Legal Process

Adjudication
Adjudication refers to the legal process of resolving a dispute or deciding a case. The judgment or decision of a court, especially in bankruptcy proceedings, is considered adjudication.
Arbitrator
An impartial person chosen by the parties to solve a dispute between them. An arbitrator is empowered to make a final determination concerning the issue(s) in controversy and is bound only by his own discretion.
Assign
Assigning is the act of transferring ownership or rights from one party to another. This process involves an assignor who executes the transfer and an assignee who receives it.
Binding Arbitration
Binding arbitration is a method of dispute resolution in which an impartial third party, known as an arbitrator, makes a decision to resolve a conflict after reviewing the evidence and arguments presented by the involved parties. The decision is legally binding and enforceable in courts.
Conveyancing
Conveyancing is the legal process of transferring property ownership from one person to another. It involves a series of administrative and legal checks to ensure the transaction is legitimate and secure.
De Novo
The term 'de novo' denotes starting anew or afresh, suggesting a second trial or review as if the first had never occurred. It is commonly used in legal contexts, particularly concerning appeals and retrials.
Discovery
Discovery is a modern pretrial procedure by which parties gain information held by the adverse party. Common types of discovery include depositions, interrogatories, and the production of documents.
Dispossess
Dispossess refers to the act of ousting, ejecting, or excluding another party from the possession of lands or premises. This can occur through legal processes or wrongful actions.
Eviction, Actual
Eviction, actual, refers to the removal of a person from a property, either through force or by legal processes. This action is typically initiated by the property owner or landlord for various reasons, including non-payment of rent or violation of lease terms.
Execution
Execution refers to the formal process of signing, sealing, and delivering a contract or agreement to render it legally valid. In the context of securities, execution pertains to the act of carrying out a trade or order by a broker.
Foreclosure
An overview of the legal process where a lender seeks to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property used as collateral for the loan.
Garnishment
Garnishment is a legal process by which a creditor seeks to obtain payment from a debtor by taking a portion of the debtor's wages or bank account funds. This is typically done through legal proceedings.
Garnishment
Garnishment is a legal process where a court orders an employer to withhold all or part of an employee's wages, directing the funds to the court or a party that has secured a legal judgment against the employee. This can occur in situations such as divorce settlements or debt repayment.
Interlocutory Decree
An intermediate court decree issued before a final court decree. It deals with one or more parts of an issue until the final decree is issued resolving the matter.
Inverse Condemnation
Inverse condemnation is a legal procedure where property owners seek compensation for property interests that have been diminished in value or taken due to government activity.
Judgment
Judgment refers to the determination or decision of a court, or a monetary decision for property taken for public use. It also encompasses the use of understanding and intuition to resolve problems.
Levy
Levy refers to the legal process by which a government or agency imposes a tax, fee, or fine, or seizes property to satisfy an outstanding debt or obligation.
Petition
A petition is a formal written request, typically one submitted to a court or a governing authority, which outlines facts and circumstances that seek judicial or legislative action. Petitions can also express political desires or intentions, often accompanied by signatures of supporters.
Probate
Probate is the legal process by which a will is proved valid or invalid, encompassing all procedures necessary to authenticate the document and administer the estate of the deceased.
Recoup, Recoupment
Recoupment refers to the process of regaining or recovering losses, typically through legal means, compensation, or adjustments of accounts, often seen in various fields such as accounting, business law, and insurance.
Repossession
Repossession is the act by which a seller reclaims property from a buyer upon failure to fulfill payment obligations as stipulated in a contract.
Subpoena
A subpoena is a legal document issued under the authority of a court to compel the appearance of a witness or the production of documents for judicial proceedings. It carries legal penalties for non-compliance.
Trial Court
Trial courts are the first level of court where a case is initially heard and are responsible for examining the evidence and assessing the facts of a dispute. They are courts of original jurisdiction.
Writ
A Writ is a legal order issued by the authority and in the name of the state to compel a person to do something specified. It is issued by a court or other competent tribunal and contains specific instructions for action.

Accounting Terms Lexicon

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