Glossary

  • Articles of Incorporation

    The basic instrument filed with the appropriate governmental agency (e.g. Sec. of State) on the incorporation of a business; sometimes also called “certificate of incorporation”. The contents thereof are prescribed in the general incorporation statutes. In many jurisdictions official forms are also prescribed. In most jurisdictions, corporate existence begins with the filing, usually with the secretary of state, of the articles or certificate of incorporation. In some jurisdictions, duplicate articles of incorporation are filed, and corporate existence begins with the issue of a formal certificate appended thereto called a “certificate of incorporation”. Various conditions precedent to doing business

    Various conditions precedent to doing business might also be imposed. See Articles of association; Certificate of incorporation.

  • Beneficiaries

    One who benefits from act of another. See also Primary beneficiary; Third party beneficiary. Credit. A “beneficiary” of a credit is a person who is entitled under its terms to draw or demand payment. V.C.C. § 5-103(d). See also Creditor beneficiary. Incidental. A person who may derive benefit from performance on contract, though he is neither the promisee nor the one to whom performance is to be rendered. Salzman v. Holiday Inns, Inc., 48 A.D.2d 258, 369 N.Y.S.2d 238, 242. See also Incidental beneficiary. Insurance. The person entitled to take proceeds on death of insured.

    Taxation. One who is assessed as the real owner. See also Income beneficiary.

  • Bylaws

    Regulations, ordinances, rules or laws adopted by an association or corporation or the like for its government. The word is also sometimes used to designate the local laws or municipal statutes of a city or town, though, more commonly the tendency is to employ the word “ordinance” exclusively for this class of enactments, reserving “by-law” for the rules adopted by corporations.

  • Charitable Organization

    As regards “exempt” tax status, such includes: “Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation.” I.RC. § 50 1 (c)(3).

  • Conservator

    A guardian; protector; preserver. Appointed by court to manage affairs of incompetent or to liquidate business. One who is appointed by a Court to manage the estate of a protected person.

  • Decedent

    A deceased person, especially one who has lately died. Etymologically the word denotes a person who is dying, but it has come to be used in law as signifying any deceased person, testate or intestate.

  • Deeds

    A conveyance of realty; a writing signed by grantor, whereby title to realty is transferred from one to another.

    A written instrument, signed, and delivered, by which one person conveys land, tenements, or hereditaments to another. At common law, a sealed instrument, containing a contract or covenant, delivered by the party to be bound thereby, and accepted by the party to whom the contract or covenant runs.

    A writing under seal by which lands, tenements, or hereditaments are conveyed for an estate not less than freehold. It is no longer necessary that the instrument be sealed.

  • Distribute

    To deal or divide out in proportion or in shares. See Distribution.

  • Entity

    A real being; existence. An organization or being that possesses separate existence for tax purposes. Examples would be corporations, partnerships, estates and trusts. The accounting entity for which accounting statements are prepared may not
    be the same as the entity defined by law. An existence apart, such as a corporation in relation
    to its stockholders. Entity includes person, estate, trust, governmental unit. Bankruptcy Act, § 101(14). See also Legal entity.

  • Estate

    The degree, quantity, nature, and extent of interest which a person has in real and personal property. An estate in lands, tenements, and hereditaments signifies such interest as the tenant has therein.

    The condition or circumstance in which the owner stands with regard to his property.

    In this sense, “estate” is commonly used in conveyances in connection with the words “right,” “title,” and “interest,” and is, in a great degree, synonymous with all of them.

    The total property of whatever kind that is owned by a decedent prior to the distribution of that property in accordance with the terms of a will, or, when there is no will, by the laws of inheritance in the state of domicile of the decedent. It means, ordinarily, the whole of the property owned by anyone, the realty as well as the personalty. As used in connection with the administration of decedents’ estates, term includes property of a decedent, trust or other person as such property exists from time to time during the administration, and hence may include probate assets as well as property passing by intestacy.

  • Estate Planning

    That branch of the law which, in arranging a person’s property and estate, takes into account the laws of wills, taxes, insurance, property, and trusts so as to gain maximum benefit of all laws while carrying out the person’s own wishes for the disposition of his property upon his death.

  • Estate Taxes

    A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent’s estate and not on the heir receiving the property. A tax levied on right to transmit property, while “inheritance tax” is levied on right to receive property. The tax is based on value of the whole estate less certain deductions. Many states have adopted the “Uniform Interstate Compromise of Death Taxes Act” or the “Uniform Interstate Arbitration of Death Taxes Act.”

  • Guardian

    A person lawfully invested with the power, and charged with the duty, of taking care of the person and managing the property and rights of another person, who, for defect of age, understanding, or self-control, is considered incapable of administering his own affairs. One who legally has the care and management of the person, or the estate, or both, of a child during its minority.

  • Incapacitated

    Want of capacity; want of power or ability to take or dispose; want of legal ability to act. Inefficiency; incompetency; lack of adequate power. The quality or state of being incapable, want of capacity, lack of physical or intellectual power, or of natural or legal qualification; inability, incapability, disability, incompetence. Bole v. Civil City of Ligonier, 1 30 Ind.App. 362, 1 6 1 N.E.2d 1 89, 194. Legal incapacity. This expression implies that the person in view has the right vested in him, but is prevented by some impediment from exercising it; as in the case of minors, committed persons, prisoners, etc.

  • Land Contract

    Contract for the purchase and sale of land upon execution of which title is transferred. Term commonly refers to an installment contract for the sale of land whereby purchaser (vendee) receives the deed from the owner (vendor) upon payment of final installment. The vendor retains legal title to the property as security for payment of contract price. May also be called “contract for deed”, or “installment land contract”.

  • Landlord

    He of whom lands or tenements are holden. He who, being the owner of an estate in land, or a rental property, has leased it to another person, called the “tenant.” Also called “lessor.”

  • Medicaid

    Medicare. Federal Act to provide hospital and medical insurance for aged under Social Security Act. See also Medicaid (state provided medical assistance).

  • Medical Expenses

    Medical expenses of an individual and his dependents are allowed as an itemized deduction to the extent that such amounts (less insurance reimbursements) exceed 3 percent of adjusted gross income. Special rules are provided for medicines and drugs and health insurance premiums. I.R.C. § 2 13.

  • Non-Profit Organizations

    Non-profit association. A group organized for purposes other than generating profit, such as a charitable, scientific, or literary organization. See also Nonprofit
    corporation. Non-profit corporation. A corporation no part of the income of which is distributable to its members, directors or officers. Corporations may be organized under the Model  Non-Profit Corporation Act “for any lawful purpose or purposes, including, without being limited to, any one or more of the following purposes: charitable; benevolent; eleemosynary; educational; civic; patriotic; political; religious; social; fraternal; literary; cultural; athletic; scientific; agricultural; horticultural; animal husbandry, and professional, commercial, industrial or trade association; but labor unions, cooperative organizations, and organizations subject to any of the provisions of the insurance laws of this State may not be organized under this Act.” …

  • Permanently Disfigured

    Generally, permanent disability is one which will remain substantially the same during remainder of workers’ compensation claimant’s life. Subsequent Injuries Fund v. Industrial Acc. Commission, 226 Cal.App.2d 136, 37 Cal. Rptr. 844, 849. A permanent disability is one which causes impairment of earning capacity, impairment of normal use of member, or competitive handicap in open labor market. State Compensation Ins. Fund v. Industrial Acc. Commission, 59 Cal.2d 45, 27 Cal.Rptr. 702, 707, 377 P.2d 902. Within insurance policies does not mean that disability must continue throughout life of insured, but it connotes idea that disability must be something more than temporary, and at least presumably permanent.

  • Probate

    Court procedure by which a will is proved to be valid or invalid; though in current usage this term has been expanded to generally include all matters and proceedings pertaining to administration of estates, guardianships, etc. In the canon law, “probate” consisted of probation, the proof of the will by the executor, and approbation, the approbation given by the ecclesiastical judge to the proof.

  • Probate Court

    A court having general powers over probate of wills, administration of estates, and, in some States, empowered to appoint guardians or approve the adoption of minors. Court with similar functions is called Surrogate or Orphan’s Court in certain states.

  • Property

    That which is peculiar or proper to any person; that which belongs exclusively to one. In the strict legal sense, an aggregate of rights which are guaranteed and protected by the government. Fulton Light, Heat & Power Co. v. State, 65 Misc.Rep. 263, 121 N.Y.S. 536. The term is said to extend to every species of valuable right and interest. More specifically, ownership; the unrestricted and exclusive right to a thing; the right to dispose of a thing in every legal way, to possess it, to use it, and to exclude every one else from interfering with it. That dominion or indefinite right of use or disposition which one may lawfully exercise over particular things or subjects.

  • Quit Claim Deed

    A deed of conveyance operating by way of release; that is, intended to pass any title, interest, or claim which the grantor may have in the premises, but not professing that such title is valid, nor containing any warranty or covenants for title. Under the law of some states the grantor warrants in such deed that neither he nor anyone claiming under him has encumbered the property and that he will defend the title against defects arising under and through him. but as to no others.

  • Real Estate

    Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property if not attached.

  • Real Estate

    Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property if not attached. The term is generally synonymous with real property. See also Property (Real property).

  • Regulations

    Such are issued by various governmental departments to carry out the intent of the law. Agencies issue regulations to guide the activity of those regulated by the agency and of their own employees and to ensure uniform application of the law. Regulations are not the work of the legislature and do not have the effect of law in theory. In practice, however, because of the intricacies of judicial review of administrative action, regulations can have an important effect in determining the outcome of cases involving regulatory activity.

  • Replacement Services

    To place again, to restore to a former condition. Illinois Cent. R. Co. v. Franklin County, 387 Ill. 301, 56 N.E.2d 775, 779. Term, given its plain, ordinary meaning, means to supplant with substitute or equivalent. Olenick v. Government Employees Ins. Co. , 42 A.D.2d 760, 346 N.Y. S.2d 320, 321. To take the place of.

  • Successor Trustee

    A trustee who follows or succeeds an earlier trustee and who generally has all the powers of the earlier trustee. Trusts generally make provisions for appointment of successor trustees.

  • Successor Trustree

    A trustee who follows or succeeds an earlier trustee and who generally has all the powers of the earlier trustee. Trusts generally make provisions for appointment of successor trustees.

  • Tenant

    In the broadest sense, one who holds or possesses lands or tenements by any kind of right or title, whether in fee, for life, for years, at will, or otherwise. In a more restricted sense, one who holds lands of another; one who has the temporary use and occupation of real property owned by another person (called the “landlord”), the duration and terms of his tenancy being usually fixed by an instrument called a “lease.” One who occupies another’s land or premises in subordination to such other’s title and with his assent, express or implied. One renting land and paying for it either in money or part of crop or equivalent.

  • Testamentary Trust

    Trust which takes effect at the death of the settlor.

  • Trustee

    Person holding property in trust. The person appointed, or required by law, to execute a trust; one in whom an estate, interest, or power is vested, under an express or implied agreement to administer or exercise it for the benefit or to the use of another called the cestui que trust. Person who holds title to res and administers it for others’ benefit.

  • Trustee

    Person holding property in trust. The person appointed, or required by law, to execute a trust; one in whom an estate, interest, or power is vested, under an express or implied agreement to administer or exercise it for the benefit or to the use of another called the cestui que trust. Person who holds title to res and administers it for others’ benefit. Reinecke v. Smith, 111. , 289 U.S. 1 72, 53 S.Ct. 570, 77 L.Ed. 1 109. In a strict sense, a “trustee” is one who holds the legal title to property for the benefit of another, while, in a broad sense, the term is sometimes applied to anyone standing in a fiduciary or confidential relation to another, such as agent, attorney, bailee, etc. State ex reI. Lee v. Sartorius, 344 Mo. 912, 1 30 S.W.2d 547, 549, 550. See also Bare trustee. Joint trustees. Two or more persons who are intrusted with property for the benefit of one or more others.

  • Trusts

    A right of property, real or personal, held by one party for the benefit of another. A confidence reposed in one person, who is termed trustee, for the benefit of another, who is called the cestui qui trust, respecting property which is held by the trustee for the benefit of the cestui que trust. Any arrangement whereby property is transferred with intention that it be administered by trustee for another’s benefit.

    A fiduciary relation with respect to property, subjecting person by whom the property is held to equitable duties to deal with the property for the benefit of another person which arises as the result of a manifestation of an intention to create it. An obligation on a person arising out of confidence reposed in him to apply property faithfully and according to such confidence; as being in nature of deposition by which proprietor transfers to another property of subject intrusted, not that it should remain with him, but that it should be applied to certain uses for the behalf of third party.

    A trust can be created for any purpose which is not illegal, and which is not against public policy. Essential elements of trust are designated beneficiary and trustee, fund sufficiently identified to enable title to pass to trustee, and actual delivery to trustee with intention of passing title.

    An association or organization of persons or corporations having the intention and power, or the tendency, to create a monopoly, control production, interfere with the free course of trade or transportation, or to fix and regulate the supply and the price of commodities.

  • Undue Influence

    Any improper or wrongful constraint, machination, or urgency of persuasion whereby the will of a person is overpowered and he is induced to do or forbear an act which he would not do or would do if left to act freely. Influence which deprives person influenced of free agency or destroys freedom of his will and renders it more the will of another than his own. Misuse of position of confidence or taking advantage of a person’s weakness, infirmity, or distress to change improperly that person’s actions or decisions.

  • Wage and Hours Laws

    General term describing federal and state laws governing the maximum hours which may be worked and the minimum wage to be paid. In particular, the federal law known as Fair Labor Standards Act of 1938 which regulates wages, hours and other conditions of labor. 29 U.S.C.A. § 20 1 et seq. See also Eight hour laws; Fair Labor Standards Act; Walsh-Healey Act.

  • Warranty Deed

    Deed in which grantor warrants good clear title. The usual covenants of title are warranties of seisin, quiet enjoyment, right to convey, freedom from encumbrances and defense of title as to all claims.

  • Will

    A “will” is generally defined as an instrument by which a person makes a disposition of his property, to take effect after his death, and which by its own nature is ambulatory and revocable during his lifetime.

    The legal declaration of a man’s intentions which he wills to be performed after his death. The legal expression or declaration of a person’s mind or wishes as to the disposition of his property, to be performed or take effect after his death. A revocable instrument by which a person makes dispo­sition of his property to take effect after his death.

    A written instrument executed with the formalities required by statutes, whereby a person makes a disposition of his property to take effect after his death.

All definitions taken from Black’s Law Dictionary, 5th Edition.

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