DAM : A construction of wood, stone, or other materials, made across a stream for the purpose of penning back the waters. This word is used in two different senses. It properly means the work or structure, raised to obstruct the flow of the water in a river; but, by a well-settled usage, it is often applied to designate the pond of water created by this obstruction. Burnham v. Kemp- ton, 44 N. H. 89; Colwell v. Water Power Co., 19 N. J. Eq. 248; Mining Co. v. Hancock, 101 Cal. 42, 31 Pac. 112.

DIRECT INTEREST : A direct interest, such as would render the interested party incompetent to testify in regard to the matter, is an interest which is certain, and not contingent or doubtful. A matter which is dependent alone on the successful prosecution of an execution cannot be considered as uncertain, or otherwise than direct, in this sense. In re Van Alstine’s Estate, 26 Utah, 193, 72 Pac. 942.

DISABLING STATUTES : These are acts of parliament, restraining and regulating theexercise of a right or the power of alienation; the terra is specially applied to 1 Eliz. c.19, and similar acts restraining the power of ecclesiastical corporations to make leases.

DISPOSITIVE FACTS : Such as produce or bring about the origination, transfer, orextinction of rights. They are either investitive, those by means of which a right comesinto existence, divestitive, those through which it terminates, or translative, thosethrough which it passes from one person to another.

DRAFT : The common term for a bill of exchange; as being drawn by one person onanother. Hinnemann v. Rosenhack, 39 N. Y. 100; Douglass v. Wilkeson, 0 Wend. (N. Y.) 043.An order for the payment of money drawn by one person on another. It is said to bea nomen general I? si mum, and to include all such orders. Wildes v. Savage, 1 Story,30, 29 Fed. Cas. 1226; State v. Warner, 60 Kan. 94, 55 Pac. 342.Draft also signifies a tentative, provisional, or preparatory writing out of any document(as a will, contract, lease, etc.) for purposes of discussion and correction, andwhich is afterwards to be copied out in its final shape.Also a small arbitrary deduction or allowance made to a merchant or Importer, in the case of goods sold by weight or taxableby weight, to cover possible loss of weight in handling or from differences inscales. Marriott v. Brune, 9 How. 033, 13 L. Ed. 2S2: Seel ergcr v. Mfg. Co.. 157 U. S.183, 15 Sup. Ct. 583, 39 L. Ed. 005; Napier v. Barney, 17 Fed. Cas. 1149.

DEED OF COVENANT : Covenants are sometimes entered into by a separate deed, for title, or for theindemnity of a purchaser or mortgagee, or for the production of title-deeds. A covenantwith a penalty is sometimes taken for the payment of a debt, instead of a bond with acondition, but the legal remedy is the same in either case.

DATE CERTAINE : In French law. A deed is said to have a date ccrtaine (fixed date) when it has been subjected to the formality of registration; after this formality has been complied with, the parties to the deed cannot by mutual consent change the date thereof. Arg. Fr. Merc. Law, 555.

DERELICTION : The gaining of land from the water, in consequence of the seashrinking back below the usual water mark; the opposite of alluvion, (q. v.) Dyer, 3206;2 Bl. Comm. 262; 1 Steph. Comm. 419; Linth- icum v. Coan, 64 Md. 439, 2 Atl. 826, 54Am. Rep. 775; Warren v. Chambers, 25 Ark. 120, 91 Am. Dec. 538, 4 Am. Rep. 23;Sapp v. Frazier, 51 La. Ann. 1718, 26 South. 378, 72 Am. St. Rep. 493.In the civil law. The voluntary abandonment of goods by the owner, without thehope or the purpose of returning to the possession. Jones v. Nunn, 12 Ga. 473; Livermorev. White, 74 Me. 456, 43 Am. Rep. 600. Derivativa potestas non potest esse major primitiva. Noy, Max.; Wing. Max. 66. Thederivative power cannot be greater than the primitive.

DOTE UNDE NIHIL HABE : A writ which lies for a widow to whom no dower hasbeen assigned. 3 Bl. Comm. 182. By 23 & 24 Vict. c. 120, an ordinary actioncommenced by writ of summons lias taken its place; but it remains in force in theUnited States. Dower undo nihil habct (which title see.)Doti lex favet; praemium pudoris est; ideo parcatur. Co. Litt. 31. The law favorsdower; it is the reward of chastity; therefore let it be preserved.

DESIGN : In the law of evidence. Purpose or intention, combined with plan, or implyinga plan in the mind. Burrill, Circ. Ev. 331; State v. Grant, 80 Iowa, 210, 53 N. W.120; Ernest v. State, 20 Fla. 3S8; Hogan v. State, 3G Wis. 226.As a term of art, the giving of a visible form to the conceptions of the mind, or invention.Binns v. Woodruff, 4 Wash. C. C. 48, Fed. Cas. No. 1,424.In patent law. The drawing or depiction of an original plan or conception for a novelpattern, model, shape, or configuration, to be used in the manufacturing or textile artsor the fine arts, aud chiefly of a decorative or ornamental character. "Design patents"are contrasted with "utility patents," but equally involve the exercise of the inventive ororiginative faculty. Gorliam Co. v. White, 14 Wall. 524, 20 L. Ed. 731; Manufacturing Co.v. Odell (D. C.) 18 Fed. 321; Binns v. Woodruff, 3 Fed. Cas. 424; Henderson v. Tompkins(C. C.) 60 Fed. 758."Design, in the view of the patent law, is that characteristic of a physical subst

DEMESNE AS OF FEE : A man is said to be seised in his demesne as of fee of a corporeal inheritance, because he has a property,dominicum or demesne, in the thing itself. But when he has no dominion in the thingitself, as in the case of an incorporeal hereditament, he is said to be seised as of fee,and not in his demesne as of fee. 2 Bl. Comm. 10G; Littleton,

DUE : 1. Just; proper; regular; lawful; sufficient; as in the phrases "due care," "due process of law," "due notice."2. Owing; payable; justly owed. That which one contracts to pay or perform to another; that which law or justice requires to be paid or done.3. Owed, or owing, as distinguished from payable. A debt is often said to be due from a person where he Is the party owing it, or primarily bound to pay, whether the timefor payment has or has not arrived.4. Payable. A bill or note is commonly said to be due when the time for payment ofit has arrived.The word "due" always imports a fixed and settled obligation or liability, but withreference to the time for its payment there is considerable ambiguity in the use of theterm, as will appear from the foregoing definitions, the precise signification beingdetermined in each case from the context. It may mean that the debt or claim inquestion is now (presently or immediately) matured and enforceable, or that it maturedat some time in the past an

DIVERSIFICATION : A spreading or dispersion of RISK, achievable by combining ASSETS or exposures that are not CORRELATED with one another; the process of diversification helps minimize concentrations of exposure and creates a more balanced set of risks. Ultimately, the risk of a diversified PORTFOLIO depends on the amount of risk that cannot be eliminated, i.e., NONDIVERSIFIABLE RISK, which is often measured by BETA, or the sensitivity of an investment

DUCHY COURT OF LANCA : A tribunal of special jurisdiction, held before the chancellorof the duchy, or his deputy, concerning all matters of equity relating to lands holden ofthe crown in right of the duchy of Lancaster; which is a thing very distinct from thecounty palatine, (which has also its separate chancery, for sealing of writs, and thelike.) and comprises much territory which lies at a vast distance from it; as particularly avery large district surrounded by the city of Westminster. The proceedings in this courtare the 6ame as were those on the equity side of tlie court of chancery, so that itseems not to be a court of record ; and. indeed, it has been holden that the court ofchancery has a concurrent jurisdiction with the duchy court, and may take cognizanceof the same causes. The appeal from this court lies to the court of appeal. Jud. Act1873,

DISCRETIONARY ACCOUN : A customer brokerage account where the client gives the BROKER authorization to act on his/her behalf in buying and selling securities. The client may limit the discretion granted through time and/or price constraints.

DUAL BOARD SYSTEM : A corporate system where two separate BOARDS OF DIRECTORS are used to monitor and guide a company. Under a typical dual structure the SUPERVISORY BOARD is responsible for strategy and oversight/supervision of management, while the MANAGEMENT BOARD (or EXECUTIVE BOARD) is responsible for daily management and tactical issues. The supervisory board is generally staffed with OUTSIDE DIRECTORS, while the management board is comprised of senior executives. See also SINGLE BOARD SYSTEM.

DISBURSEMENTS : Money expended by an executor, guardian, trustee, etc., for thebenefit of the estate in his hands, or in connection with its administration.The term is also used under the codes of civil procedure, to designate theexpenditures necessarily made by a party in the progress of an action, aside from thefees of officers and court costs, which are allowed, eo nomine, together with costs.Fertilizer Co. v. Glenn, 48 S. C. 494, 20 S. E. 796; De Cham- brun v. Cox, 60 Fed. 479,9 C. C. A. 86; Bil- yeu v. Smith, 18 Or. 335, 22 Pac. 1073.

DETENTIO : In the civil law. That con dition of fact under which one can exercise hispower over a corporeal thing at his pleasure, to the exclusion of all others. It forms thesubstance of possession in all it* varieties. Mackeld. Rom. Law,

DANGERS OF THE SEA : The expression "dangers of the sea" means those accidents peculiar to navigation that are of an extraordinary nature. or arise from irresistible force or overwhelming power, which cannot be guarded against by the ordinary exertions of human skill and prudence. Walker v. Western Transp. Co.. 3 Wall. 150. 18 L. Ed. 172: The Portsmouth. 9 Wall. 682. 19 L. Ed. 754: Hihernia Ins. Co. v. Transp. Co., 120 TT. S. 160. 7 Sup. Ct. 550. 30 L Ed. 021; Hill v. Sturgeon, 28 Mo. 327.

DUPLICITY : The technical fault, In pleading, of uniting two or more causes of actionin one count in a writ, or two or more grounds of defense in one plea, or two or morebreaches in a replication, or two or more offenses In the same count, of an indictmentTucker v. State, 6 Tex. App. 253; Waters v. People, 104 111. 547; Mullin v. Blumenthal,1 Pennewill (Del.) 476, 42 Atl. 175; Devino v. Railroad Co., 63 Vt 98, 20 AU. 953;Tucker v. Ladd, 7 Cow. (N. Y.) 452.1

DECIDE : To decide Includes the power and right to deliberate, to weigh the reasons for and against, to see which preponderate, and to be governed by that preponderance. Darden v. Lines, 2 Fla. 571; Com. v. Anthes, 5 Gray (Mass.) 253; In re Milford & M. R. Co., 68 N. H. 570, 36 Atl. 545.

DEPUTY : A substitute; a person duly authorized by an officer to exercise some or allof the functions pertaining to the office, in tlie place and stead of the latter. Carter v.Horiiback, 139 Mo. 23& 40 S. W. 893; Herring v. Lee, 22 W. Va. 007; Erwin v. U. S. (D.C.) 37 Fed. 476, 2 L. R. A. 229; Wil- lingham v. State, 21 Fla. 776; Ellison v. Stevenson,6 T. B. Mon. (Ky.) 271; People v. Barker, 14 Misc. Rep. 3(10, 35 N. Y. Supp. 727.A deputy differs from an assignee, in that an assignee has an interest in the officeitself, and does all things in his own name, for whom his grantor shall not answer,except in special cases ; but a deputy has not any interest in the office, and is only theshadow of the officer in whose name he acts. And there is a distinction in doing an actby an agent and by a deputy. An agent can only bind his principal when he does the actin the name of the principal. But a deputy may do the act and sign his own name, andit binds his principal; for a deputy has, in law, the whole po

DAYS IN BANK : (L. Lat. dies in banco.) In practice. Certain stated days in term appointed for the appearance of parties, the return of process, etc.. originally peculiar to the court of common pleas, or bench, (bank,) as it was anciently called. 3 Bl. Comm. 277.

DIRECT CREDIT RISK : The RISK of loss due to DEFAULT by a COUNTERPARTY on a direct extension of credit, such as a LOAN or DEPOSIT. Default on an unsecured direct credit risk transaction always results in a loss for the credit provider; this is in contrast to a situation involving TRADING CREDIT RISK, where the value of the contract may be in favor of the counterparty at the time of default. A subcategory of CREDIT RISK. See also CONTINGENT CREDIT RISK, CORRELATED CREDIT RISK, SETTLEMENT RISK, SOVEREIGN RISK.

DIVORCE : The legal separation of man and wife, effected, for cause, by the judgment of a court, and either totally dissolving the marriage relation, or suspending its effects so far as concerns the cohabitation of the parties. Atherton v. Atherton, 181 U. S.155, 21 Sup. Ct. 544, 45 L. Ed. 791; Miller v. Miller, 33 Cal. 355; Cast v. Cast, 1 Utah, 112.The dissolution is termed “divorce from the bond of matrimony,” or, in the Latin form of the expression, “a vinculo matrimonii” the suspension, “divorce from bed audboard,” “o mensa ct thoro.” The former divorce puts an end to the marriage; the latter leaves it in full force. 2 Bish. Mar. & Div.

DEPARTMENT : 1. One of the territorial divisions of a country. The term is chieflyused in this sense in France, where the division of the country into departments Issomewhat analogous, both territorially and for governmental purposes, to the divisionof an American state into counties.2. One of the divisions of the executive branch of government. Used in this sense inthe United States, where each department is charged with a specific class of duties, andcomprises an organized staff of officials ; e. g., the department of state, department ofwar, etc.

DATA MANAGEMENT SOFT : A program that takes files from databases. It extracts them, filters the, and summarizes the merged data. This is done without losing integrity and is shown is an easy to use format. AKA data extractoin software.

DEPOSIT : A naked bailment of goods to be kept for the depositor without reward,and to be returned when he shall require it .Tones, Bailm. 30, 117; National Bank v.Washington County Bank, 5 Hun (N. Y.) 007; Payne v. Gardiner, 29 N. Y. 1G7; Montgomeryv. Evans, 8 Ga. 180; Rozelle v. Ithodes, 11G Pa. 129, 9 Atl. 100, 2 Am. St. Rep.591; In re Patterson, 18 Hun (N. Y.) 2

DECLARATORY STATUTE : One enacted for the purpose of removing doubts or putting an end to conflicting decisions in regard to what the law is in relation to a particular matter. It may either be expressive of the common law, (1 Bl. Comm. 86; Gray v. Bennett, 3 Mete. [Mass.] 527:) or may declare what shall be taken to be the true meaning and intention of a previous statute, though in the latter case such enactments are more commonly called "expository statutes."

DE JURE CORPORATION : An incorporated company that law recongnizes.

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