Legal Articles

YEAR TO DATE (YTD)

Based on the start of a calendar year to the current date specified.

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YEAR TO DATE NET INCOME

Revenue from the start of a calendar year to a current date.

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YEAR-END CLOSING

Accounting. Done at the years end to close business for that year.

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YANKEE

A note issued in US dollars by a foreign company in the market.

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YIELD ADVANTAGE

The spread gained by having convertible bonds instead of stock. Refer to simple breakeven.

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YIELD BURNING

When underwriters charge too much for treasury bonds that are held in escrow. This is done before retiring the existing bonds and is illegal. This causes the yield to burn down.

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YIELD CURVE

Plotting interest rates against maturities creating a term structure. In normal conditions it is a upward curve. This causes shortterm funds to cost less to invest in. The shape is influenced by money, liquidity, and derivatives. Refer to expectations the

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YIELD CURVE OPTION

A spread that allows payoff based on the differential between on point on the yield curve and the strike price. The buyer gains efficiency and cost advantages.

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YIELD ENHANCEMENT

A strategy used to increase core returns. This is intended to be a low risk move. Refer to arbitrage speculation and hedging.

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YIELD TO CALL

The yield of a callable bond. This is the percent return at the first call date. Refer to yield to maturity.

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YIELD TO MATURITY

The yield of a coupon bearing security. It is the percent return of a bond when it finally matures. AKA promised yield. Refer to yield to call.

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YACHT INSURANCE

Insurance that covers pleasure boats against collision, hull damage, and liability indemnity.

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YEAR

The period in which the revolution of the earth round the sun, and the accompanyingchanges in the order of nature, are completed. Generally, when a statute Yspeaks of a year, twelve calendar, and not lunar, months are intended. Cro. Jac. 166.The year is either astronomical, ecclesiastical, or regnal, beginning on the 1st ofJanuary, or 25th of March, or the day of the sover- w eign’s accession. Wharton.I

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YEAS AND NAYS

The affirmative and negative votes on a bill or measure before alegislative assembly. “Calling the yeas and nays” is calling for the individual and oralvote of each member, usually upon a call of the roll.

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YEME

In old records. Winter; a corruption of the Latin “hiems.”

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YEOMAN

In English law. A commoner; a freeholder under the rank of gentleman. Cowell. A man who has free land of forty shillings by the year; who was ancientlythereby qualified to serve on juries, vote for knights of the shire, and do any other act,where the law requires one that is probus et legalis homo. 1 Bl. Comm. 400, 407.This term is occasionally used in American law, but without any definite meaning,except In the United States navy, where it designates an appointive petty officer, whohas charge of the stores and supplies in his department of the ship’s economy.

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YEVEN, or YEOVEN

Given; dated. Cowell.

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YIELD

In the law of real property, is to perform a service due by a tenant to hislord. Hence the usual form of reservation of a rent in a lease begins with the words”yielding and paying.” Sweet

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YIELDING AND PAYING

In conveyancing. The initial words of that clause in leasesIn which the rent to be paid by the lessee is mentioned and reserved.

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YOKELET

A little farm, requiring but a yoke of oxen to till It.

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