A legal status granted to an individual who is in the United States and fears political persecution if he or she is forced to return to their home country.

ADVERSE POSSESSION

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usua... (more...)

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.

LIABILITY INSURANCE COVERAGE

Compensation to third parties who are injured or whose property is damaged due to the fault of the insurance holder. You may have liability insurance for your c... (more...)

Compensation to third parties who are injured or whose property is damaged due to the fault of the insurance holder. You may have liability insurance for your car or your home, or to cover actions you take in the course of your profession. Liability polices are sometimes called 'third-party policies.'

EXCULPATORY CLAUSE

A provision in a lease that absolves the landlord from responsibility for all damages, injuries or losses occurring on the property, including those caused by t... (more...)

A provision in a lease that absolves the landlord from responsibility for all damages, injuries or losses occurring on the property, including those caused by the landlord's actions. Most states have laws that void exculpatory clauses in rental agreements, which means that a court will not enforce them.

ESCHEAT

The forfeit of all property to the state when a person dies without heirs.

LIQUID ASSETS

Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.

REAL PROPERTY

Another term for real estate. It includes land and things permanently attached to the land, such as trees, buildings, and stationary mobile homes. Anything that... (more...)

Another term for real estate. It includes land and things permanently attached to the land, such as trees, buildings, and stationary mobile homes. Anything that is not real property is termed personal property.

COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP

A way for married couples to hold title to property, available in Arizona, California, Nevada, Texas and Wisconsin. It allows one spouse's half-interest in comm... (more...)

A way for married couples to hold title to property, available in Arizona, California, Nevada, Texas and Wisconsin. It allows one spouse's half-interest in community property to pass to the surviving spouse without probate.

BASIS

For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the pr... (more...)

For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the property, 'adjusted' to reflect improvements made or damage incurred while you own the property. See stepped-up basis, carryover basis.

SAMPLE LEGAL CASES

Estate of Ryan v. HERITAGE TRAILS

... Trinity was the only party to file a notice of appeal. II. Issues. Trinity raises numerous issues on appeal; however, our construction of the exception in section 614.1(2A) (a) and its interplay with section 668.5(1), disposes of this appeal. ...

Thomas v. Progressive Cas. Ins. Co.

... The disagreement centers on the proper construction and interpretation of the insurance policy. The construction of an insurance policy is the process of determining the policy's legal effect; interpretation is the process of determining the meaning of the words used in the policy. ...

Speight v. Walters Development Co., Ltd.

... LARSON, Justice. The plaintiffs, Robert and Beverly Speight, appeal from a summary judgment entered against them in their suit for breach of implied warranty of workmanlike construction against the builder of their home. The court of appeals affirmed. ...

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LEGAL TERMS

ASYLUM

ADVERSE POSSESSION

LIABILITY INSURANCE COVERAGE

EXCULPATORY CLAUSE

ESCHEAT

LIQUID ASSETS

REAL PROPERTY

COMMUNITY PROPERTY WITH RIGHT OF SURVIVORSHIP

BASIS

SAMPLE LEGAL CASES

Estate of Ryan v. HERITAGE TRAILS

Thomas v. Progressive Cas. Ins. Co.

Speight v. Walters Development Co., Ltd.

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