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Faint Hope Clause
The provision that allows an offender sentenced to more than 15 years before becoming eligible for full parole (e.g., a murderer) to have his or her parole eligibility reconsidered; a clause that allows for the possibility of the inmate being fully rehabilitated after 15 years.
That hypothetical value of a piece of property, given a willing purchaser
and a willing vendor, and a reasonable amount of time for the property
to be exposed to sale.
Title to ownership without restriction or limitation. For example
ownership of land in fee simple means the land is owned out right as compared
to a person who leased land.
A form of tenure under the feudal system that could only be transferred
to a lineal descendant. If there were no lineal descendants upon the death
of the tenant, the land reverted back to the lord.
A serious crime for which the punishment is prison for more than a year
or death. Crimes of less gravity are called misdemeanours. This term is
no longer used in England or other Commonwealth countries but remains
a major distinction in the United States.
Sometimes considered to be synonymous with the word Trustee. A fiduciary
holds certain rights which he or she must exercise for the benefit of
A writ of fieri facias commands a sheriff to take and sell enough property
from the person who lost the law suit, to pay the debt owed by the judgment.
French for an act of God; an inevitable, unpredictable act of nature,
not dependent on an act of man. Used in insurance contracts to refer to
acts of nature such as earthquakes or lightning.
Form prescribed under the Personal Property Security Act setting
out essential information such as the name of the debtor and the collateral;
the secured party must file the financing statement at the Personal Property
Registry to perfect a security interest by registration.
Meeting of Creditors:
The meeting called by the Trustee in Bankruptcy to consider the affairs
of the bankrupt or a debtor under a proposal. NOTE: Under the Bankruptcy
and Insolvency Act, as amended on September 30, 1997, there is not
a meeting of creditors required for simple personal bankruptcy cases,
unless the Superintendent of Bankruptcy or creditors holding 25% of the
proven claims request one.
Those assets that are attached to or are part of a building, or are fixed
A type of security interest that charges the debtor's property but does
not specify particular assets or pieces of equipment until the security
interest or instrument is crystallized.
That action that a lender will take to repossess and sell a piece of property
for defaults in mortgage payments.
A franchise is a
clone of a successful business. The franchisor has developed a system
for reproducing his business (often right down to the last detail). As
a franchisee, you rent the franchisor's trademark and method of doing
A franchise agreement is a contract which is entered into between the
franchisor, and the franchisee (and any guarantors, or others) in which
the relationship between the franchisor and franchisee (and others) is
described, in detail.
Deceitful conduct designed to manipulate another person to give something
of value by (1) lying, (2) by repeating something that is or ought to
have been known by the fraudulent party as false or suspect or (3) by
concealing a fact from the other party which may have saved that party
from being cheated.
A special right granting the full use of real estate for an indeterminate
time. It differs from leasehold, which allows possession for a limited
time. There are varieties of freehold such as fee simple and fee tail.
A person who owns freehold property rights (i.e. in a piece of real estate;
either land or a building).
Under the Bankruptcy and Insolvency Act, this is the preferring
by a debtor of one or more creditors over others by the payment to those
creditors of some extraordinary amounts of money. Under
the Bankruptcy and Insolvency Act, the Trustee can, under certain
circumstances, set aside fraudulent preferences up to three months prior
to the date of bankruptcy in the case of arm's length parties and one
year in the case of non-arm's length parties. The
Provinces also have Acts that can set aside these transactions.
Latin: an officer or agency whose mandate has expired either because of
the arrival of an expiry date or because an agency has accomplished the
purpose for which it was created.
Goods which are comprised of many identical parts. For example,
a bushel of grain, a barrel of apples or oil, which can be easily replaced
by other identical goods. One of the tests of whether items are
fungible or not is whether they can be sold by weight or number.
Nulla Voluntas Est:
A Latin expression that mentally impaired persons cannot validly sign
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