When the seller does not have the cash to buy the asset.
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NAM
In old English law. A distress or seizure of chattels. As a Latin conjunction, for; because. Often used by the old writers in introducing the quotation of a Latin maxim.
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NAMATIO
L. Lat. In old English and Scotch law. A distraining or taking of a distress ; an impounding. Spelman.
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NAME
he designation of an individual person, or of a firm or corporation. In law a man cannot have more than one Christian name. Rex v. Newman, 1 Ld. Raytn. 062. As to the history of Christian names and surnames and their use and relative importance in law, see In re Snook, 2 Hilt. (N. Y.) 566.
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NAME POSITION BOND
If an employee working in a position listed in a bond causes loss by fraud, this specific type of fidelity bond will cover the insured.
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NAME SCHEDULE BOND
This specific type of fidelity bond is very much like the name position bond. If an employee working in a position listed in a bond causes loss by dishonesty this specific type of fidelity bond will cover the insured.
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Named Driver Exclusion
A named driver not covered under a car owner’s liability insurance. See Excluded Driver.
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Named Driver Policy
An insurance policy that provides coverage only when the driver of the vehicle is listed as a Named Driver.
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NAMED INSURED
This person’s interests are protected under the policy that this insurance contract made specifically for this named individual or firm , typically the policyholder. More than one entity may be a named insured in some situation.
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NAMED NON-OWNER POLICY
A borrowed or rented car, driven by the renter who has this specific type of policy written.
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NAMED PERILS
Covered on an insured property are specific types of losses’ potential causes..
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NAMES
Lloyd’s insurance underwriting syndicate members who provide risk capital, and share in the syndicate’s profit and loss, but do not participate in the underwriting process. In proportion to the invested amount, each ‘name’ is directly liable to the syndicate’s policyholders . Refer to name. Also refer to Lloyd’s Of London.
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NAMIUM
L. Lat. In old English law. A taking; a distress. Spelman. Things, goods, or animals taken by way of distress. Simplex namium, a simple taking or pledge. Bract, fol. 2056.
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NANOTECHNOLOGY
Emerging technology at atomic or molecular levels. New materials with unique characteristics uses emerge from its manipulations and processes. Equivalent to microengineering.
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NANTES, EDICT OF
A celebrated law for the security of Protestants, made by Henry IV. of France, and revoked by Louis XIV., October 2, 1685.
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NANTISSEMENT
in French law, Is the contract of pledge; if of a movable, it is called “gage;” and if of an immovable, it is called “antichrHse.” Brown.
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NAPHTHA
Volatile and highly flammable hydrocarbon liquid. Mixtures group member derived from coal tar or petroleum in specific distillation ranges. Contain large aromatic compounds’ proportions. Used mainly as solvents and paint thinners, naphthas are also feed stock for petrochemical and plastic industries. Coal tar naphthas are highly toxic. Petroleum naphthas distill between kerosene and gasoline grades.
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