Dictionary of Law
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bankruptcy :: legal definition


Bankruptcy - n. a federal system of statutes and courts which permits persons and businesses which are insolvent (debtors) or (in some cases) face potential insolvency, to place his/her/its financial affairs under the control of the bankruptcy court. The procedure is that when the debtor's debts exceed his/her/its assets or ability to pay, the debtor can file a petition with the bankruptcy court for voluntary bankruptcy or the debtor's unpaid creditors can file an "involuntary" petition to force the debtor into bankruptcy, although voluntary bankruptcy is far more common. The most common petition is under Chapter 7, in which a trustee is appointed by the court, the current assets are counted up by the trustee (with many of them exempt from bankruptcy), who pays debts to the extent possible with priority for taxes, then secured debts (mortgages or some judgments), and finally unsecured debts. Then the court adjudicates (officially declares) the debtor a bankrupt and discharges the unpayable debts, to the loss of the creditors. Exempt from sale to pay debts are a portion of the value of a home (equal to a homestead), secured notes that can be kept current, an automobile, tools of the trade, furniture, and some other items. The concept is to give someone a fresh start, but it has often led to careless, profligate business operations and casual running up bills with those giving credit being badly hurt by bankruptcies. Not dischargeable in bankruptcy are alimony and child support, taxes, and fraudulent transactions. Filing a bankruptcy petition automatically suspends all existing legal actions (even on the eve of trial or judgment, or on the day of foreclosure on real property), and is often used to forestall foreclosure or imposition of judgment. After 45 or more days a creditor with a debt secured by real or personal property can petition the court to have the "automatic stay" of legal rights removed and a foreclosure to proceed. Upon adjudication (officially declared) as a bankrupt a party cannot file for bankruptcy again for seven years. Chapter 11 bankruptcy allows a business to reorganize and refinance to be able to prevent final insolvency. Often there is no trustee, but a "debtor in possession," and considerable time to present a plan of reorganization. Sometimes this works, but often it is just a bottomless pit of more debt and delay. The final plan often requires creditors to take only a small percentage of the debts due (what is owed them) or to take payment over a long period of time. Chapter 13 is similar to Chapter 11, but is for individuals to work out payment schedules, which is more likely to be worthwhile. Bankruptcy law has become a specialty due to complex regulation as well as administration. Initial fees must be paid up front by the petitioner or the creditors, but much of the assets may be eaten up by the court-approved fees of the trustees and attorneys (although often the attorneys find no assets available for payment). There are some limited state bankruptcy laws to aid debtors, but they are seldom employed, except to create creditors' committees, which can be developed voluntarily.

See also: bankruptcy court bankruptcy proceedings trustee in bankruptcy and Related Law Terms ↓


Related Law Terms

abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien
abstract of title :: n. the written report on a title search which show ... e also: chain of title title report
abuse of discretion :: n. a polite way of saying a trial judge has made s ... partner's realistic ability to pay.
abuse of process :: n. the use of legal process by illegal, malicious, ... ly correct the error and apologize.
acceleration clause :: n. a provision in a contract or promissory note th ... . See also: acceleration assumption
acceptance of service :: n. agreement by a defendant (or his/her attorney) ... o accept service. See also: service
account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debt
acknowledgment :: n. the section at the end of a document where a no ... me leases and various other papers.
actual controversy :: n. a true legal dispute which leads to a genuine l ... al outcome. See also: friendly suit
ad litem :: adj. legal Latin meaning "for the purposes of the ... of age. See also: guardian ad litem
ad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property tax
adjuster :: n. an employee (usually a non-lawyer) of an insura ... e company in approving settlements.
administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
adultery :: n. consensual sexual relations when one of the par ... s and grist for scandal newspapers.
adverse witness :: n. a witness in a trial who is found by the judge ... r the opposition. See also: witness
advisory opinion :: n. an opinion stated by a judge or a court upon th ... o: actual controversy friendly suit
after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction
after-acquired title :: n. title to property acquired after the owner atte ... ed title goes automatically to Sam.
alimony :: n. support paid by one ex-spouse to the other as o ... ild support divorce spousal support
American Bar Association :: n. the largest organization of American lawyers, w ... go, IL 60611; tel.: (312) 988-5522.
amicus curiae :: n. Latin for "friend of the court," a party or an ... party's presentation to the court.
answer :: n. in law, a written pleading filed by a defendant ... emurrer general denial verification
antitrust laws :: n. acts adopted by Congress to outlaw or restrict ... so: price fixing restraint of trade
apparent authority :: n. the appearance of being the agent of another (e ... e also: agency ostensible authority
appeal :: 1) v. to ask a higher court to reverse the decisio ... ng, as in "he has filed an appeal."
appearance :: n. the act of a party or an attorney showing up in ... neral appearance special appearance
approach the bench :: v. an attorney's movement from the counsel table t ... ake a recess to go to the restroom.
appurtenant :: adj. pertaining to something that attaches. In rea ... t. See also: easement real property
arbitrator :: n. one who conducts an arbitration, and serves as ... he other two. See also: arbitration
arrest :: v. 1) to take or hold a suspected criminal with le ... anda warning probable cause warrant
assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property.
asset :: n. generally any item of property that has monetar ... ill and rights to market a product.
assign :: 1) v. to transfer to another person any asset such ... en shows up in contracts and wills.
assignment for benefit of creditors :: n. a method used for a debtor to work out a paymen ... ar basis to pay the debtor's bills.
assume :: v. to take over the liability for a debt on a prom ... he assumption. See also: assumption
attachment :: n. the seizing of money or property prior to getti ... bond. See also: writ of attachment
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
attorney of record :: n. the attorney who has appeared in court and/or s ... eve have long since been completed.
attorney-client privilege :: n. the requirement that an attorney may not reveal ... ivileged communication work product
attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney
attorney's fee :: n. the payment for legal services. It can take sev ... ees in the particular type of case.
attorney's work product :: n. written materials, charts, notes of conversatio ... ivileged communication work product
authorities :: n. 1) previous decisions by courts of appeal which ... also: brief cite decision precedent
bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
bail :: 1) n. the money or bond put up to secure the relea ... bond bail bondsman own recognizance
bailiff :: n. 1) a court official, usually a deputy sheriff, ... isdictional territory of a bailiff.
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 association :: n. an organization of lawyers. There are two types ... oluntary organization of attorneys.
bar examination :: n. the examination given in each state by either t ... n that district. See also: attorney
basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis
benefit of counsel :: n. having the opportunity to have an attorney and ... attorney is the person's own fault.
bifurcate :: v. the order or ruling of a judge that one issue i ... is necessary. See also: bifurcation
Bill of Rights :: n. the first ten amendments to the federal Constit ... ved to the states or to the people.
brief :: 1) n. a written legal argument, usually in a forma ... another person. See also: precedent
bulk sales acts :: n. state laws (spelled out in the Uniform Commerci ... g without paying current creditors.
canon law :: n. laws and regulations over ecclesiastical (churc ... nduct with no religious connection.
capital :: 1) n. from Latin for caput, meaning "head," the ba ... count capital assets stock in trade
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
caption :: n. the first section of any written legal pleading ... to the exact format of the caption.
cartel :: n. 1) an arrangement among supposedly independent ... Colombia. See also: antitrust laws
case law :: n. reported decisions of appeals courts and other ... es. See also: case system precedent
case system :: n. the method of studying law generally used in Am ... Langdell and soon became standard.
cashier's check :: n. a check issued by a bank on its own account for ... ansfers, tax payments and the like.
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
change of circumstances :: n. the principal reason for a court modifying (ame ... ild support divorce spousal support
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 :: n. an item of personal property which is movable, ... ments). See also: personal property
chattel mortgage :: n. an outmoded written document which made a chatt ... ed by the property. See also: UCC-1
Chief Justice :: n. the presiding judge of any State Supreme Court ... nks of existing Associate Justices.
child custody :: n. a court's determination of which parent, relati ... pport custody divorce joint custody
citation :: n. 1) a notice to appear in court due to the proba ... se is not in point." See also: cite
civil :: adj. 1) that part of the law that encompasses busi ... also: civil liberties civil rights
civil law :: n. 1) a body of laws and legal concepts which come ... generic term for non-criminal law.
claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate
claim in bankruptcy :: n. the written claim filed by persons or businesse ... : bankruptcy bankruptcy proceedings
class action :: n. a lawsuit filed by one or more people on behalf ... ees usually require court approval.
clerk :: n. 1) an official or employee who handles the busi ... stocking shelves, or counter sales.
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
collateral :: 1) n. property pledged to secure a loan or debt, u ... ral to the Colorado divorce action.
color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title."
commencement of action :: n. an action (a lawsuit) commences (begins officia ... ing a complaint. See also: petition
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
common law :: n. the traditional unwritten law of England, based ... plied without reference to statute.
complaint :: n. the first document filed with the court (actual ... g prayer service of process summons
conclusion of law :: n. a judge's final decision on a question of law w ... aw if requested. See also: judgment
condition subsequent :: n. 1) in a contract, a happening which terminates ... Dad Fauntleroy. See also: condition
confession of judgment :: n. a written agreement in which the defendant in a ... rms are fulfilled by the defendant.
confiscate :: v. to take one's goods or property without legal r ... affic. See also: condemnation theft
conflict of interest :: n. a situation in which a person has a duty to mor ... a position adverse to the customer.
conflict of law :: n. a situation in which both state and federal law ... y arose. See also: forum preemption
conservator :: n. a guardian and protector appointed by a judge t ... ies. See also: conservatee guardian
consign :: v. 1) to deliver goods to a merchant to sell on be ... or by order of a bankruptcy judge.
constable :: n. a law officer for a particular area such as a r ... ice of the Peace. See also: sheriff
constitution :: n. the fundamental, underlying document which esta ... ts common law constitutional rights
constitutional rights :: n. rights given or reserved to the people by the U ... e also: Bill of Rights constitution
constructive notice :: n. a fiction that a person got notice even though ... personally. See also: constructive
consumer protection laws :: n. almost all states and the federal government ha ... rranty product liability securities
contingent fee :: n. a fee to a lawyer which will be due and payable ... epend on the outcome are unethical.
continuing objection :: n. an objection to certain questions or testimony ... ional distress. See also: objection
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor
convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor
conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed
copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark
corporate opportunity :: n. a business opportunity which becomes known to a ... ative action fiduciary relationship
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.
court costs :: n. fees for expenses that the courts pass on to at ... ee also: cost bill prevailing party
court of equity :: n. originally in English common law and in several ... also: chancery court of law equity
court of law :: n. any tribunal within a judicial system. Under En ... aw. See also: chancery court equity
court-martial :: 1) n. a military court for trying offenses in viol ... the U.S. Court of Military Appeals.
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
creditor's claim :: n. a claim required to be filed in writing, in a p ... e also: claim in bankruptcy probate
creditor's rights :: n. the field of law dealing with the legal means a ... also: creditor debt debtor judgment
criminal calendar :: n. the list of criminal cases to be called in cour ... e plea preliminary hearing sentence
cross-complaint :: n. after a complaint has been filed against a defe ... g prayer service of process summons
d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state.
day in court :: n. popular term for everyone's opportunity to brin ... rt to protest his speeding ticket."
debtor in possession :: n. in bankruptcy proceedings when a debtor has fil ... n possession." See also: bankruptcy
declarant :: n. the person making a statement, usually written ... also: affiant affidavit declaration
declaration of mailing :: n. a form stating that a particular document has b ... other party. See also: declaration
declaratory judgment :: n. a judgment of a court which determines the righ ... ys it. See also: declaratory relief
decree :: n. in general, synonymous with judgment. However, ... n's estate, etc. See also: judgment
dedication :: n. the giving of land by a private person or entit ... perty. See also: quiet title action
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
default :: 1) n. failure to respond to a summons and complain ... default judgment notice of default
deficiency judgment :: n. a judgment for an amount not covered by the val ... o: foreclosure judicial foreclosure
demise :: 1) v. an old-fashioned expression meaning to lease ... r life. 3) n. death. 4) n. failure.
demurrer :: n. (dee-muhr-ur) a written response to a complaint ... demurrer. See also: motion pleading
deposition :: n. the taking and recording of testimony of a witn ... See also: deponent depose discovery
depreciation :: n. the actual or theoretical gradual loss of value ... e early years of use (accelerated).
descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession
devise :: 1) v. an old-fashioned word for giving real proper ... so: bequest gift legacy remise will
devisee :: n. a person who receives a gift of real property b ... will. See also: beneficiary legatee
disbar :: v. to remove an attorney from the list of practici ... legal ethics. (See moral turpitude
discharge :: v. 1) to perform one's duties. 2) to dismiss someo ... d not be paid. See also: bankruptcy
discharge in bankruptcy :: n. an order given by the bankruptcy judge, at the ... red creditors. See also: bankruptcy
dismiss :: v. the ruling by a judge that all or a portion (on ... nst that party. See also: dismissal
District Attorney (D.A.) :: n. an elected official of a county or a designated ... dent and serve at his/her pleasure.
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
double taxation :: n. taxation of the same property for the same purp ... it is not discriminatory or unfair.
due process of law :: n. a fundamental principle of fairness in all lega ... procedural and substantive rights.
easement :: n. the right to use the real property of another f ... rstandings at the time of creation.
ejusdem generis :: (eh-youse-dem generous) v adj. Latin for "of the s ... t was of land-based transportation.
eminent domain :: n. the power of a governmental entity (federal, st ... ngs. See also: condemn condemnation
encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point.
enjoin :: v. for a court to order that someone either do a s ... so: injunction temporary injunction
entrapment :: n. in criminal law, the act of law enforcement off ... e drugs if not pressed by the narc?
equal opportunity :: 1) n. a right supposedly guaranteed by both federa ... be so. See also: affirmative action
equal protection of the law :: n. the right of all persons to have the same acces ... laws." See also: due process of law
equity :: n. 1) a venerable group of rights and procedures t ... ry enjoin equitable injunction writ
error :: n. a mistake by a judge in procedure or in substan ... or. See also: harmless error remand
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will
estoppel :: n. a bar or impediment (obstruction) which preclud ... pel equitable estoppel estop laches
examination :: n. 1) the questioning of a witness by an attorney. ... irect examination testimony witness
exchange :: 1) v. to trade or barter property, goods and/or se ... ins tax. See also: delayed exchange
excusable neglect :: n. a legitimate excuse for the failure of a party ... See also: default default judgment
execution :: n. 1) the act of getting an officer of the court t ... so: death penalty writ of execution
executor :: n. the person appointed to administer the estate o ... sed decedent executrix probate will
extraordinary fees :: n. attorneys' fees claimed, usually in the adminis ... n. See also: attorney's fee probate
federal courts :: n. the court system which handles civil and crimin ... rans' appeals. See also: bankruptcy
fictitious defendants :: n. when a party suing (plaintiff) is not sure if h ... are not permitted in federal cases.
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
file :: 1) v. to deposit with the clerk of the court a wri ... rrespondence and notes on the case.
final judgment :: n. the written determination of a lawsuit by the j ... : final decree interlocutory decree
final settlement :: n. an agreement reached by the parties to a lawsui ... rneys present. See also: settlement
first impression :: adj. referring to a legal issue which has never be ... s for both sides to assist him/her.
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
franchise :: 1) n. a right granted by the government to a perso ... on property, income or profits tax.
fraud :: n. the intentional use of deceit, a trick or some ... audulent conveyance intrinsic fraud
free and clear :: adj. referring to the ownership of real property u ... the title has no claim against it.
friendly suit :: n. a lawsuit filed in order to obtain a court orde ... eement in which there was an error.
future interest :: n. a right to receive either real property or pers ... maturity (age 18) or upon marriage.
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
general appearance :: n. an attorney's representation of a client in cou ... case. See also: special appearance
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
goodwill :: n. the benefit of a business having a good reputat ... an unknowing buyer. See also: sale
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
Grand Jury :: n. a jury in each county or federal court district ... arge indictment preliminary hearing
grandfather clause :: n. 1) a clause in a statute or zoning ordinance (p ... Such laws are now unconstitutional.
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward
guest :: n. 1) in general, a person paying to stay in a hot ... ce. See also: guest statute invitee
habeas corpus :: (hay-bee-us core-puss) n. Latin for "you have the ... nality of a state court conviction.
head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family."
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
hidden asset :: n. an item of value which does not show on the boo ... ets on a profit and loss statement.
hit and run :: n. the crime of a driver of a vehicle who is invol ... , and then walks back to the scene.
homestead :: 1) n. the house and lot of a homeowner which the h ... s in "he homesteaded the property."
hostile witness :: n. technically an "adverse witness" in a trial who ... so: adverse witness leading witness
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
in forma pauperis :: (in form-ah paw-purr-iss) adj. or adv. Latin for " ... poor defendants who have been sued.
in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will
in lieu :: prep. instead. "In lieu taxes" are use taxes paid ... go through the foreclosure process.
in personam :: adj. (in purr-soh-nam) from Latin for "directed to ... here. See also: in rem jurisdiction
in propria persona :: adj. from Latin "for one's self," acting on one's ... client and an ass for an attorney."
in terrorem clause :: (in tehr-roar-em)n. from Latin for "in fear," a pr ... e gift. See also: will will contest
incompetency :: n. the condition of lacking the ability to handle ... and/or represented by an attorney.
incorporate :: v. 1) to obtain an official charter or articles of ... te by reference incorporation stock
indenture :: n. a type of real property deed in which two parti ... bind a person to work for another.
independent contractor :: n. a person or business which performs services fo ... ue independence. See also: employee
indictment :: n. a charge of a felony (serious crime) voted by a ... ictable offense preliminary hearing
indigent :: 1) n. a person so poor and needy that he/she canno ... person who is very poor and needy.
indispensable party :: n. a person or entity which must be included in a ... tion to join Olivia as a defendant.
information and belief :: n. a phrase often used in legal pleadings (complai ... nswer complaint declaration perjury
injunction :: n. a writ (order) issued by a court ordering someo ... t. See also: injunctive relief writ
insanity :: n. mental illness of such a severe nature that a p ... M'Naughten rule temporary insanity
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
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
interlocutory decree :: n. a court judgment which is temporary and not int ... ppeared to waste the parties' time.
international law :: n. treaties between countries; multi-lateral agree ... all nations. See also: World Court
inverse condemnation :: n. the taking of property by a government agency w ... e also: condemnation eminent domain
invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence
irrelevant :: adj. not important, pertinent, or germane to the m ... ce immaterial incompetent objection
issue :: 1) n. a person's children or other lineal descenda ... the body incorporation share stock
joinder of issue :: n. that point in a lawsuit when the defendant has ... matters are to be decided by trial.
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
judge :: 1) n. an official with the authority and responsib ... ice justice of the peace magistrate
judgment :: n. the final decision by a court in a lawsuit, cri ... ous with judgment. See also: decree
judgment creditor :: n. the winning plaintiff in a lawsuit to whom the ... 's rights judgment prevailing party
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
jump bail :: v. to fail to appear for a court appearance after ... also: bail bail bond bail bondsman
jurisdiction :: n. the authority given by law to a court to try ca ... Superior Court Supreme Court venue
jury :: n. one of the remarkable innovations of the Englis ... hallenge sequester venire voir dire
jury fees :: n. the rather minimal amount paid each day to juro ... ees as a court cost. See also: jury
justice :: n. 1) fairness. 2) moral rightness. 3) a scheme or ... e appellate courts. See also: court
juvenile court :: n. a special court or department of a trial court ... See also: court juvenile delinquent
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
land :: n. real property, real estate (and all that grows ... See also: real estate real property
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute
lawsuit :: n. a common term for a legal action by one person ... See also: case cause of action suit
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
legal advertising :: n. 1) notices of probate sales and other documents ... quality of the lawyers advertising.
legal aid society :: n. an organization formed to assist persons who ha ... bar association. See also: pro bono
legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
lineup :: n. a law enforcement method used in an attempt to ... entification is precarious at best.
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
literary property :: n. the writings of an author which entitles him/he ... as copyrighted. See also: copyright
litigious :: adj. referring to a person who constantly brings o ... e called "professional plaintiffs."
living will :: n. also called "a durable power of attorney," it i ... upport. See also: power of attorney
long-arm statute :: n. law which gives a local state court jurisdictio ... rt jurisdiction over the defendant.
magistrate :: n. 1) a generic term for any judge of a court, or ... ce of the peace preliminary hearing
malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions
mandamus :: (man-dame-us) n. Latin for "we order," a writ (mor ... mandamus. See also: writ of mandate
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property
marriage :: n. the joining of a male and female in matrimony b ... of time without legal formalities.
marshal :: 1) n. a federal court official who may serve paper ... tablish priorities among creditors.
Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution.
maxims :: n. a collection of legal truisms which are used as ... e and the ordinary habits of life."
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
mercantile law :: n. that broad area of the law (also called commerc ... tion seller Uniform Commercial Code
merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other.
Miranda warning :: n. the requirement, also called the Miranda rule, ... me such a suspect? See also: rights
modification :: n. a change in an existing court order or judgment ... terms of child support and custody.
moot court :: n. law school exercise in which students argue bot ... fferent law schools. See also: moot
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
motion for a summary judgment :: n. a written request for a judgment in the moving ... strict procedures. See also: motion
murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
net estate :: n. the remaining estate of a person who has died, ... alue. See also: estate tax gift tax
no fault insurance :: n: a type of automobile insurance required of car ... ling lawsuits. See also: negligence
nolle prosequi :: (no-lay pro-say-kwee) n. Latin for "we shall no lo ... nocent and declared nolle prosequi.
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
non-profit corporation :: n. an organization incorporated under state laws a ... harity corporation cy pres doctrine
not guilty :: n. 1) plea of a person who claims not to have comm ... t guilty by reason of insanity plea
notary public :: n. a person authorized by the state in which the p ... he state which appoints the notary.
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
notice of default :: n. a notice to a borrower with property as securit ... notice of default. See also: notice
notorious possession :: n. occupation of real property or holding personal ... e is as if the person is the owner.
nuisance :: n. the unreasonable, unwarranted and/or unlawful u ... evening). See also: public nuisance
nunc pro tunc :: (nuhnk proh tuhnk) adj. Latin for "now for then," ... r actuality of a bigamous marriage.
object :: 1) v. to ask the court not to allow a particular q ... he contract..." See also: objection
objection :: n. a lawyer's protest about the legal propriety of ... ng question object overrule sustain
obscene :: adj., adv. a highly subjective reference to materi ... en I see it." See also: pornography
of counsel :: adj. reference to an attorney who is not actively ... quiring his/her full-time presence.
officer :: n. 1) a high-level management official of a corpor ... deputy sheriff or federal marshal.
officer of the court :: n. any person who has an obligation to promote jus ... also: attorney bailiff clerk judge
official misconduct :: n. improper and/or illegal acts by a public offici ... ty. See also: color of law official
offset :: 1) n. also called a "setoff," the deduction by a d ... e also: counterclaim defense setoff
operation of law :: n. a change or transfer which occurs automatically ... atically upon the child turning 18.
opinion :: n. the explanation of a court's judgment. When a t ... which the author is not specified.
option :: n. a right to purchase property or require another ... ng or upon expiration of the lease.
order :: 1) n. every direction or mandate of a judge or a c ... defendant. See also: judge judgment
out of court :: adj. referring to actions, including negotiations ... is dismissed. See also: settlement
overrule :: v. 1) to reject an attorney's objection to a quest ... : appellate court objection sustain
paid into court :: adj. referring to money deposited with the clerk o ... differences. See also: interpleader
partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
party :: n. 1) one of the participants in a lawsuit or othe ... y real party in interest respondent
peremptory writ of mandate :: (or mandamus) n. a final order of a court to any g ... ve writ. See also: mandamus mandate
personal effects :: n. things which include clothes, cosmetics and ite ... e, Susannah"). See also: personalty
personalty :: n. movable assets (things, including animals) whic ... lso: personal effects real property
petition :: 1) n. a formal written request to a court for an o ... dent. See also: divorce motion writ
pleading :: n. 1) every legal document filed in a lawsuit, pet ... nswer complaint demurrer plea plead
pledge :: v. to deposit personal property as security for a ... ise to do something. See also: pawn
possession :: n. 1) any article, object, asset or property which ... ctive possession. See also: possess
possessory interest :: n. in real estate, the intent and right of a perso ... o: possess possession real property
possibility of a reverter :: n. the potential that the title to a real property ... further issue. See also: reversion
pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will
power of attorney :: n. a written document signed by a person giving an ... y, as in a real estate transaction.
practice :: 1) n. custom or habit as shown by repeated action, ... s "she practices law in St. Louis."
precedent :: 1) n. a prior reported opinion of an appeals court ... to perform. See also: stare decisis
preference :: n. in bankruptcy, the payment of a debt to one cre ... nds or assets. See also: bankruptcy
presiding judge :: n. 1) in both state and federal appeals court, the ... and chairs meetings of the judges.
presumption :: n. a rule of law which permits a court to assume a ... resumption at all, but a certainty.
prevailing party :: n. the winner in a lawsuit. Many contracts, leases ... ed before or after trial has begun.
priority :: n. the right to be first or ahead of the rights or ... (in the "race to the courthouse").
privileged communication :: n. statements and conversations made under circums ... See also: attorney-client privilege
privileges and immunities :: n. the fundamental rights that people enjoy in fre ... t impinge on constitutional rights.
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
probate :: 1) n. the process of proving a will is valid and t ... e also: administrator executor will
procedure :: n. the methods and mechanics of the legal process. ... cases are tried and judgments made.
process :: n. in law, the legal means by which a person is re ... service of process subpena summons
product liability :: n. the responsibility of manufacturers, distributo ... e known. See also: warrant warranty
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
proof :: n. confirmation of a fact by evidence. In a trial, ... doubt preponderance of the evidence
proper party :: n. a person or entity who has an interest (financi ... lf. See also: necessary party party
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
property damage :: n. injury to real or personal property through ano ... l value. See also: damages property
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
prospectus :: n. a detailed statement by a corporation required ... rporation limited partnership stock
protest :: 1) v. to complain in some public way about any act ... dishonored (not paid by the bank).
prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee
quantum meruit :: : (kwahn-tuhm mare-ooh-it) n. Latin for "as much a ... uit by implying a contract existed.
qui tam action :: : (kwee tam) n. from Latin for "who as well," a la ... technical violations and/or errors.
quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title
real estate :: n. land, improvements and buildings thereon, inclu ... the future. See also: real property
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
real party in interest :: n. the person or entity who will benefit from a la ... st is the beneficiary of the trust.
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
redeem :: v. to buy back, as when an owner who had mortgaged ... so: foreclosure mortgage redemption
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
regulations :: n. rules and administrative codes issued by govern ... es usually have similar procedures.
relief :: n. generic term for all types of benefits which an ... r possibilities. See also: judgment
remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder
remedy :: n. the means to achieve justice in any matter in w ... gment provisional remedy settlement
reorganization :: n. the implementation of a business plan to restru ... also: bankruptcy corporation merger
respondent :: n. 1) the party who is required to answer a petiti ... "appellant") in the appeals court.
Restatement of the Law :: n. a series of detailed statements of the basic la ... tracts, property, torts and trusts.
restraint of trade :: n. in antitrust law, any activity (including agree ... also: antitrust laws monopoly trust
resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust
retainer :: n. the advance payment to an attorney for services ... e stuck with extensive unpaid fees.
retroactive :: adj. referring to a court's decision or a statute ... ospective." See also: ex post facto
reversal :: n. the decision of a court of appeal ruling that t ... e of damages is ordered to dismiss.
reversion :: n. in real property, the return to the grantor or ... lled "reverter." See also: reverter
review :: n. the judicial consideration of a lower court jud ... ate court reversal reversible error
rights :: n. 1) plural of right, which is the collection of ... evidence. See also: Miranda warning
ripe :: adj. in constitutional law, referring to a law cas ... or more issues raised by the case.
rule :: 1) v. to decide a legal question, by a court, as i ... ee also: regulations rules of court
rule against perpetuities :: n. the legal prohibition against tying up property ... . See also: restraint on alienation
rules of court :: n. a set of procedural regulations adopted by cour ... s counsel. See also: procedure rule
sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
search and seizure :: n. examination of a person's premises (residence, ... robable cause search search warrant
search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure
security deposit :: n. a payment required by a landlord from a tenant ... lso: landlord and tenant lease rent
seisin :: (sees-in) n. an old feudal term for having both po ... perty). See also: fee simple seized
self-defense :: n. the use of reasonable force to protect oneself ... ndalism. See also: assault homicide
self-help :: n. 1) obtaining relief or enforcing one's rights w ... maximizing of one's opportunities.
sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence
separate property :: n. in community property states (California, Texas ... pouse. See also: community property
separation agreement :: n. an agreement between two married people who hav ... divorce legal separation separation
servant :: n. an employee of an employer, technically one who ... ndent contractor master and servant
service :: n. 1) paid work by another person, either by contr ... ersonal services service of process
service by mail :: n. mailing legal pleadings to opposing attorneys o ... attorney by mail. See also: service
service of process :: n. the delivery of copies of legal documents such ... by publication substituted service
settlement :: n. the resolution of a lawsuit (or of a legal disp ... ult in settlement. See also: settle
several liability :: n. referring to responsibility of one party for th ... n joint and several promissory note
sheriff :: n. the top law enforcement officer for a county, u ... ." See also: bailiff sheriff's sale
shortening time :: n. an order of the court in response to the motion ... e notice is served within 24 hours.
small claims court :: n. a division of most municipal, city or other low ... od example of a small claims court.
solvency :: n. 1) having sufficient funds or other assets to p ... cy. See also: bankruptcy insolvency
speaking demurrer :: n. an attempt to introduce evidence during a heari ... the operation." See also: demurrer
special administrator :: n. a person appointed by the court in a probate pr ... or administrator. See also: probate
special appearance :: n. the representation by an attorney of a person i ... anged. See also: general appearance
special prosecutor :: n. an attorney from outside of the government sele ... Robert Bork finally discharged Cox.
spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will
spontaneous exclamation :: n. a sudden statement caused by the speaker having ... et hit the girl." See also: hearsay
spot zoning :: n. a provision in a general plan which benefits a ... . See also: grandfathered in zoning
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
straw man :: n. 1) a person to whom title to property or a busi ... a trail will mislead hunting dogs).
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
subordination :: n. allowing a debt or claim which has priority to ... . See also: subordination agreement
subpena duces tecum :: : (suh-pea-nah dooh-chess-take-uhm or dooh-kess-ta ... ng a court order. See also: witness
subrogation :: n. assuming the legal rights of a person for whom ... also: negligence subrogee subrogor
subrogor :: n. a person or entity that transfers his/her/its l ... ges. See also: subrogation subrogee
summary adjudication of issues :: n. a court order ruling that certain factual issue ... is made. See also: summary judgment
summary judgment :: n. a court order ruling that no factual issues rem ... tion summary adjudication of issues
summons :: n. a document issued by the court at the time a la ... use service service of process writ
supremacy clause :: n. Article VI, section 2 of the U.S. Constitution, ... f involving a constitutional issue.
surety :: n. a guarantor of payment or performance if anothe ... or entity. See also: bond guarantor
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
Tax Court :: n. a federal agency with courts in major cities wh ... Appeals. See also: court income tax
tenancy in common :: n. title to property (usually real property, but i ... on. See also: joint tenancy tenancy
theft :: n. the generic term for all crimes in which a pers ... rglary embezzlement larceny robbery
three-day notice :: n. a notice to pay delinquent rent or quit (leave ... nd tenant service unlawful detainer
timely :: adj. within the time required by statute, court ru ... ed on the 61st day is not "timely."
title :: n. 1) ownership of real property or personal prope ... ink slip real property title search
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
tools of trade :: n. in bankruptcy law, the equipment a person requi ... pay creditors. See also: bankruptcy
tort :: n. from French for "wrong," a civil wrong or wrong ... nce slander trespass wrongful death
trade fixture :: n. a piece of equipment on or attached to the real ... uch damage. See also: fixture trade
transcript :: n. the written record of all proceedings, includin ... unless transcription is requested.
transfer :: n. 1) the movement of property from one person or ... son or shipment to continue travel.
transferred intent :: n. in both criminal and tort (civil wrong) law, wh ... hit upon Truehart. See also: intent
trial :: n. the examination of facts and law presided over ... at a hearing held at a later time.
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor
trustee in bankruptcy :: n. a person appointed by a bankruptcy court to sup ... f the debtors. See also: bankruptcy
undivided interest :: n. title to real property held by two or more pers ... y by the entirety tenancy in common
unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice
use :: n. the right to enjoy the benefits of real propert ... ay it is only of academic interest.
variance :: n. 1) an exception to a zoning ordinance, authoriz ... process." See also: dismissal proof
venue :: n. 1) the proper or most convenient location for t ... ion. See also: forum non conveniens
vexatious litigation :: n. filing a lawsuit with the knowledge that it has ... lous malicious prosecution sanction
void :: adj. referring to a statute, contract, ruling or a ... udgment is void. See also: voidable
voluntary bankruptcy :: n. the filing for bankruptcy by a debtor who belie ... kruptcy court. See also: bankruptcy
warrant :: 1) n. an order (writ) of a court which directs a l ... e search and seizure search warrant
will :: n. a written document which leaves the estate of t ... will and testament probate testator
writ of coram nobis :: : (writ of core-uhm noh-bis) n. from Latin for "in ... ment if known at the time of trial.

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.