personal liability
Liability for which one is personally accountable and for which a wronged party can seek satisfaction out of the wrongdoer’s personal assets.
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Search Results for: ACCOUNT PARTY
solicitor’s hypothec
A legal agent’s lien for costs in excess of the costs recovered from an opposing party. • The lien may also apply to the retention of some documents, such as title deeds, as security for a client’s outstanding account.
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escrow
escrow (es-kroh), n. 1. A legal document or property delivered by a promisor to a third party to be held by the third party for a given amount of time or until the occurrence of a condition, at which time the third party is to hand over the document or property to the promisee (the
stipulatio aquiliana
stipulatio aquiliana (stip-y[schwa]-lay-shee-oh [schwa]-kwil-ee-ay-n[ schwa]). [Latin] Roman law. A type of stipulatio used to collect and discharge all the liabilities owed on various grounds by a single contract. “[S]tipulatio Aquiliana, a device credited to Aquilius Gallus, of Cicero’s time. Where two persons with complex relations between them desired to square or simplify their accounts they
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garnishment
garnishment, n. 1. A judicial proceeding in which a creditor (or potential creditor) asks the court to order a third party who is indebted to or is bailee for the debtor to turn over to the creditor any of the debtor’s property (such as wages or bank accounts) held by that third party. • A