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

Category: S

SPREAD LOSS

Finite reinsurance where premium is paid to an experience account every year for the contracts duration. The account generates a rate that covers loss. If anything is left at maturation it is

STATUTORY BOND

A government requirement that contractors, businesses, and fiduciaries whose work affects public  interest maintain a security bond to ensure sufficient fortification in case the contract individual breaks contract.

STRIPS

A US market Separate Trading of Registered Interest and Principal Securities.

SYNDICATE AGREEMENT

The contract syndicate members agree to. It designates the structure, rules, and time period. AKA underwriting agreement. Refer to subscription agreement.

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-

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

SIGIE

In old English law, a seal, or a contracted or abbreviated signature used as a seal.

SILVA

Lat In the civil law. Wood;

SINGULAR

Each ; as in the expression “all and singular.” Also, individual.

SKILL

Practical and familiar knowledge of the principles and processes of an art, science, or trade, combined with tbe ability to apply them in practice in a proper and approved manner and with

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