Judgment Note. A note in the usual form, with the addition of the power to confess judgment if not paid. Jurisdiction. The authority by which judicial officers take cognizance of and decide causes.

Landlord. A proprietor of lands occupied by another, which latter party is termed the tenant.

Lapse. A forfeiture of the right of presentation to a church by the neglect of the patron to present. The word is also applied where a testamentary gift falls by the death of its object in the lifetime of the testator. Larceny. The wrongful and unlawful taking and carrying away by one person of the personal goods of another, with the felonious intention of converting

them to his own use.

Law. This word signifies generally an inflexible rule of action. The law of England is composed of written laws or statutes, and unwritten laws, or the customs of the realm. The latter is also termed the common law. Law of Nations. A system of rules or principles deduced from the law of nature, and intended for the regulation of the mutual intercourse of nations.

Leading Question. A question put or framed in such a form as to suggest the answer sought to be obtained. Such a question is not allowed to be put to a witness, except on cross-examination.

Lease. A conveyance or demise of lands of tenements for life, or years, or at will, but always for a less term than the party conveying has in the premises.

Lease and Release. The form of conveyance, until recently commonly used for conveying land; but a lease, commonly called a lease for a year, is no longer necessary; the release alone being now as effectual as a lease and release were formerly,

Leasehold. Lands held on lease, which (however long the term) are considered as chattels real, and go to the next of kin, and not to the heir, on the death of the owner intestate.

Legacy. A gift or bequest of money, goods, or other personal property by will. The person to whom it is given is styled the legatee; and, if the gift is of the residue, after payment of debts and legacies, he is then styled the residuary legatee.

Lessor and Lessee. The person who grants a lease is called the lessor, the party to whom it is granted, the lessee, and the person to whom either of them assigns, the assignee.

Letters of Administration. The instrument granted by the Probate Court under which administrators derive their title to administer the goods and chattels of an estate.

Letters (or Power) of Attorney. A writing, under seal, empowering another person to do any act instead of the person granting the letter. It may be either general or special; the attorney represents his principal in the matters prescribed by the letter until it be revoked.

Letters of License. An instrument whereby creditors grant to their debtor time for the payment of his debts, and bind themselves not to molest him until that time has expired.

Levy. The seizing of goods or chattels by a sheriff under an execution is called a levy.

Ledger. Book of accounts.

Letters of Credit. A letter authorizing the holder to receive money on account of the writer. Legal Debts. Debts that are recoverable in a court of common law.

Legal Tender. That which the law authorizes to be tendered in payment of debts. Strictly speaking, it is the exact amount of the debt in current funds. It is not a legal tender to demand change.

Letter of Advice. A letter of information concerning a shipment of goods or of the drawing of a draft. Libel. A malicious defamation, expressed either in printing or writing, or by signs, pictures, etc., tending either to blacken the memory of one who is dead, or the reputation of one who is alive, and thereby exposing him to public hatred, contempt, or ridicule.

Lien. A qualified right which a person has in or to a thing in his possession, arising from a claim upon the owner. Liens are of two kinds, particular or general. Limited Liability. The limitation of the liability of shareholders in a company to the amount unpaid upon their shares, introduced by recent Acts, and applicable to all companies registered thereunder: such companies are bound to use the word "Limited" in their title after the word "Company."

Lineal Descent. That which goes from father to from son to grandson, and so on.

Liquidated Damages. Damages, the amount of which is fixed or ascertained.

Liability. Debt or claim against a person. License. Legal permission to self goods or to do certain things.

Liquidate. To pay off, as debts; to settle or adjust accounts.

Lighterage. A charge for conveying goods to or from a vessel in a harbor.

Limit. A set figure, at which one's trade is to be made or closed.

Liquidation. When employed by speculators, this term signifies the selling out of property previously bought or contracted for. The expression liquidation by longs," is in contradistinction to "covering by shorts." In a market where both processes are extensively carried on, it is called "evening up.' Loan. To deliver to another for temporary use; the thing lent.

Long. One who has property bought in anticipation of a rise in price. Hence, for a trader to be "long" of stocks or grain presupposes him to be a "bull.” used adjectively.

Also

Long Market. A market that is overbought, the volume of open contracts to buy property for future delivery being in dangerous excess of the probable demand.

Lunatic. One who has had understanding, but, by grief, disease, or other accident, has lost the use of his reason generally, though he may have lucid intervals.

Magna Charta. The great charter of English liberties granted by, or rather extorted from, King John, at Runnymede, between Windsor and Staines, on the 15th of June, 1215, and afterwards confirmed by Henry III.

Maihem or Mayhem. The violently depriving another of the use of such of his members as may render him less able, in fighting, either to defend himself or to annoy his adversary.

Malice Prepense. Malice aforethought; i. e., deliberate, predetermined malice.

Mandamus. A writ commanding the completion or restitution of some right, or the performance of a duty. Manor. A territorial domain, held partly by the lord and partly by his tenants; it must have continued from time immemorial, and have annexed to it a Court Baron, with at least two suitors.

Manslaughter. The unlawful killing of another, but without malice.

Manumission. The making a bondman free.

Marque and Reprisal (Letters of). Commissions granted to individuals to fit out privateers in time of war; not used in the late war, and abandoned by all the great powers at the Congress of Paris, 1856.

Master of the Rolls. An assistant of the Lord Chancellor, who hears and decides the cases assigned to him, at his own court in the Rolls Yard. He holds his office by patent for life.

Maturity. Bills, or notes, when due, are said to be at their maturity.

Maxims in Law. Certain proverbial axioms, which form part of the general custom or common law of the land. As, "No man is bound to criminate himself." "Conditions against law are void." "It is fraud to conceal fraud," etc., etc.

Malfeasance. An act which one has no right to do. Mandatory. One to whom business is intrusted or charge given. Manifest. A list of articles comprising a vessel's cargo. Manufacture. The process of converting raw material into articles of use and sale.

Margin. A sum of money deposited with a broker, in stock transactions, to protect him against loss by the depreciation of stocks held by him for another party. Also the difference between the value of securities deposited as collateral and the amount loaned upon them. Marine. Relating to the sea.

Maritime Law. Law relating to harbors, ships, and seamen.

Mart. A place of public sale; a market.
Maximum. The highest figure.

Merger. The sinking of a smaller estate into a greater, whereby the former is utterly extinguished and destroyed. It takes place when two estates meet together, without any intermediate estate between them, to both of which estates the same individual is entitled in one and the same right as where a tenant for life afterwards acquires the fee simple.

Mesne-Process. Commonly used to describe the first process in an action, as where a party used to be arrested on mesne-process, as distinguished from an arrest on a final judgment.

Mercantile Law. Law relating to business trans

actions.

Mercantile Agency. A concern which procures information relating to the financial standing and credit of merchants for the use of others, to whom said merchant may apply for credit.

Misdemeanor. Anindictable offense, which, though criminal, does not amount to felony.

Misprision. A neglect, oversight, or contempt; as, for example, misprision of treason is a negligence in not revealing treason.

Minimum. The lowest figure.

Mint. The place where money is coined. Misfeasance. Doing in an improper manner, by which another receives an injury.

Mitigation. Lessening the amount of a judgment, penalty, or punishment.

Moot Point. An obscure point of law not definitely settled; and therefore open for discussion. Mortgage.

A conveyance of lands by way of security, for the repayment of a sum of money borrowed, or owing.

Mortmain. Lands held by corporations are said to be held in mortmain.

Motion. An occasional application to the court, to obtain some rule or order in the progress of a cause. Money. Current coin and circulating medium. Money Broker. A broker who deals in money or exchanges.

Non Feasance. The non-performance of an act that should be done. Note. An obligation without a seal; a written promise to pay. Nominal. Existing in name only.

Nuisance. Anything which unlawfully annoys or does damage to another. Nuisances may be either public or private. Nuncupative Will. An oral will before a sufficient number of witnesses, and afterwards reduced to writing now abolished, except as to soldiers and sailors. Nunc Pro Tunc. Literally, now for then; and is often so used in legal proceedings.

Oath. An appeal to God as a witness of the truth of what is affirmed or denied in evidence, in the presence of a judge, magistrate, or other officer authorized to administer oaths.

Obligation. That which legally binds a party to perform a duty.

Official Assignees. Officers of the Court of Bankruptcy, one of whom is allotted to each bankrupt's estate. He acts with the assignees appointed by the creditors in the administration of the estate; but his especial duty is to keep the assets of the estate, and receive and pay all money on account of it.

Onus Probandi. The burden of proof. It is a legal principle that the issue in an action must be proved by the party who states an affirmative; not by the party who states a negative. The burden of proof, therefore, is on the former party.

On Call. When money is loaned "on call," it is understood that it must be returned the day it is called for, before the close of banking hours, and without pre

made.

Mortgagor. One who makes the mortgage. Municipal Law. That which pertains solely to the citizens of a particular state, city, or province. Muniments. Deeds, evidences, and writings in gen

eral.

Murder. Unlawfully killing any person, with malice aforethought, either express or implied by law. Mutiny Act. An Act annually passed to punish mutiny and desertion, and for the better regulation of the army.

Naturalization. The making a foreigner a lawful subject of the state.

Negotiable Instruments. Those instruments which confer on the holders the legal right to sue for the money or property thereby secured, and which by delivery pass such money or property from man to man-as bills of exchange, bills of lading.

Next Friend. The party in whose name an infant or feme-covert brings an action or suit.

Negotiable. That may be transferred by indorsement and delivery, or by delivery alone.

Negotiate. To transact business or treat with another respecting trade or treaty.

Net. Clear of all charges and deductions.

Net Proceeds. The sum left after deducting commission or discount, etc.

Negotiable Paper. Notes, drafts, or other written obligations, which may be bought and sold.

Net Cash. A term applied to a bill of goods to be paid without any allowance or discount, and without reference to time, but by common custom understood to be thirty days, unless otherwise specified.

Nisi Prius. A term applied to those courts in which civil causes are tried before a judge and jury.

Nolle Prosequi. An acknowledgment by the plaintiff that he will not further prosecute his suit, as to the whole or a part of the cause of action.

Non Assumpsit. He has not promised. A plea by which a defendant denies his liability in an action of assumpsit.

Non Pros. When the plaintiff neglects to take any step within the prescribed time, the defendant may move for a judgment against him, which is called judgment of non pros.

Nonsuit. A renunciation of a suit by a plaintiff, after which he may still commence another action for the same cause, which he could not do if a verdict goes against him.

Notary Public. A person whose business it is to note and protest bills of exchange, and who also attests deeds and writings, to make them authentic in another country.

Open Policy. A policy upon which amounts yet to be ascertained and insured, may be entered at different times.

Option. Property bought or sold at the call or demand of the buyer or seller as may be specified; a conditional contract.

Ostensible Partner. A person whose name appears to the world as a partner in a firm. Although such a person may not have any interest in the partnership, he is liable for its debts and engagements.

Outlawry. The act or process by which a person is excluded from, or deprived of, the benefit of the laws, attended with a forfeiture of his goods to the Crown. Outlawed. Term applied to a debt or note which has run beyond the time when its payment can be enforced by law.

by legal proof. Overt Act. An open act, capable of being manifested

Overdraw. To issue a check for more than the concern's deposit.

Overdue. Remaining unpaid after maturity. Overissue. An issuing as of stock, beyond or in excess of the capital stock.

Oversold. The reverse of overbought. Owe. To be indebted to, or bound to pay. Oyer and Terminer. A commission directed to the judges and others, by virtue whereof they have power to hear and determine treasons, felonies, etc.

O Yes. A corruption of the French oyez, hear ye! The term is used by a public crier to enjoin silence and

attention.

Panel. A schedule or slip of parchment, containing the names of such jurors as have been returned by the sheriff to serve on trials.

Paraphernalia. Things to which a wife is entitled over and above her dower, consisting of wearing apparel and ornaments suitable to her rank and station in life. The husband may (with the exception of his wife's wearing apparel) dispose of them in his lifetime, but not by will. On his death they belong to the wife absolutely.

Parol. Word of mouth, verbal.

Particeps Criminis. A participator in the crime. Partition. The dividing of lands held by joint tenant, coparceners, or tenants in common, into two distinct portions.

Pawn. A delivery of goods and chattels, to be retained until a debt is discharged.

Par. Equal value; when market value equals face

value.

Partnership. Company; union of two or more in business.

Pawnbroker. One who lends money on a pledge or deposit of goods.

Payee. The party to whom payment is to be made. Payor. One who pays or is bound to pay. Paper Profits. Profits on contracts not yet closed, and consequently not yet in hand.

Par of Exchange. Equivalent value of the currency of a country in that of another.

Partial Payment. Part payment of a debt.
Partner. An associate in business.

Passing a Dividend. When the directors of a corporation vote against declaring a dividend it is said to be "passed." This is nearly always the cause of great weakness in the stock.

Penance. An ecclesiastical punishment, varied according to the nature of the offense, in which the penitent is supposed to make satisfaction to the Church for the scandal he has given by his evil example.

Perjury. The offense committed by a person who, having been sworn to tell the truth in a matter pending in a court of justice, willfully and deliberately takes a false oath. Perpetuity. A rule that land cannot be limited beyond a life or lives in being and twenty-one years afterwards, and the period of gestation, if it actually exists, is commonly called the rule against perpetuities. Personal Estate, or Personalty. Movable things, whether alive or dead, as distinguished from land, or immovables, which are termed real estate.

Petitioning Creditor. A creditor who petitions the Court of Bankruptcy to make his debtor a bankrupt. Pin Money. An allowance set apart by the husband for the personal expenses of a wife, i. e., for her dress and pocket money.

Pit Traders. Brokers who are in the pit daily trading for their own account.

laration.

Plaintiff. The complainant in an action or suit. Plea. The defendant's answer to the plaintiff's decPleader. A lawyer, who draws the pleadings in actions.

Pleadings. The mutual allegations or statements which are made by the plaintiff and defendant in an action.

Pledge. A pawn; a deposit as security.

Price. Value set or demanded; current value. Price Current. A table of the current price of merchandise, stocks, bills of exchange, etc.

Prima Facie. On the first view of the matter. Primage. A charge imposed in addition to the freight.

Principal. An employer; the head of a commercial house; the sum loaned, upon which interest is paid. Preferred Stock. Shares of a corporation having preference over ordinary shares, but not over bonded or mortgaged indebtedness. Preferred stock is usually issued for borrowed capital. Earnings, if any are left after paying interest on the bonded debt, go next to pay a dividend on the preferred stock, and only what then remains is applied to the common stock.

Privileges. "Puts" and "Calls." A "put" is the privilege or option, which a person purchases, of "putting," . e., delivering, property or contracts for property to the seller of such privilege, at a named price within a stipulated time- -one or more days, weeks, or months. "Puts" are good (from the buyer's standpoint) when the market declines below the "put" price within the time covered by the privilege contract. The buyer can then buy the property at the cheaper figure and "put" it to the person who sold him the risk, his profit being the difference between the "put" price and the quotation at which the property is bought with which to make the delivery. A"call" is the reverse of a "put," the purchaser of a "call" acquiring the right to"call" upon the seller of the privilege for property, or contracts for property, at a named price within a stipulated time. "Calls are good when the market advances above the call price, and the buyer of such privilege is enabled to sell at a profit the property "called" from the seller of the privilege. The seller of privileges occupies, in a sense, the position of an in

Postea. The verdict of the jury drawn up in due form, and entered on the back of the record.

Pound Breach. The indictable offense of breaking open a pound for the purpose of taking cattle therefrom. Policy of Insurance. Contract between the insurer and the insured.

Portage. The price of carrying; cost paid by the captain for running his vessel.

Point. On stock exchanges "a point" is understood to mean one dollar a share. A decline in Missouri Pacific from twenty-five to twenty-two would be a decline of three points.

Pool. The stock and money contributed by a syndicate to control the price of a given surety or commodity. Also refers to the individuals composing the pool. Post Date. To date after the real day. Pre-emption. The right of first buying. Prescription. A title acquired by use and time, and allowed by law.

Presentment. The notice taken by a grand jury or inquest of any offense, etc., from their own knowledge

or observation.

Primogeniture. The right of the eldest son to inherit his ancestor's estate, to the exclusion of the younger son, where the ancestor has died intestate.

Privilege. An exemption from the general rules of law. It is of two kinds-real, attaching to any place, or personal, attaching to persons, as ambassadors, etc. Probate. The copy of a will made out on parchment with a certificate of its having been proved.

Process. A general term applied to formal judicial proceedings.

Prohibition. A writ issuing out of the superior courts directing the judge of an inferior court not to proceed further in a suit.

Promissory Note. A written promise by which one person engages or promises to pay a certain sum of money to another.

Pro Rata. In proportion.

Protest. On bills of exchange. A protest means

an insurance company sells fire, life, or accident risks. Trading in privileges is illegal in some states, notably in Illinois. Prices paid for privileges are usually $1.00 per thousand bushels for a single day, $1.25 for a week or ten days, and from $2.50 to $7.50 for a month or during the life of a distant option.

Promoters' Shares. Those issued by corporations in payment of the services of promoters in the organization of companies.

Pyramiding. Enlarging one's operations by the use of profits which one has made. For instance, if one buys 5,000 bushels and the market advances 2 cents, he sells, realizes $100 profit, and with this in addition to his additional margin he buys 10,000 bushels of wheat, which he closes on a further advance and makes a still larger investment. On steadily advancing markets with moderate reactions this plan makes large profits, but must not be followed too far and liberal margins should be kept.

Quarantine. Signifies 40 days. It is applied to the period which persons coming from infected countries are obliged to wait on board ship before they are allowed similar period during which a widow, entitled to dower, to land. But in law it more strictly applies to the is permitted to remain in her husband's capital mansion after his death, whilst she awaits the assignment of her dower.

Quash. To annul or cancel.

Quasi Contract. An implied contract.

Quid Pro Quo. Giving one thing for another, being the mutual consideration in contracts.

Quo Warranto. An ancient writ still in use, directed against any person or corporation, who usurps any office, franchise, or liberty, calling upon them to show by what authority they support their claim.

Quotations. A statement of the prices of articles of merchandise, given for the information of correspond

ents.

Rape. The carnal knowledge of a female who is above the age of ten years, against her will; or of a girl under the age of ten years, although with her permission. The age of consent varies.

Rate. The proportion or standard.

Stoppage in Transitu. Goods sold on credit to a person, since becoming insolvent or bankrupt, may be seized by the vendor at any time before their actual and complete delivery to the vendee. This seizure is called stoppage in transitu; it is often a nice and difficult question to determine when the transit has ended and the purchaser's possession begun.

Stipend. Settled pay for services; daily, monthly, or annual salary.

Stipulation. An agreement or contract. Stocks. Shares in joint stock companies, and notes on the government.

Stock Broker or Jobber. One who speculates in stocks.

Statute of Limitations. An assigned period within which legal action must be commenced to enforce payment.

Statement. and liabilities.

Usually a list of property, or resources

Statistics. A collection of facts respecting any particular thing.

pay a debt, which, if refused, may be afterwards pleaded in bar to an action.

Tenement. Property held by a tenant; it comprises lands, houses, and every species of real property which may be holden.

Tenure. The system of holding lands in subordination to some superiors.

Testamentary Guardian. A person appointed by a father in his will to be the guardian of his child. Testator or Testatrix. The maker of a will. Teste. The clause at the bottom of a writ beginning with the word "witness," is so called.

Tenants in Common. Persons holding lands and tenements by several and distinct titles, and not by a joint title.

Title. The evidence of the right which a person has to the possession of property.

Time Draft. A draft maturing at a future specified time.

Tonnage. Weight of a ship's load; capacity of a vessel. Also a duty on ships estimated per ton. Traverse. A plea which denies the truth of some part of the plaintiff's declaration in an action. Treasure Trove. Any money, etc., found hidden under the earth the owner thereof being unknown.

Trespass. Any wrong or damage which is done by one man to another, whether it relates to his person or property, but it usually signifies a wrongful entry on another's premises.

Trial. The formal method of examining and adjudicating upon a question of fact in a court of law.

Trover. The form of action used to try a disputed question of property in goods or chattels, in which the plaintiff can only recover their estimated value, and not the goods or chattels themselves.

True Bill. The words indorsed upon an indictment by a grand jury, when satisfied that the charge against the offender is made out.

Stock. Certificates issued by a corporation certifying that the person in whose name they are written and stand registered on the corporation books is entitled to share in the company's profits, to vote, etc.

Stock, Assessable. That is liable to assessment. Stock, Cumulative. One on which a corporation agrees to pay past due dividends before declaring a dividend on stocks coming after it in the distribution of net earnings.

Stock Exchange. An incorporated body of brokers, who buy and sell stocks, bonds, and other values. Stock, Non-Assessable. Stock carrying with it no liabilities.

Subornation of Perjury. The offense of procuring another to take a false oath.

Subpoena. A writ used for the purpose of compelling witnesses to attend and give evidence.

Sufferance. A tenant at, is a person who acquired the possession of lands by right, and holds over after his right is determined.

Suit. Proceedings in equity are usually termed suits, as distinguished from the proceedings at common law, which are termed actions.

Summons, Writ of. The process used for the commencement of all action in the courts of law. Supersedeas. A command to stay some ordinary proceedings at law, on good cause shown.

Sue. To prosecute in law.

Surety. Security against loss; a person bound for the faithful performance of a contract by another. Suspend. To stop payment temporarily. Syndicate. A number of capitalists who unite to dispose of a loan, or to conduct a great financial enterprise.

Tacit. That which is understood; implied. Tare. An allowance for weight of box, case, bag, cask, etc., containing merchandise.

Tariff. A list of prices; duties on imports and exports.

Tax. A rate or sum of money imposed on persons or property for public use.

Tenancy. The holding of property under tenure. Tenant. One who holds lands of another as a tenant for life, for years, in tail, etc.; it is a word extensively used in legal phraseology.

Tender. A legal tender is an unconditional offer to

age.

Transfer. To convey; to sell or alienate title. Treasury. A place where public money is kept. Trustee. One to whom some special trust is assigned.

Trade. A company of persons engaged in the same occupation; business of buying and selling.

Trade Discount. A deduction of a certain rate per cent. from the face of a bill made by wholesale houses and others in trade.

Trade-Mark. A distinguishing mark used by a manufacturer on his goods or labels.

Trunk Lines. Through lines of railroad from the Atlantic seaboard to Chicago or more western points. Trust. A combination of manufacturers or dealers for the purpose of limiting production and advancing prices for their own benefit.

Umpire. A third person chosen to decide a matter in dispute left to arbitration, in case the arbitrators should not agree.

Under-Lease. A lease granted by one who is himself only a lessee of the premises under-let.

Under-Lessee. The person to whom an under-lease is granted.

Unliquidated Damages. Damages not fixed or ascertained, and which require therefore to be estimated by a jury.

Uncurrent. Not passing in common payment, as pounds, shillings, and pence in the United States.

Underwriter. An insurer; so called because he underwrites his name to the conditions of the policy. Use. A right to the beneficial enjoyment of land nominally vested in another.

Usury. The extortion of unlawful gain; the taking more for the use of money than is allowed by law; but the usury laws in this country are now abolished, any rate of interest therefore may now be lawfully taken.

Usage of Trade. Custom, or the frequent repetition of the same act in business transactions. Usance. A fixed time on bills of exchange; business habit generally acted upon from force of custom.

Value Received. The words usually, but unnecessarily, appearing in bills of exchange and promissory

notes.

Valid. Of binding force; strong; effectual.