Bill quia timet is derived from the Latin phrase “quia timet” which means, “because he fears.” A bill quia timet grants a party equitable relief from the court for a probable harm to their specific right or interest.
A bill...
PROPERTY
blackacre
Blackacre refers to a fictional plot of land which is often used in examples when teaching or explaining property law concepts. In examples where more than one plot of land is necessary, Blackacre is often paired with fellow fictional plot of...
blind trust
Blind trusts refers to trusts established so that neither trustor or the beneficiary knows what assets are inside the trust after its creation. The trustee manages the trust until the beneficiaries are supposed to receive the assets or until...
bona fide purchaser
A bona fide purchaser is someone who exchanges value for property without any reason to suspect irregularities in the transaction. By definition, a bona fide purchaser cannot have actual or constructive notice as to defects in the seller’s...
broker
A broker is a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...
brownfield
According to the Environmental Protection Agency (EPA), brownfields are properties that were previously developed, but where expansion, redevelopment, or reuse may be complicated by the presence (or potential presence) of a hazardous...
burden
A burden is a generic term referring to a restriction on a use or activity. Often, the term arises in property law. For instance, real property may carry an intangible burden in the form of covenants or easements. These burdens generally...
buyer
A natural person or entity that buys goods or other property to a seller.
See also: Goods
[Last updated in July of 2021 by the Wex Definitions Team]
buyout agreement
Buyout agreement (also known as a buy-sell agreement) refers to a contract that gives rights to at least one party of the contract to buy the share, assets, or rights of another party given a specific event. These agreements can arise in a...
bypass trust
Bypass trust (also called an AB trust or a credit shelter trust) is a tool used by well-off married individuals to legally maximize their estate tax exemptions.
The strategy involves creating two separate trusts after one...