In statutes relative to the taxation of corporations this term refers to the fund which the company has in excess of its capital and liabilities. Trenton Iron Co. v. Yard, 42 N. J. Law, 357; People's F. Ins. Co. v. Parker, 35 N. J. Law, 575; Mutual Ben. L. Ins. Co. v. Utter, 34 N. J. Law, 489; Mills v. Brit ton, 64 Conn. 4, 29 Atl. 231, 24 L. R. A. 536. … [Read more...] about ACCUMULATED SURPLUS
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ACKNOWLEDGE
To take note of or admit to something. Also with regard to legal documents where a person signing will acknowledge or specifically note that they are aware of something in the document which is bearing that person's signature. See also acknowledgement. Law Dictionary - Alternative Legal Definition To own, avow, or admit; to confess; to recognize one's acts, and assume the … [Read more...] about ACKNOWLEDGE
ACQUITTAL
In contracts. A release, absolution, or discharge from an obligation, liability, or engagement. In criminal practice. The legal and formal certification of the innocence of a person who has been charged with crime; a deliverance or setting free a person from a charge of guilt In a narrow sense, it is the absolution of a party accused on a trial before a traverse jury. Thomas v. … [Read more...] about ACQUITTAL
ACTA EXTERIORA IUDICANT INTERIORA SECRETA
Legal maxim and Latin for outward acts indicate the intent hidden from within. You are presumed to intend that natural consequences of your actions, e.g. if you fire a gun directly into a crowd of people you intend to harm, injure or kill someone. Overt acts make known latent thoughts, or Acts indicate the intention. Where an authority given by law is abused, the person becomes … [Read more...] about ACTA EXTERIORA IUDICANT INTERIORA SECRETA
ACCUMULATION TRUST
A trust instrument where trust income accumulates and is not paid to beneficiaries until specified conditions have been met. By way of example, a grandfather creates an accumulation trust for a grandson where the grandson will only receive the proceeds of the trust upon receiving a college degree. The grandson is the beneficiary of an accumulation trust. … [Read more...] about ACCUMULATION TRUST