P

As used in law, this term means inactive; permissive; consisting in endurance or submission, rather than action; and in some connections it carries the implication of being subjected to a burden or charge. As to passive "Debt," "Title," "Trust" and "Use," see those titles. … [Read more...] about PASSIVE

n. A grant of some privilege, property, or authority, made by the government or sovereign of a country to one or more individuals. Phil. Pat. 1. In English law. . A grant by the sovereign to a subject or subjects, under the great seal, conferring some authority, title, franchise, or property; termed "letters patent" from being delivered open, and not closed up from inspection. … [Read more...] about PATENT (NOUN)

com. law. A book used by merchants with their customers, in which an entry of goods sold and delivered to a customer is made. 2. It is kept by the buyer, and sent to the merchant whenever he wishes to purchase any. article. It ought to be a counterpart of the merchant's books, as far as regards the customer's account. 3. Among English bankers, the term pass-book is given to a … [Read more...] about PASS BOOK

A trust that requires no action by a trustee. … [Read more...] about PASSIVE TRUST

The administrative branch of the U.S. Department of Commerce that manages federal patent and trademark laws, examining and issuing all U.S. patents and trademarks. … [Read more...] about PATENT AND TRADEMARK OFFICE (PTO)