A licensee whose presence on the premises the occupier tolerates but does not necessarily approve, such as one who takes a shortcut across another’s land. — Also termed naked licensee; mere licensee. [Cases: Licenses 43. C.J.S. Easements § 9; Licenses § 88.]
cognovit (kog-noh-vit). [Latin “he has conceded (a debt or an action)”] An acknowledgment of debt or liability in the form of a confessed judgment. • Formerly, credit contracts often included a cognovit clause in which the consumer relinquished, in advance, any right to be notified of court hearings in any suit for nonpayment — but
lying in wait. Criminal law. The series of acts involved in watching, waiting for, and hiding from someone, with the intent of killing or inflicting serious bodily injury on that person. • Because lying in wait shows premeditation and deliberation, it can result in an increased sentence.
mining. The process of extracting ore or minerals from the ground; the working of a mine. • This term also encompasses oil and gas drilling.
American Bureau of Shipping. An organization of marine underwriters, shipbuilders, and marine carriers charged with conducting research, technological development, officer training, and standards of building, maintaining, and operating seagoing vessels and stationary offshore facilities. • The organization was founded in 1862 as the American Shipbuilders’ Association. Its name was changed in 1898, and it was
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port. 1. A harbor where ships load and unload cargo. [Cases: Navigable Waters 14. C.J.S. Navigable Waters § 37.] 2. Any place where persons and cargo are allowed to enter a country and where customs officials are stationed. — Also termed (in sense 2) port of entry. foreign port. 1. One exclusively within the jurisdiction
margin requirement. Securities. The percentage of the purchase price that a buyer must deposit with a broker to buy a security on margin. • This percentage of the purchase price is set and adjusted by the Federal Reserve Board. [Cases: Securities Regulation 45.11.] “Margin requirements are the statutory and administrative restrictions placed upon the percentage
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An agreement that real property will be used in a certain way. • An affirmative covenant is more than a restriction on the use of property. It requires the owner to undertake certain acts on the property. For a more general definition of this term, see affirmative covenant under COVENANT(1).
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comment on the evidence. A statement made to the jury by the judge or by counsel on the probative value of certain evidence. Fed. R. Evid. 105. • Lawyers typically make such comments in closing argument, and judges may make such comments in federal court. But most state-court judges are not permitted to do so
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carryback. Tax. An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in an earlier period (usu. the previous three years). — Also termed loss carryback; tax-loss carryback. Cf. CARRYOVER. [Cases: Internal Revenue 3438; Taxation 1043. C.J.S. Taxation § 1752.]