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Situs (law)
In law, the situs (pronounced {{IPAc-en, ', s, aɪ, t, ə, s) (Latin for position or site) of property is where the property is treated as being located for legal purposes. This may be important when determining which laws apply to the property, since the ''situs'' of an object determines the ''lex situs'', that is, the law applicable in the jurisdiction where the object is located, which may differ from the ''lex fori'', the law applicable in the jurisdiction where a legal action is brought. For example, real estate in England is subject to English law, real estate in Scotland is subject to Scottish law, and real estate in France is subject to French law. It can be essential to determine the ''situs'' of an object, and the ''lex situs'', because there are substantial differences between the laws in different jurisdictions governing, for example: whether property has been transferred effectively; what taxes apply (such as inheritance tax, estate tax, wealth tax, income tax and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin
Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the Roman Republic it became the dominant language in the Italian region and subsequently throughout the Roman Empire. Even after the fall of Western Rome, Latin remained the common language of international communication, science, scholarship and academia in Europe until well into the 18th century, when other regional vernaculars (including its own descendants, the Romance languages) supplanted it in common academic and political usage, and it eventually became a dead language in the modern linguistic definition. Latin is a highly inflected language, with three distinct genders (masculine, feminine, and neuter), six or seven noun cases (nominative, accusative, genitive, dative, ablative, and vocative), five declensions, four verb conjuga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intestacy
Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the "intestate estate". Intestacy law, also referred to as the law of descent and distribution, refers to the body of law (statutory and case law) that determines who is entitled to the property from the estate under the rules of inheritance. History and the common law Intestacy has a limited application in those jurisdictions that follow civil law or Roman law because the concept of a will is itself less important; the doctrine of forced heirship automatically gives a deceased person's next-of-kin title to a large part (forced estate) of the estate's property by operation of law, beyond the power of the deceased person to defeat or exceed by testamentary gift. A forced share (or legitime) can often only be d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Waters
The terms international waters or transboundary waters apply where any of the following types of bodies of water (or their drainage basins) transcend international boundaries: oceans, large marine ecosystems, enclosed or semi-enclosed regional seas and estuaries, rivers, lakes, groundwater systems (aquifers), and wetlands. "International waters" is not a defined term in international law. It is an informal term, which sometimes refers to waters beyond the "territorial sea" of any country. In other words, "international waters" is sometimes used as an informal synonym for the more formal term high seas or, in Latin, ''mare liberum'' (meaning ''free sea''). International waters (high seas) do not belong to any state's jurisdiction, known under the doctrine of 'mare liberum'. States have the right to fishing, navigation, overflight, laying cables and pipelines, as well as scientific research. The Convention on the High Seas, signed in 1958, which has 63 signatories, defined "hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Territorial Waters
The term territorial waters is sometimes used informally to refer to any area of water over which a sovereign state has jurisdiction, including internal waters, the territorial sea, the contiguous zone, the exclusive economic zone, and potentially the extended continental shelf. In a narrower sense, the term is used as a synonym for the territorial sea. Baseline Normally, the baseline from which the territorial sea is measured is the low-water line along the coast as marked on large-scale charts officially recognized by the coastal state. This is either the low-water mark closest to the shore, or alternatively it may be an unlimited distance from permanently exposed land, provided that some portion of elevations exposed at low tide but covered at high tide (like mud flats) is within of permanently exposed land. Straight baselines can alternatively be defined connecting fringing islands along a coast, across the mouths of rivers, or with certain restrictions across the mou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ship
A ship is a large watercraft that travels the world's oceans and other sufficiently deep waterways, carrying cargo or passengers, or in support of specialized missions, such as defense, research, and fishing. Ships are generally distinguished from boats, based on size, shape, load capacity, and purpose. Ships have supported exploration, trade, warfare, migration, colonization, and science. After the 15th century, new crops that had come from and to the Americas via the European seafarers significantly contributed to world population growth. Ship transport is responsible for the largest portion of world commerce. The word ''ship'' has meant, depending on the era and the context, either just a large vessel or specifically a ship-rigged sailing ship with three or more masts, each of which is square-rigged. As of 2016, there were more than 49,000 merchant ships, totaling almost 1.8 billion dead weight tons. Of these 28% were oil tankers, 43% were bulk carriers, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goodwill (accounting)
In accounting, goodwill is an intangible asset recognized when ownership of a firm is transferred as a going concern. It represents the value of a firm's intrinsic ability to retain customer business, where that value is not otherwise attributable to brand name recognition, contractual arrangements or other specific factors. Goodwill is recognized only through an acquisition; it cannot be self-created. It is the excess of the "purchase consideration" (the money paid to purchase the asset or business) over the net value of the assets minus liabilities. It is classified as an intangible asset on the balance sheet, since it can neither be seen nor touched. Under US GAAP and IFRS, goodwill is never amortized, because it is considered to have an indefinite useful life. (Though private companies in the United States may elect to amortize goodwill over a period of ten years or less under an accounting alternative from the Private Company Council of the FASB.) Instead, management is respon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intellectual Property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in the majority of the world's legal systems."property as a common descriptor of the field probably traces to the foundation of the World Intellectual Property Organization (WIPO) by the United Nations." in Mark A. Lemley''Property, Intellectual Property, and Free Riding'', Texas Law Review, 2005, Vol. 83:1031, page 1033, footnote 4. The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intangible Property
Intangible property, also known as incorporeal property, is something that a Natural person, person or corporation can have Ownership, ownership of and can transfer ownership to another person or corporation, but has no Tangibility, physical substance, for example brand identity or knowledge/intellectual property. It generally refers to statutory creations, such as copyright, trademarks, or patents. It excludes tangible property like real property (land, buildings, and Fixture (property law), fixtures) and personal property (ships, automobiles, tools, etc.). In some jurisdictions, intangible property are referred to as ''choses in action''. Intangible property is used in distinction to tangible property. It is useful to note that there are two forms of intangible property: legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but cannot be owned, extinguished, or transferred) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debtor
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt. Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt - debts for personal, family or household purposes secured primarily by a person's residence - are enforceable. For the most part, debts that are business-related must be made in writi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity. The term can also be used metaphorically to cover moral obligations and other interactions not based on a monetary value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person. Etymology The English term "debt" was first used in the late 13th century. The term "debt" comes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registered Instrument
A registered instrument is a form of property, such as shares or bonds, where records are kept of who owns the underlying property, or of the transactions involving transfer of ownership such as a company's share register. They may be contrasted with bearer instrument A bearer instrument is a document that entitles the holder of the document to rights of ownership or title to the underlying property, such as shares or bonds. Unlike normal registered instruments, no record is kept of who owns bearer instruments ...s in which no records are kept of ownership or transfers. In general, the legal '' situs'' of the property is the place that the register is located. Securities (finance) {{Econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
