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

Category: S

SINKER

When a sinking fund provision is included in a bonds indenture.

SPINNING

Illegally enticing business from favored clients using allocations to establish a quid pro quo arrangement.

STANDBY LETTER OF CREDIT

A bank is protected if a customer defaults on a transaction by a standby letter of credit giving the bank the authority to pay the beneficiary and go after the customer to

STRICT LIABILITY

When a plaintiff makes a motion to prove harm has occurred without having to show how or why to collect damages.

SWAPTION

A receiver payer swap where the buyer can enter a swap at a predetermined rate in the future.

SHAM DEFENSE

A false or fictitious defense, interposed in bad faith, and manifestly untrue, insufficient, or irrelevant on its face.

SECOND DELIVERANCE

In practice. A writ allowed a plaintiff in replevin, where thedefendant has obtained judgment for return of the goods, by default on nonsuit, inorder to have the same distress again delivered to

SEVERAL DEMISES

In English practice. In the action of ejectment, it was formerly customary, in case there were any doubt as to thelegal estate being in the plaintiff, to insert in the declaration several

SINGLE DEMISE

A declaration in ejectment might containeither one demise or several. When it contained only one, it was called a “declarationwith a single demise.”

SPECIAL DILIGENCE

The measure of diligence and skill exercised by a good business manin his particular specialty, which must be commensurate with the duty to be performedand the individual circumstances of the case; not

SECOND DISTRESS

A supplementary distress for rent in arrear, allowed by law in some cases, where thegoods seized under the first distress are not of sufficient value to satisfy the claim.

STATUTE OF DISTRIBUTIONS

A law prescribing the manner of the distribution of the estateof an intestate among his heirs or relatives. Such statutes exist in all the states.

SCRIP DIVIDEND

One paid in scrip, or in certificates of the ownership of a corresponding amount of capital stock of thecompanv thereafter to be issued. Bailey v. Railroad Co., 22 Wall. 604, 22 L.

SECONDARY EASEMENT

One which is appurtenant to the primary or actual easement; every easement includes such “secondary easements,” that is. the right to do such things as are necessary for the full enjoyment of

SPECIAL ELECTION

An election for a particular emergency; out of the regularcourse; as one held to fill a vacancy arising by death of the incumbent of the office.Electiones fiant rite et libere sine in-

SIERVO

Span. In Spanish law. A slave. Las Partidas, pt 4, tit. 21, 1. 1.

SILENCE

The state of a person who does not speak, or of one who refrains from speaking. In the law of estoppel, “silence” implies knowledge and an opportunity to act upon it. Pence

SIXHINDI

Sine possessione mncapio procedere non potest. There can be no prescription without possession.

SIX CLERKS

In English practice. Officers of tlie court of chancery, who received and filed all bills, answers, replications, and other papers, signed office copies of pleadings, examined and signed dockets of decrees, etc.,

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