A flaw, dangerous condition, or other deficiency which is reasonably apparent to the ordinarily prudent person. (Contrast with a latent defect). The California Code of Civil Procedure, § 337.1(e) defines patent defect as “a deficiency which is apparent...
property & real estate law
peaceable possession
In property law, peaceable possession refers to the character of possession of a piece of land. Possession is peaceable when it is held without any adverse claims made by another to recover the property.
Some states require...
perfect
Perfect in law often means to complete all the steps necessary to have a clear right or interest in something. Most commonly, perfect refers to the process of publicly establishing a security interest in collateral for purposes of gaining...
perfected
Perfected refers to security interests that have been established publicly through one of the methods of perfection to gain priority. Among competing security interests, a security that is perfected will prevail over other unperfected...
perfection
Perfection is the process of publicly establishing a security interest in collateral for purposes of gaining priority. Among competing security interests, a security that is perfected will prevail over other unperfected security interests (...
permissive waste
In property law, permissive waste is a tenant’s failure or neglect to adequately maintain and care for a property in their care. Examples of permissive waste include the tenant’s omission of property maintenance, neglecting ordinary repairs,...
perpetuity
Perpetuity means something that continues indefinitely. In finance, this can refer to an annuity–rather, a cash flow–that continues on forever. As stated by Finance Formulas, a perpetuity is an annuity that is paid out in periodic payments...
personal property
Personal property is a type of property that includes any movable object or intangible asset of value that can be owned by a person and is distinct from real property. Examples include vehicles, artworks, and patents. Under common law, it is...
personalty
See personal property or chattel.
[Last updated in January of 2024 by the Wex Definitions Team]
pledge
A pledge is a type of security interest in which a lender takes possession of personal property as security for an obligation. Both the action of offering the property as a security interest and the actual property involved are referred to as...