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Most Popular Legal Definitions

viz

To wit, or namely

chancellor

From the Old English legal system, a chancellor is a judge who sits in what is called a chancery (equity) court with the power to order something be done (as distinguished from just paying damages).

lien

A property right which remains attached to an object that has been sold, but not totally paid for, until complete payment has been made.

immunity

An exemption that a person enjoys from the normal operation of the law.

adjuster

employee of an insurance company or an adjustment firm employed by an insurance company to negotiate an early settlement of a claim for damages against a person, a business or public body. While a fair and responsible adjuster can serve a real purpose in getting information and evaluating the case for the insurance company, some adjusters try to make a settlement before the injured person has retained an attorney, or get a statement from the injured without counsel. Adjusters also represent the company in approving settlements.

hereditament

Some thing that can be inherited.

book value

A determination of the value of a corporation's stock by adding up the stated value of corporate assets as shown on the books (records) of a corporation and deducting all the liabilities (debts) of the corporation. This may not be the true value of the corporation or its shares since the assets may be under- or over-valued.

law of nature

The uncertain and elastic concept of regulation of conduct based on morality, conscience or God.

holograph will

A will that is not witnessed and is written in the handwriting of the testator.

heir

A beneficiary of a will or an intestacy.