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

EQUITABLE RECOUPMENT

the term applied to the fair and reasonable reduction in the damages awarded to a claimant.

REMAINDER VESTED

an estate that goes to a certain person to be enjoyed by them until some time in the future when something occurs.

PARTY AND PARTY

a term that is sued to refer to both the plaintiff and the defendant, who are the 2 litigants in a law suit.

OBLIGATION PERSONAL

the name given to the obligation where a person binds himself to fulfill it and solely to carry it out.

PREFERENTIAL TRANSFER

the transferring of property by a debtor who is insolvent to a creditor and excluding transfer to other creditors.

NEGATIVE AVERMENT

the term used to describe a positive statement that is made in a negative way.

INVOLUNTARY TRUST

the term given to a trust that comes into being by the operation of laws that are in existence.

TESTAMENT MUTUAL

a will where 2 people leave their property to the survivor. See will, mutual.

GENERAL INSTRUCTION

the instructions given to the jury by the judge before they begin deliberation. The merits of the case are listed and the verdict is based only on these points.

COMMUNITY OF INTEREST

the interest that applies to all of the parties that embarking upon or engaged in a common enterprise.

CORPORATE SEAL

the term given to the emblem or the symbol used by the corporation and is shown on its stock or bond certificates.

PRODUCTION PAYMENT

the name that is given to the right to payment of a set share of money that has been earned from mined minerals.

COOPERATIVE APARTMENT

This term applies to an apartment where the tenant has interest in owning the building and he has a lease that entitles him to occupancy of his apartment.

PSEUDOHERMAPHRODITE

a person who is born with the internal genitals of one sex and the external genitals of the other sex.

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This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.