financial events

Ab intestato

Definition

A Latin term meaning "by intestacy." The term refers to laws governing the succession of property after its previous owner dies without a valid will.

AB Trust

Definition

An irrevocable trust created by a married couple to avoid probate and minimize federal estate tax. An AB trust is created by each spouse placing property into a trust and naming someone other than his or her spouse as the final beneficiary of...

Abscond

Definition

Leaving a jurisdiction secretly or suddenly, e.g. to avoid service of process, arrest, or prosecution; or leaving with another person's money or property.

Illustrative caselaw

See, e.g. Atwater v. City of Lago Vista, 532 U.S. 318 (2001...

Absolute-Bar Rule

Definition

A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.

Illustrative caselaw

See, e.g. Beardmore v. American...

Abuse

Definition

1) Abuse, generally: physically, sexually, or mentally injuring a person.

2) Child abuse: physically, sexually, or mentally injuring a child either with intent or through neglect.

3) Substance abuse: excessively using or misusing...

Accounting

Definition

1) The procedure of recording, analyzing, summarizing and classifying the financial transactions and information of a person or business which aids in accurate administration of resources.

2) A plaintiff's legal action to recover money...

Accretion

1) in real estate, the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline. Accretion is Mother Nature's little gift to a landowner. Compare to avulsion and alluvion.

2) In estates,...

Act of God

At common law, an overwhelming event caused exclusively by natural forces whose effects could not possibly be prevented (e.g., flood, earthquake, tornado). In modern jurisdictions, "act of God" is often broadened by statute to include all natural...

Act of Nature

See: Act of God

Adeem

See: Ademption

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