Home › Law for Everybody › Dictionary of Law Terms: Bankruptcy

Dictionary of Law Terms: Bankruptcy

Official Assignees. Officers of the Court of Bankruptcy, one of whom is alloted to each bankrupt's estate. He acts with the assignees appointed by the creditors in the administration of the estate; but his special duty is to keep the assets of the estate, and receive and pay all money on account of it. Those officials under the present Bankruptcy Act have ceased to exist.

Onus probandi. The burden of proof. It is a legal principle that the issue in an action must be proved by the party who states an affirmative; not by the party who states a negative. The burden of proof, therefore, is on the former party. Ostensible Partner. A person whose name appears to the world as a partner in a firm. Although such a person may not have any interest in the partnership, he is liable for its debts and engagements.

Ouster. The turning of a person out of possession of property. Outlawry. The act or process by which a person is excluded from, or deprived of, the benefit of the laws, attended with a forfeiture of his goods to the State. Overt Act. An open act, capable of being manifested by legal proof. Oyer and Terminer. A commission directed to the judges and others, by virtue whereof they have power to hear and determine treasons, felonies, etc. 0 Yes. A corruption of the French oyez, hear ye! The term is used by a public crier to enjoin silence and attention.

Panel. A schedule or slip of parchment, containing the names of such jurors as have been returned by the sheriff to serve on trials. Parol. A word used to distinguish contracts which are made verbally or in writing not under seal.

Particeps criminis. A participator in a crime.

Partition. The dividing of lands held together by several persons into distinct shares or parts. When the land is capable of division it is sold. Patent Ambiguity. A matter of doubt appearing upon the face of an instrument. Pawn. A delivery of goods and chattels, to be retained until a debt is discharged. Peculiar. A particular parish or church having a special jurisdiction within itself, as exempt from the bishop's court.

Penance. An ecclesiastical punishment, varied according to the nature of the offence, in which the penitent is supposed to make satisfaction to the church for the scandal he has given by his evil example. Pendente lite. During litigation.

Perjury. The offence committed by a person who, having been sworn to tell the truth in a matter pending in a court of justice, wilfully and deliberately takes a false oath.

Perpetuity. Unlimited duration. The rule that land cannot be limited beyond a life or lives in being, and twenty-one years afterwards, and the period of gestation, if it actually exists, is commonly called the rule against perpetuities. Personal Estate, or Personalty. Movable things, whether alive or dead, as distinguished from land, or immovables, which are termed real estate. Petitioning Creditor. A creditor who petitions the Court of Bankruptcy to make his debtor a bankrupt.