A loan for which the lender can demand payment at any time, usu. with 24 hours’ notice, because there is no fixed maturity date. — Also termed broker call loan; demand loan. Cf. term loan. [Cases: Bills and Notes 129(3). C.J.S. Bills and Notes; Letters of Credit§ 90.]
annuity policy. An insurance policy providing for monthly or periodic payments to the insured to begin at a fixed date and continue through the insured’s life.
antiquus et novus extentus (an-tI-kw[schwa]s et noh-v[schwa]s ek-sten-t[ schwa]s). [Law Latin] Scots law. Old and new extent. • The phrase appeared in reference to the valuation of land for tax purposes, with old valuations assessed in the year 1280, and new valuations assessed several times after that date. Cf. QUANTUM NUNC VALENT; QUANTUM VALUERUNT TEMPORE
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At common law, an original writ issued when the plaintiff seeks specific damages, such as payment of a liquidated debt. • The writ commands the defendant either to do a specified thing or to show why the thing has not been done.
tax return. An income-tax form on which a person or entity reports income, deductions, and exemptions, and on which tax liability is calculated. — Often shortened to return. — Also termed income-tax return. [Cases: Internal Revenue 4470; Taxation 1079.1, 1313. C.J.S. Internal Revenue §§ 547, 575, 631; Taxation § 2038.] amended return. A return filed