Dictionary of Law
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bank :: legal definition


Bank - n. 1) an officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the federal or a state government. Banks receive funds for loans from the Federal Reserve System provided they meet safe standards of operation and have sufficient financial reserves. Bank accounts are insured up to $100,000 per account by the Federal Deposit Insurance Corporation. Most banks are so-called "commercial" banks with broad powers. In the east and midwest there are some "savings" banks which are basically mutual banks owned by the depositors, concentrate on savings accounts, and place their funds in such safe investments as government bonds. Savings and loan associations have been allowed to perform some banking services under so-called deregulation in 1981, but are not full-service commercial banks and lack strict regulation. Mortgage loan brokers and thrift institutions (often industrial loan companies) are not banks and do not have insurance and governmental control. Severe losses to customers of these institutions have occurred in times of economic contraction or due to insider profiteering or outright fraud. Credit unions are not banks, but are fairly safe since they are operated by the members of the industry, union or profession of the depositors and borrowers. 2) a group of judges sitting together as an appeals court, referred to as "in bank" or "en banc."


Related Law Terms

account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debt
accounts receivable :: n. the amounts of money due or owed to a business ... sidering the chances of collection.
administrative law :: n. the procedures created by administrative agenci ... judge Administrative Procedure Act
agent for acceptance of service :: n. states require that a corporation name an actua ... corporations. See also: corporation
appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal."
attorney :: n. 1) an agent or someone authorized to act for an ... ialize. See also: court reciprocity
Attorney General :: n. in each state and the federal government the hi ... izenry. See also: Solicitor General
bailee :: n. a person, also called a custodian, with whom so ... he goods. See also: bailment bailor
building and loan :: n. another name for savings and loan association. ... payment. See also: savings and loan
cashier's check :: n. a check issued by a bank on its own account for ... ansfers, tax payments and the like.
certificate of deposit (CD) :: n. a document issued by a bank in return for a dep ... D before the pledged time runs out.
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
chattel mortgage :: n. an outmoded written document which made a chatt ... ed by the property. See also: UCC-1
check :: n. a draft upon a particular account in a bank, in ... rtified check negotiable instrument
comity :: n. when one court defers to the jurisdiction of an ... of cases to which comity may apply.
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
conditional bequest :: n. in a will, a gift which will take place only if ... rries." See also: bequest executory
conflict of law :: n. a situation in which both state and federal law ... y arose. See also: forum preemption
constitution :: n. the fundamental, underlying document which esta ... ts common law constitutional rights
consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities
corporation :: n. an organization formed with state governmental ... ation public corporation securities
court :: n. 1) the judge, as in "The court rules in favor o ... cost and wait of full court trials.
discrimination :: n. unequal treatment of persons, for a reason whic ... qual rights. See also: civil rights
diversity of citizenship :: n. when opposing parties in a lawsuit are citizens ... unt in controversy exceeds $10,000.
draft :: 1) n. a bill of exchange or check in which one par ... s. See also: bill of exchange check
equal opportunity :: 1) n. a right supposedly guaranteed by both federa ... be so. See also: affirmative action
equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
file :: 1) v. to deposit with the clerk of the court a wri ... rrespondence and notes on the case.
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
franchise :: 1) n. a right granted by the government to a perso ... on property, income or profits tax.
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
interrogatories :: n. a set of written questions to a party to a laws ... ing. See also: deposition discovery
interstate commerce :: n. commercial trade, business, movement of goods o ... and the I.C.C. may soon be history.
judge :: 1) n. an official with the authority and responsib ... ice justice of the peace magistrate
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute
legal aid society :: n. an organization formed to assist persons who ha ... bar association. See also: pro bono
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
Mann Act :: n. a federal statute making it a crime to transpor ... is five years in a federal prison.
no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
non-profit corporation :: n. an organization incorporated under state laws a ... harity corporation cy pres doctrine
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
preemption :: n. the rule of law that if the federal government ... cs control may parallel each other.
prima facie :: : (pry-mah fay-shah) adj. Latin for "at first look ... t" case. See also: prima facie case
public defender :: n. an elected or appointed public official (usuall ... to convicted indigents for appeals.
public utility :: n. any organization which provides services to the ... nder state laws. See also: monopoly
receiver :: n. 1) a neutral person (often a professional trust ... owing they were obtained illegally.
regulations :: n. rules and administrative codes issued by govern ... es usually have similar procedures.
reports :: n. the published decisions of appeals courts in al ... ilable in almost all law libraries.
savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market.
security deposit :: n. a payment required by a landlord from a tenant ... lso: landlord and tenant lease rent
sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence
service of process :: n. the delivery of copies of legal documents such ... by publication substituted service
standing :: n. the right to file a lawsuit or file a petition ... so: actual controversy jurisdiction
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
substituted service :: n. accomplishing service (delivery) of legal docum ... ee also: service service of process
Supreme Court :: n. 1) the highest court in the United States, whic ... rt in other states. See also: court
survivorship :: n. the right to receive full title or ownership du ... onvenience. See also: joint tenancy
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
Thirty-day notice :: n. a notice by a landlord to a tenant on a month-t ... e also: landlord and tenant service
three-day notice :: n. a notice to pay delinquent rent or quit (leave ... nd tenant service unlawful detainer
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - B

Bachelor of Laws :: n. the degree in law from a law school, abbreviate ... troactively. See also: Juris Doctor
back-to-back life sentences :: n. slang for consecutive life terms imposed by a j ... ther 25 years for a parole hearing.
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
bad faith :: 1) n. intentional dishonest act by not fulfilling ... ean hands doctrine fraud good faith
bail :: 1) n. the money or bond put up to secure the relea ... bond bail bondsman own recognizance
bail bond :: n. a bond provided by an insurance company through ... urned. See also: bail bail bondsman
bail bondsman :: n. a professional agent for an insurance company w ... t to jail. See also: bail bail bond
bailee :: n. a person, also called a custodian, with whom so ... he goods. See also: bailment bailor
bailiff :: n. 1) a court official, usually a deputy sheriff, ... isdictional territory of a bailiff.
bailment :: n. 1) the act of placing property in the custody a ... "bailment." See also: bailee bailor
bailor :: n. a person who leaves goods in the custody of ano ... is found. See also: bailee bailment
bait and switch :: n. a dishonest sales practice in which a business ... rants the costs of a separate suit.
balance due :: n. the amount of a debt still owed on an account o ... cipal due without further interest.
balance sheet :: n. the statement of the assets and the liabilities ... ctivity and health of the business.
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy court :: n. the specialized federal court in which bankrupt ... : bankruptcy bankruptcy proceedings
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
bar :: 1) n. collectively all attorneys, as "the bar," wh ... a room, building, or real property.
bar association :: n. an organization of lawyers. There are two types ... oluntary organization of attorneys.