver appointed by a court or under a statute. 3. A proceeding in which a court appoints a receiver. ancillary receivership.
hanse towns
Hanse Towns (hans). Hist. The collective name of certain German cities — including Lübeck, Hamburg, and Bremen — that allied in the 12th century to protect and further their mutual commercial interests. • This alliance was usu. called the Hanseatic League. The League framed and promulgated a code of maritime law known as the Laws
period of prescription
period of prescription. The period fixed by local law as sufficient for obtaining or extinguishing a right through lapse of time. • In addition to a fixed number of years, the period includes whatever further time is allowed by local law because of infancy, insanity, coverture, and other like circumstances. See PRESCRIPTIVE RIGHT; PRESCRIPTION(3), (4),
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accord
accord, n. 1. An amicable arrangement between parties, esp. between peoples or nations; COMPACT; TREATY. 2. An offer to give or to accept a stipulated performance in the future to satisfy an obligor’s existing duty, together with an acceptance of that offer. • The performance becomes what is known as a satisfaction. — Also termed
prima facie
prima facie, adj. Sufficient to establish a fact or raise a presumption unless disproved or rebutted (a prima facie showing). prima facie (prI-m[schwa] fay-sh[schwa] orfay-shee), adv. [Latin] At first sight; on first appearance but subject to further evidence or information ( the agreement is prima facie valid). [Cases: Evidence 53, 85, 584(1). C.J.S. Evidence §§
stealth
stealth. 1. Hist. Theft; an act or instance of stealing. • Etymologically, this term is the noun corresponding to the verb steal. “Stealth is the wrongful taking of goods without pretence of title: and therefore altereth not the property, as a trespass doth, so as upon an appeal the party shall re-have them.” Sir Henry
surrender clause
surrender clause. Oil & gas. A provision commonly found in oil-and-gas leases authorizing a lessee to release its rights to all or any portion of the leased property at any time and to be relieved of further obligations on the acreage surrendered.