obligatory ([schwa]-blig-[schwa]-tor-ee), adj. 1. Legally or morally binding (an obligatory promise). 2. Required; mandatory (attendance is not obligatory). 3. Creating or recording an obligation (a writing obligatory). — Also termed (rarely) obligational.
A trademark that has been filed and recorded with the Patent and Trademark Office. • A federally registered trademark is usu. marked by the symbol “®” or a phrase such as “Registered U.S. Patent & Trademark Office” so that the trademark owner can collect treble damages or the defendant’s profits for an infringement. If the
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A law that purports to be exhaustive in restating the whole of the law on a particular topic, including prior caselaw as well as legislative provisions. • Courts generally presume that a codifying statute supersedes prior caselaw. Cf. consolidating statute.
reinsurance treaty. A contract of reinsurance (usu. long-term) covering different classes or lines of business of the reinsured (such as professional liability, property, etc.) and obligating the reinsurer in advance to accept the cession of covered risks. • Rather than receive individual notice of each specific claim covered, the treaty reinsurer will generally receive periodic
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creditors’ committee. Bankruptcy. A committee comprising representatives of the creditors in a Chapter 11 proceeding, formed to negotiate the debtor’s plan of reorganization. • Generally, a committee has no fewer than 3 and no more than 11 members and serves as an advisory body. 11 USCA § 1102. [Cases: Bankruptcy 3024. C.J.S. Bankruptcy §§ 193,
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An independent contractor’s negligence, for which the employer is generally not liable. See COLLATERAL-NEGLIGENCE DOCTRINE.
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disjunctim (dis-j[schwa]ngk-t[schwa]m), adv. [Latin] Roman law. Separately; severally. • A condition imposed disjunctim, for example, would bind the persons severally, rather than jointly. — Also spelled disiunctim. Cf. CONJUNCTIM.
A liquidation occurring within 12 months from adoption of the liquidation plan to complete liquidation, subject to a tax law prohibiting the company from recognizing any gains or losses on property sold within that time frame. • Generally, inventory will not be included unless a bulk sale occurs. IRC § 337. [Cases: Internal Revenue 3698,
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robe. 1. The gown worn by a judge while presiding over court. • In the U.S., judges generally wear plain black gowns. In the U.K., judicial robes vary in color and adornment, depending on the judge’s rank, the season, and the court, and are traditionally worn with white horsehair wigs. — Also termed judicial robe.
technical adjustment. A brief change in the general upward or downward trend of stock-market prices, such as a short rally during a bear market.
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