wex articles

Secured Transaction Law: an overview

A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. A security interest also provides the secured party with the assurance that if the debtor bankrupts, he or she may be able to recover the value of the loan by taking possession of specified collateral instead of receiving only a portion of the borrower's property after it is divided among all creditors. See Bankruptcy.

estates and trusts: an overview

During the early 1500's in England landowners found it advantageous to convey the legal title of their land to third parties while retaining the benefits of ownership. Because they were not the real "owners" of the land, and wealth was primarily measured by the amount of land owned, they were immune from creditors and may have absolved themselves of some feudal obligations. While feudal concerns no longer exist and wealth is held in many forms other than land (i.e., stocks, bonds, bank accounts), the idea of placing property in third party hands for the benefit of another has survived and prospered. This is the idea of a trust.

food and drug law: an overview

Food production has been regulated in the United States since the mid–1800s. But it was not until 1906, when both the Food and Drug Act (21 U.S.C. 1 et seq.) and the Meat Inspection Act (21 U.S.C. 601 et seq.) were enacted, that the government took major steps to protect consumers. The Food and Drug Act prohibited interstate commerce in misbranded and adulterated foods, drinks, and drugs. While it has since been repealed, new laws regulate a wide range of consumer products.

Immigration law: an overview

Federal immigration law determines whether a person is an alien, the rights, duties, and obligations associated with being an alien in the United States, and how aliens gain residence or citizenship within the United States. It also provides the means by which certain aliens can become legally naturalized citizens with full rights of citizenship.

Introduction: profusion and variety

There are hundreds of legal systems in the world. At the global level, international law is of great importance, whether created by the practice of sovereign states or by agreement among them in the form of treaties and other accords. Some transnational entities such as the European Union have created their own legal structures. At the national level there are over 180 sovereign states in the United Nations Organization. Many of these are federal or confederal, and their constituent parts may well have their own law.

executive power: an overview

In its first three articles, the U.S. Constitution outlines the branches of the U.S. Government, the powers that they contain and the limitations to which they must adhere. Article II outlines the duties of the Executive Branch.

The President of the United States is elected to a four-year term by electors from every state and the District of Columbia. The electors make up the Electoral College, which is comprised of 538 electors, equal to the number of Representatives and Senators that currently make up Congress. The citizens of each state vote for slates of electors who then vote for the president on the prescribed day, selected by Congress.

food stamps: an overview

The Federal Food Stamp Act of 1964 (PDF) is the most significant food plan in the United States. It provides food stamps for needy individuals that can be exchanged like money at authorized stores. The federal government pays for the amount of the benefit received, while states pay the costs of determining eligibility and distributing the stamps. In addition, state public assistance agencies run the program.

income tax law: an overview

In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified. It empowered Congress to tax "incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." The Internal Revenue Code is today embodied as Title 26 of the United States Code (26 U.S.C.) and is a lineal descendant of the income tax act passed in 1913, following ratification of the Sixteenth Amendment. While some states do not have an income tax (Nevada), all residents and all citizens of the United States are subject to the federal income tax. Not everyone, however, must file a return. The requirements for filing are found in 26 U.S.C. § 6011. As the largest contributor, its purpose is to generate revenue for the federal budget. In 1985 for example, the government collected over $450 billion in income tax from a total of $742 billion in total internal revenue receipts. The funds collected are essential for the shaping and preservation of a free market economy.

legal writing: an overview

In many legal settings specialized forms of written communication are required. In many others, writing is the medium in which a lawyer must express their analysis of an issue and seek to persuade others on their clients' behalf. Any legal document must be concise, clear, and conform to the objective standards that have evolved in the legal profession.

There are generally two types of legal writing. The first type requires a balanced analysis of a legal problem or issue. Examples of the first type are inter-office memoranda and letters to clients. To be effective in this form of writing, the lawyer must be sensitive to the needs, level of interest and background of the parties to whom it is addressed. A memorandum to a partner in the same firm that details definitions of basic legal concepts would be inefficient and an annoyance. In contrast, their absence from a letter to a client with no legal background could serve to confuse and complicate a simple situation.

legislation: an overview

Legislation refers to the preparation and enactment of laws by a legislative body through its lawmaking process. The legislative process includes evaluating, amending, and voting on proposed laws and is concerned with the words used in the bill to communicate the values, judgments, and purposes of the proposal. An idea becomes an item of legislative business when it is written as a bill. A bill is a draft, or tentative version, of what might become part of the written law. A bill that is enacted is called an act or statute.