| |
|
|
Glossary
Fair market value
A hypothetical number representing the most probable price that would be paid
for a property by average, informed purchasers.
Federal Public Defender
An attorney employed by the federal courts on a full-time basis to provide legal
defense to defendants who are unable to afford counsel. The judiciary
administers the federal defender program pursuant to the Criminal Justice Act.
Fee simple
A term referring to the ownership of property and meaning the most extensive
tenure allowed under the feudal system, allowing the tenant to sell or convey by
will or to transfer to an heir if the owner dies intestate. In modern law,
almost all land is held in fee simple and this is as close as one can get to
absolute ownership in common law.
Fee tai
A form of tenure under the feudal system which allowed property to be
transferred to a lineal descendant only. In default of lineal descendants upon
the death of the tenant, the land reverted back to the lord.
Felony
Any crime for which the punishment is prison for more than a year, or death.
Crimes of less gravity are called misdemeanors (which see).
Feudal system
The social structure existing throughout much of Europe between 800 and 1400 C.E.,
consisting of a multi-level hierarchy of lords (who held land granted under
tenure from the king), and their tenants (also called "vassals").Tenants held
land from the lord in exchange for loyalty and goods or services, such as
military assistance, money, or goods in kind. In exchange, the tenant would be
protected from attack.
Fiduciary
A fiduciary is person, synonymous to a trustee, who has rights and powers which
would normally belong to another person and strict obligations in carrying out
those rights. For instance, the fiduciary must exercise those rights only for
the benefit of the beneficiary; must not allow any conflict of interest to
affect their duties towards the beneficiary; and must exercise a high standard
of care in protecting or promoting the interests of the beneficiary. Fiduciary
responsibilities also exist for persons other than trustees, such as between
lawyer and client or principal and agent.
Fieri facias
A writ of fieri facias is executed after a judgment is entered against an
individual to pay a debt. It commands a sheriff or other officer of the court to
take property from the person who lost the law suit and sell enough to pay the
debt owed by the judgment.
Force majeure
French for an act of God (which see). 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.
Foreclosure
The technical meaning of the word is to wipe out a right of redemption on a
property. A foreclosure generally takes place when payment on a mortgage is not
made. Since a borrower retains an equitable right of redemption on property
(meaning he can make all back payments and retain ownership) even though there
have been no present payments, it is necessary to clear the title of this
potential. To do this, a lender goes to court, demonstrates the default, and
requests that a date be set where the entire amount becomes payable. After
which, in the absence of payment, the lender is automatically relieved of the
requirement to redeem the property back to the borrower; the debtor's right of
redemption is said to be forever barred and foreclosed. This cancels all rights
a borrower would have in the property and the property then belongs entirely to
the lender, who is then free to possess or sell the property. The word is
frequently used to refer generally to the lender's actions of repossessing and
selling a property for default in mortgage payments.
Fraud
Deliberate, deceitful conduct designed to manipulate another person to give
something of value by (1) lying; (2) repeating something that is or ought to
have been known by the fraudulent party as false or suspect; or (3) concealing a
fact from the other party which may have saved that party from being cheated.
The existence of fraud will cause a court to void a contract and can give rise
to criminal liability.
Freehold
A special right granting the full use of real estate for an indeterminate time.
It differs from leasehold (which see), which allows possession for a limited
time. There are varieties of freehold such as fee simple and fee tail.
Freeholder
One who owns freehold property rights (i.e. in a piece of real estate; either
land or a building).
Fugitive
One who runs away to avoid arrest, prosecution or imprisonment. Many extradition
laws also call the suspect a "fugitive" although, in that context, it does not
necessarily mean that the suspect was trying to hide in the country from which
extradition is being sought.
Functus officio
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.
Fungibles
Goods comprised of many identical parts such as a bushel of grain or a barrel of
apples or oil, which can be easily replaced by other, identical goods. Sale of
items by weight or number is good evidence that they are fungible.
Furiosi nulla voluntas est
A Latin expression meaning that mentally impaired persons cannot validly sign a
will.
Call
toll free
1.800.224.5937
|
Bail Bond
101 | Home |
Glossary |
Contact us |
Criminal Attorney|
Consumer Tips |
PRIVACY STATEMENT
|
|
|
