Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: N

NETWORK ARCHITECTURE

Computer network design. Mapping hardware, software, protocols, and devices. Outcome is successfully allowing different systems and devices to inter-communicate.

NEW FEDERALISM

Under the Nixon administration, this new plan transferred back to the state level some powers previously held by the federal government. Some powers were removed from the state level under Franklin Roosevelt’s

NEWLY ACQUIRED AUTOS

The insured must notify the insurer about a newly purchased vehicle within 30 days from purchase date. Some coverage automatically activates under the policy for vehicles purchased during the term of the

NFP ACCOUNTING STANDARDS

The Financial Accounting Standards Board (FASB) and the Government Accounting Standards Board (GASB) regulate these standards.

NITROGEN FIXATION

Natural process that takes free nitrogen (N2) from the air, converts or fixes it in nitrogen compounds that plants use as nutrients, as in fertilizer. In nature, certain bacteria present in the

NO RIGHT

Opposite of having privilege. A right is not exercisable under this condition or state.

NOMINAL ANNUAL RATE

An investment or debt instrument’s stated annual interest rate. Does not include a compounding component and is not adjusted even if the return is paid monthly, semiannually or annually. Also known as

NAKED POSSESSION

without any legal right to do so, one’s occupying real property or having physically possessing a material object.

NATIONAL ASSOCIATION OF EXPORT COMPANIES

Banking, law, accounting, insurance, and customs information for international trade is provide to international business people by this specific type of organization. Organization members are those interested in commerce that crosses national

NAVIGATION MAP

Finding one’s way around a website, locating areas of interest, and accessing other associated websites using a specific set of information and links. Also known as site map.

NEGATIVE COVENANT

1. Constraining provision in a debt agreement, like an adhesion contract type. Limits the borrower on stated points, like a ceiling on the executives’ salaries, or prohibition on debt acquisition, or tight

NET ACCOUNTS RECEIVABLE

Accounts receivable amount collectable by the firm’s reasonable confidence. Formula: Accounts receivable minus the bad debt allowance.

NET INCREASE

New policies written and renewed as a count minus policies lapsed or cancelled as a count. The insurer easily calculates to know the total periodic business the insurer has in force.

NET OPERATING ASSETS

Business liabilities subtracted from business operating assets. Gives an accurate picture of the company’s value. Calculated as: Operating assets minus financing activities cost.

NETWORK ECONOMY

Information technology used for interlinking business processes and economic activity.

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