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trust

trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...

will

will 1 : the desire, inclination, or choice of a person or group 2 : the faculty of wishing, choosing, desiring, or intending 3 : a legal declaration of a person's wishes regarding the disposal of his or her property after death ;esp : a formally executed written instrument by which a person makes disposition of his or her estate to take effect after death see also codicil, living will, testament antenuptial will : a will that was executed by a person prior to that person's marriage and is usually revocable by the court if no provision was made for the person's spouse unless an intention not to make such a provision is manifest conditional will : a will intended to take effect upon a certain contingency and usually construed as having absolute force when the language pertaining to the condition suggests a general purpose to make a will counter will : mutual will in this entry holographic will : a will written out in the hand of the testator and accepted as valid in many sta...

Common Law

Common Law [lex communis, Lat.]. 'The phrase 'common law' is used in two very different senses. It is cometimes contrasted with equity; it then denotes the law which, prior to the Judicature Act, was administered in the three ' superior ' Courts of law at Westminster, as distinct from that administered by the Court of Chancery at Lincoln's Inn. At other times it is used in contradistinction to the statute law, and then denotes the unwritten law, whether legal or equitable in its origin, which does not derive its authority from any express declaration of the will of the Legislature. This unwritten law has the same force and effect as the statute law. It depends for its authority upon the recognition given by our Law Courts to principles, customs, and rules of conduct previously existing among the people. This recognition was formerly enshrined in the memory of legal practitioners and suitors in the Courts; it is now recorded in the voluminous series of our law reports which embody the d...

Way-bill

Way-bill, a writing in which is set down the names of passengers who are carried in a public conveyance, or the description of goods sent with a common carrier by land....

Way

Way [fr. w'g, Sax.; weigh, Dut.; vig or wig, M. Goth.], road made for passengers.1. A passage or pat 2. A right to travel over another's property, Black's Law Dictionary, 7th Edn., p. 1587.There are three kinds of ways:-1st, a footway (iter); 2nd, a footway and horseway (actus, vulgarly called packe and prime way; 3rd, via or aditus, which contains the other two, and also a cartway, etc.; and this is two-fold, viz., regia via, the king's highway for all men, and communis strata, belonging to a city or town or between neighbours and neighbours. This is called in our books chimin, Co. Litt. 56 a.All ways are divided into highways and private ways. A right of way strictly means a private way, i.e. a privilege which an individual or a particular description of persons may have of going over another's ground. Such a right is an incorporeal hereditament.A highway is a public passage for the sovereign and all his subjects, and it is commonly called the king's public highway; and the turnpike ...

Indorsement

Indorsement [fr. in, Lat., upon, and dorsum, a back], anything written or printed upon the back of a deed or writing. The requisites of a valid indorsement of a bill of exchange, promissory note, or cheque, are laid down by the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 32, the principal requisites being that the indorsement must be written on the bill itself (except in the case of an 'allonge' or 'copy' in a country where 'copies' are recognized) and signed by the indorser, his simple signature, without additional words, being sufficient; that it be an indorsement of the entire bill [though indorsement of a blank form may be valid, Glenie v. Tucker, (1908) 1 KB 263]; and that where there are two or more indorsements, each is deemed to have been made in the order in which it appears on the bill, cheque, or note, until the contrary is proved. As to the recovery of the amount of the cheque by the drawer, after payment obtained by a forged indorsement, see North and S...

Quichuan

Designating or pertaining to a linguistic stock of South American Indians including the majority of the civilized tribes of the ancient Peruvian Empire with some wild tribes never subjugated by the Incas Most of these Indians are short but heavy and strong They are brachycephalic and of remarkably low cranial capacity Nevertheless they represent one of the highest of native American civilizations characterized by agricultural military and administrative skill rather than by science or literature although they were adept potters weavers and goldsmiths and preserved by the aid of the mnemonic quipu a body of legendary lore in part written down since the introduction of writing...

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