lex commissoria (leks kom-i-sor-ee-a). [Latin “forfeiture clause” or “cancellation clause”] Roman law. 1. A term in a contract of sale allowing the seller to rescind the sale if the price was not paid by the agreed time. 2. A clause by which, in a pledge agreement, a debtor and creditor could agree that if the […]
letter of undertaking. An agreement by which a shipowner — to avoid having creditors seize the ship and release it on bond — agrees to post security on the ship, and to enter an appearance, acknowledge ownership, and pay any final decree entered against the vessel whether it is lost or not. • A letter
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T-account. An accounting form shaped like the letter T, with the account’s name above the horizontal line, debits listed to the left of the vertical line, and credits to the right.
levy (lev-ee), n. 1. The imposition of a fine or tax; the fine or tax so imposed. — Also termed tax levy. [Cases: Taxation 295. C.J.S. Taxation § 423.] 2. The enlistment of soldiers into the military; the soldiers so enlisted. 3. The legally sanctioned seizure and sale of property; the money obtained from such