Legal Dictionary

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  1. 30-day Notice

    A common notice period required by many state and local landlord-tenant laws and ordinances. A notice from a landlord to a tenant to vacate the premises within 30 days; a notice from a landlord to a tenant informing the tenant of a change in the terms of the tenancy, e.g. an increase in rent; or a notice from a tenant to a landlord informing the landlord of his or her intent to vacate the premises within 30 days. If a tenant fails to vacate the premises within 30 days of service of landlord's [...]
  2. 341 Meeting

    In a bankruptcy case, a meeting of creditors or equity security holders convened by and presided over by the United States trustee. A meeting of creditors is mandatory whereas a meeting of equity security holders is discretionary. During a 341 meeting, the United States trustee must ask the debtor questions to ensure that he or she is aware of the consequences of discharging and reaffirming debts in bankruptcy. See also 11 U.S.C. § 341 Bankruptcy
  3. 341 Notice

    In a bankruptcy case, a notice sent to creditors when a bankruptcy petition is filed, naming the trustee (in chapter 7, 12, and 13 cases), setting the date and time of the 341 meeting — the first meeting of creditors, and setting deadlines, including for creditors to file objections to the debtor's discharge of debt in a chapter 7 bankruptcy case. See also Bankruptcy 341 meeting 341 Notice and Deadlines
  4. 342 Notice

    In a bankruptcy case, a notice the court clerk must give the debtor that describes the "general purpose, benefits, and costs" of proceeding under particular chapters of the United States Bankruptcy Code and specifies the consequences of concealing assets and making false statements. See also 11 U.S.C. § 342 Bankruptcy
  5. 3D Floor Plan

    A 3D floor plan, or 3D floorplan, is a virtual model of a building floor plan, depicted from a birds eye view, utilized within the building industry to better convey archtitectural plans. Usually built to scale, a 3D floor plan must include walls and a floor and typically includes exterior wall fenestrations, windows, and doorways. It does not include a ceiling so as not to obstruct the view. Other common attributes may be added, but are not required, such as cabinets, flooring, bathroom [...]
  6. 3rd Liberty Loan Act

    The Third Liberty Loan Act was a liberty bond sold during World War I that helped cover the war expenses of the United States. These bonds were loans taken by the US Government in which they would pay the money the citizens spent on the loan back in the future. There were two previous loan acts The Liberty Loan Act and The Second Liberty Loan Act, each giving more and more money to the US Government to fund the war. The Third Liberty Loan Act was enacted on April 5, 1918. The third act [...]
  7. 4-4-5 Calendar

    The 4–4–5 calendar is a method of managing accounting periods. It is a common calendar structure for some industries such as retail, manufacturing and parking industry. The 4–4–5 calendar divides a year into 4 quarters. Each quarter has 13 weeks, which are grouped into two 4-week "months" and one 5-week "month". The grouping of 13 weeks may also be set up as 5–4–4 weeks or 4–5–4 weeks, but the 4–4–5 seems to be the most common arrangement. When a 4–4–5 calendar is in [...]
  8. 401(k)

    In the United States, a 401(k) plan is the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Code. Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation (therefore tax-deferred until withdrawn after retirement or as otherwise permitted by applicable law), and limited to a maximum pre-tax annual contribution of $18,000 (as of [...]
    A type of savings account made possible by federal law. By creating a financial plan under 26 U.S.C. 401(k), employers can help their workers save for retirement while reducing taxable income. Workers can choose to deposit part of their earnings into a 401(k) account on a pre-tax basis. Furthermore, interest earned on money in a 401(k) account is never taxed before funds are withdrawn. See also 401(k) plan ERISA Internal Revenue Service: 401(k) Plans
  9. 401(k) Plan

    A deferred compensation retirement plan in which an employer withholds a portion of an employee's pretax wages and invests them in a qualified plan; an employer may contribute to an employee's 401(k) plan, e.g. by matching an employee's contributions. Wages invested in a 401(k) plan and income earned therefrom are not taxed until the employee withdraws them from the plan. A 401(k) plan may allow an employee to make a hardship withdrawal, but a distribution received before age 59.5 is generally [...]
  10. 501(c) Organization

    A 501(c) organization, or simply a 501(c), is a tax-exempt nonprofit organization in the United States. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. § 501) provides that 29 types of nonprofit organizations are exempt from some federal income taxes. Sections 503 through 505 set out the requirements for attaining such exemptions. Many states refer to Section 501(c) for definitions of organizations exempt from state taxation as well. 501(c) organizations can [...]
  11. 501(h) Election

    A 501(h) election or Conable election is a procedure that allows a 501(c)(3) non-profit organization to participate in lobbying that is limited only by the financial expenditure on that lobbying, regardless of its overall extent. The sole focus on financial caps allows organizations taking the 501(h) election to potentially perform a large amount of lobbying if it is done using volunteer labor or through inexpensive means. The 501(h) election is available to most types of 501(c)(3) [...]
  12. 51st State

    The "51st state", in post-1959 American political discourse, is a phrase that refers to areas or locales that are – seriously or facetiously – considered candidates for U.S. statehood, joining the 50 states that presently compose the United States. The phrase has been applied to external territories as well as parts of existing states which would be admitted as separate states in their own right. The phrase "51st state" can be used in a positive sense, meaning that a region or territory is [...]
  13. 7-day SEC Yield

    The 7-day SEC Yield is a measure of performance in the interest rates of money market mutual funds offered by US mutual fund companies. It is also referred to as the 7-day Annualized Yield. The calculation is performed as follows: Take the net interest income earned by the fund over the last 7 days and subtract 7 days of management fees. Divide that dollar amount by the average size of the fund's investments over the same 7 days. Multiply by 365/7 to give the 7-day SEC yield. To calculate [...]
  14. 707(b) Action

    In a Chapter 7 bankruptcy case, a motion by the court, the United States trustee, the trustee, the administrator, or any party in interest to dismiss a debtor's case on the ground that granting that debtor relief would constitute an abuse of the provisions of Chapter 7 of the United States Bankruptcy Code. Illustrative caselaw See, e.g. In re Stewart, 175 F.3d 796 (10th Cir. 1999). See also Bankruptcy 11 U.S.C. § 707(b)
  15. 72-hour Clause

    A 72-hour clause, typically inserted in real estate sale contracts, is also known as an escape clause, release clause, kick-out clause, hedge clause or right of first refusal clause. The 72-hour clause is a seller contingency which allows the seller to accept a buyer's contingent offer to purchase his/her property, while allowing the seller to continue to market the property. If the seller now receives another (better) offer to purchase the same property, he/she can also accept this offer, as [...]
  16. 722 Redemption

    722 Redemption is a process within the U.S. bankruptcy code under section 11 U.S.C. 722 that allows a debtor to redeem collateral based on the market value of the collateral. The bankruptcy code allows a debtor to pay the retail value of the collateral in a lump sum payment to the creditor in exchange for the lien on the collateral being released. In order for 722 redemption to apply the item in question must be personal property intended primarily for personal, family or household use. The [...]
  17. 99-year Lease

    A 99-year lease was, under historic common law, the longest possible term of a lease of real property. It is no longer the law in most common law jurisdictions today, yet 99-year leases continue to be common as a matter of business practice and conventional wisdom.
  18. 999-year Lease

    A 999-year lease, under historic common law, is an essentially permanent lease of property. The lease locations are mainly in Britain, its former colonies, and the Commonwealth.
  19. 99ers

    99ers is a colloquial term for unemployed people in the United States, mostly citizens, who have exhausted all of their unemployment benefits, including all unemployment extensions. As a result of the American Recovery and Reinvestment Act passed by Congress in February 2009, many unemployed people could receive up to 99 weeks of unemployment insurance benefits, hence the name "99ers". An estimated 7 million people are affected.
  20. </b> <b>natural Children

    In the phraseology of the English or American law, natural children are children born out of wedlock, or bastards, and are distinguished from legitimate children; but in the language of the civil law, natural are distinguished from adoptive children, that is, they are the children of the parents spoken of, by natural procreation. See Inst. lib. 3, tit. 1, §2.√ 2. In Louisiana, illegitimate children who have been acknowledged by their father, are called natural children; and those whose [...]

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