MILLARD : For large volumes of water, this specific unit of measure is used. It is equal to about 810,767 acre-feet, one cubic kilometer, or one billion (109) cubic meters.

MARTENSITIC STAINLES : Steels that contain very little nickel or other alloying metal, yet a high amount of chromium. Heat treatment of these steels hardens them and makes them stronger but also more brittle. they are used mainly for surgical instruments and in oil industry, they are designated as 400 series. Their orthorhombic molecular structure was discovered by German researcher Adolf Martens in 1890.

MARKET : A public time and appointed place of buying and selling; also purchase and sale. Caldwell v. Alton, 33 111. 419. 75 Am. Dec. 282; Taggart v. Detroit, 71 Mich. 92, 38 N. W. 714; Strickland v. Pennsylvania It. Co., 154 Pa. 348, 20 Atl. 431, 21 L. It. A. 224. It differs from the forum, or market of antiquity, which was a public market- place on one side only, or duriug one part of the day only, the other sides being occupied by temples, theaters, courts of justice, and other public buildings. Wharton. The liberty, privilege, or franchise by which a town holds a market, which can only be by royal grant or immemorial usage. By the term "market" is also understood the demand there is for any particular arti- cle; as, "the cotton market in Europe is dull."

MULTIPLE POINDING : In Scotch law. Double distress; a name given to an action, corresponding to proceedings by way of Interpleader. which may be brought by a per- son in possession of goods claimed by different persons pretending a right thereto, calling the claimants and all others to settle their claims, so that the party who sues may be liable only "in once and single payment." Bell. Multiplex et indistinctnm parit con- fusioncm; et qnacstiones, qno simpli- ciores, eo lucidiores. Hob. 335. Multiplicity and indistinctness produce confusion; and questions, the more simple they are, the more lucid. Multiplicata transgressione crescat pcenae inflictio. As transgression Is multiplied. the intliction of punishment should increase. 2 Inst. 479.

MODERAMEN INCULPATE : Lat. In Romau law. The regulation of justifiable defense. A term used to express that degree of force in defense of the person or property which a person might safely use, although it should occasion the death of the aggressor. Calvin; Bell.

MYSTERIOUS DISAPPEAR : Unexplainable loss of assets in an event beyond occurrences like a robbery. This term gives broader coverage than specific everyday perils like robbery.

MATTER OF SUBSTANCE : used when the matter goes to the essence of the issue as opposed to the form which deals with the technical aspects only.

MOIDORE : A gold coin of Portugal, valued at twenty-seven English shillings.

MINERAL : stream for the purpose of operating the mill, with due regard to the rights of other owners above and below him on the stream. Gould v. Boston Duck Co., 13 Gray (Mass.) 452; Hutchinson v. Chase. 39 Me. 511, 03 Am. Dec. 045; Moore v. Fletcher, 10 Me. 05, 33 Am. Dec. 033; Whitney v. Wheeler Cotton Mills, 151 Mass. 390, 24 N. E. 774, 7 L R. A. 013.

MINIMAX PRINCIPLE : Minimizing the maximum losses that could occur in an event or situation is this specific type of decision-making principle. Should a strategy fail, this financial and business strategy measures potential results leading to the least amount of regret. By the use of logic, determine and use this strategy. Aids deciding when presented with two various and conflicting strategies.

MOHATRA : In French law. A transaction covering a fraudulent device to evade the laws against usury. It takes place where an individual buys merchandise from another on a credit at a high price, to sell it immediately to the first seller, or to a third person who acts as his agent, at a much less price for cash. 16 Toullier, no. 44.

MERX : Lat. Merchandise; movable articles that are bought and sold; articles of trade. Merx est quicquid vendi potest. Merchandise is whatever can be sold. Com. 355; 3 Wood. Lect. 263.

MUTUALITY OF REMEDY : a term used for the remedy that is available to both parties.

MARKET SHARE : A brand, product, or company in a market it dominates, shown by total sales volume as a percentage of overall sales.

MANCIPI RES : Lat In Roman law. Certain classes of things which could not be aliened or transferred except by means of a certain formal ceremony of conveyance called "maneipatio," (q. v.) These included laud, houses, slaves, horses, and cattle. All other things were called "res nee mancipi." The distinction was abolished by Justinian. The distinction corresponded as nearly as may be to the early distinction of English law into real and personal property; res mancipi being objects of a military or agricultural character, and res nec mancipi being all other subjects of property. Like personal estate, res nec mancipi were not originally either valuable in se or valued. Brown.

MAJORITY : Full age; the age at which, by law, a person is entitled to the manage- ment of his own affairs and to the enjoyment of civic rights. The opposite of minority. Also the status of a person who is a major in age. In the law of elections, majority signifies the greater number of votes. When there are only two candidates, he who receives the greater number of the votes cast is said to have a majority; when there are more than two competitors for the same office, the person who receives the greatest number of votes has a plurality, but he has not a majority unless he receives a greater number of votes than those cast for all his competitors combined. In military affairs, majority denotes the rank and commission of a major. Majus dignnm trahit ad se minus dignum. The more worthy draws to itself the less worthy. Co. Litt. 43, 355b; Bract fol. 175; Noy, Max. p. 6, max. 18.

MARGINALIZATION : The process of according less importance to something or someone moved away from the inner workings of the group. A social phenomenon of excluding a minority, subgroup, or undesirables by ignoring their needs, desires, and expectations

MORTGAGE PAR RATE : Interest rate used a reference point. Par rates are necessary in determining the value of a mortgage servicing rights. A lender may not offer a rebate or demand discount points based on this reference point. A lender may pay another lender par value for an existing mortgage based on this reference point.

MERGER DEFICIT : A situation where the total share capital value used to purchase another company is less than the total equity value purchased. The stock bought by the company should be worth more than the share capital used to buy it. A merger deficit occurs if a company takes the funds that it raised in new stock offerings to buy the stock of another company.

MULTO : In old records. A wether sheep. Multo ntilins est pauca idonea efnap dere quam multis inutilibus homines gravari. 4 Coke, 20. It is more useful to pour forth a few useful things than to oppress men with many useless things.

MINOR : An infant or person who is under the age of legal competence. A term de- rived from the civil law, which described a person under a certain age as less than so many years. Minor vUjinti quinque annis, one less than twenty-five years of age. Inst. 1, 14, 2. Also, less; of less consideration; lower; a person of inferior condition. Fleta, 2, 47. 13, 15; Calvin.

MOORING : Iu maritime law. Anchoring or making fast to the shore or dock; the securing or confining a vessel in a particular station, as by cables and anchors or by a line or chain run to the wharf. A vessel is "moored In safety," within the meaning of a policy of marine insurance, when she is thus moored to a wharf or dock, free from any immediate danger from auy of the perils insured against. See 1 Phil. Ins. 908; Walsh v. New York Floating Dry Dock Co., 8 Daly (N. Y.) 387; Flandreau v. Elsworth, 9 Misc. Rep. 340. 29 N. Y. Supp. 094; Bramhall v. Sun Mut. Ins. Co., 104 Mass. 510, 0 Am. ltep. 261. MOOT, n. In English law. Moots are exercises in pleading, and In arguing doubtful cases and questions, by the students of an inn of court before the benchers of the inn. Sweet. In Saxon law. A meeting or assemblage of people, particularly for governmental or judicial purposes. The more usual forms of the word were "mote" and "gemot." See those titles.

MANDATOR : The person employing another to perform a mandate.

MONTES PIETATIS : Public pawnbrok- iug establishments; institutions established by government, in some European countries, for lending small sums of money on pledges of personal property. In France they are called "monts de pi<5t6."

MOLD : 1. Hollow cavity, form, or matrix for placing a liquid or semiliquid material. Upon cooling or drying, will take the desired shape of the mold. 2. Type of fungus; spoils fabrics and food; grows in moist and dark areas. Also spelled as mould.

MANIFEST : In maritime law. A sea- letter ; a written document required to he carried by merchant vessels, containing an account of the cargo, with other particulars, for the facility of tbe customs officers. See New York & Cuba S. S. Co. v. U. S. (D. C.) 125 Fed. 320. In evidence. That which is clear and requires no proof; that which is notorious. Manifesta probatione non indigent. 7 Coke. 40. Things manifest do not require proof.

MUTUAL FUND : Managed by finance professionals, a chosen and balanced set of securities are sold to the public, raising capital by selling shares known as units in this specific type of investment vehicle.

MONOLINE : One particular branch of the financial industry is the sole focus of this type of financial company. It chooses one focus on one product to become very specialized in all the aspects of that particular service. It does not divide its time, attention, and resources over a wide variety of products where companies are often very competitive. This company becomes very good at what it does.

MODIGLIANI-MILLER TH : The theory that a perfect market should be used to calculate rather than actual market.


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