future interest. A property interest in which the privilege of possession or of other enjoyment is future and not present. • A future interest can exist in either the grantor (as with a reversion) or the grantee (as with a remainder or executory interest). Today, most future interests are equitable interests in stocks and debt […]
neglegentia (neg-li-jen-shee-[schwa]), n. [Latin] Roman law. Carelessness; inattentive omission. • Neglegentia can be of varying degrees, which may or may not result in actionable liability. — Also spelled negligentia. See CULPA. Cf. DILIGENTIA. “In the sources negligentia is tantamount to culpa, and similarly graduated (magna, lata negligentia). Precision in terminology is no more to be
conservation. Environmental law. The supervision, management, and maintenance of natural resources; the protection, improvement, and use of natural resources in a way that ensures the highest social as well as economic benefits. [Cases: Environmental Law 31–51.]
responsa prudentium (ri-spon-s[schwa] proo-den-shee-[schwa]m). [Latin “the answers of the learned”] Roman law. The opinions and judgments of eminent lawyers or jurists on questions of law addressed to them. • The responsa prudentium originally constituted part of the early Roman civil law. Roman citizens seeking legal advice, as well as magistrates and judges, often referred legal
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Uniform Customs and Practice for Commercial Documentary Credits. A publication of the International Chamber of Commerce that codifies widespread customs of bankers and merchants relating to the mechanics and operation of letters of credit. • Courts look to this publication to supplement and help interpret primary sources of credit law, such as UCC Article 5.
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deep pocket. 1. (pl.) Substantial wealth and resources (the plaintiff nonsuited the individuals and targeted the corporation with deep pockets). 2. A person or entity with substantial wealth and resources against which a claim may be made or a judgment may be taken (that national insurance company is a favorite deep pocket among plaintiff’s lawyers).
testamentum (tes-t[schwa]-men-t[schwa]m), n. [Latin] Roman law. A will. • In early and classical law, the mancipatory will was standard. It was still used in the Later Empire but in A.D. 446, the holographic will was accepted in the Western Empire. A will could also be made by registration on the court acta. See holographic will,