protest, n. 1. A formal statement or action expressing dissent or disapproval. • Under some circumstances, a protest is lodged to preserve a claim or right. 2. A notary public’s written statement that, upon presentment, a negotiable instrument was neither paid nor accepted. — Also termed initial protest; noting protest. Cf. NOTICE OF DISHONOR. [Cases: […]
new-for-old. 1. Marine insurance. In adjusting a partial marine-insurance loss, the principle that old materials apply toward payment of the new, so that the old material’s value is deducted from the total repair expenses, and then from that balance one-third of the cost of repairs (one-third of the new materials for the old on the
Preferred stock that must receive dividends in full before common shareholders may receive any dividend. • If the corporation omits a dividend in a particular year or period, it is carried over to the next year or period and must be paid before the common shareholders receive any payment. — Also termed cumulative stock; cumulative
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guarantor. One who makes a guaranty or gives security for a debt. • While a surety’s liability begins with that of the principal, a guarantor’s liability does not begin until the principal debtor is in default. Cf. SURETY. [Cases: Guaranty 29, 33.] “A guarantor either guarantees payment or collection, depending on the words used. ‘Payment
Hist. An affidavit that lists — and seeks reimbursement from the opposing party for — the additional costs (above the filing fee and other basic fees charged by the court clerk) incurred by a party in taking a matter through trial. • Attorney fees, witness payments, and the like were included in this affidavit. See
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The part of a decedent’s estate remaining after payment of all debts, expenses, statutory claims, taxes, and testamentary gifts (special, general, and demonstrative) have been made. — Also termed residual estate; residue; residuary; residuum. [Cases: Wills 586. C.J.S. Wills §§ 1176–1179, 1184.]
dual-priorities rule. The principle that partnership creditors have priority for partnership assets and that individual creditors have priority for a partner’s personal assets. • This rule has been abandoned by the bankruptcy laws and the Revised Uniform Partnership Act. The Bankruptcy Code now allows partnership creditors access to all assets of bankrupt partners, not just
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carriage paid to. A mercantile-contract term allocating the rights and duties of the buyer and the seller of goods with respect to delivery, payment, and risk of loss, whereby the seller must (1) clear the goods for export, (2) deliver them to the buyer’s chosen carrier, and (3) pay the costs of carriage (apart from
laudemium (law-dee-mee-[schwa]m), n. [Law Latin] Hist. A sum paid to a landowner by a person succeeding to a particular form of land contract by gift, devise, exchange, or sale; HERIOT. • The payment equaled 2% of the purchase money, and was paid to the landowner for acceptance of the successor. — Also termed (in old
onera realia (on-[schwa]r-[schwa] ree-ay-lee-[schwa]). [Law Latin] Scots law. Real burdens. “Onera realia … are burdens or encumbrances affecting land, and exigible from it. They are distinguished from personal burdens, which only affect and are exigible from the person upon whom they lie. A single example may illustrate the nature of both. It is a common