Legal Term Dictionary

In a general sense, an allowance or deduction made from a gross sum on any account whatever. In a more limited and technical sense, the taking of interest in advance. By the language of the commercial world and the settled practice of banks, a discount by a bank means a More...

In a general sense, an allowance or deduction made from a gross sum on any account whatever. In a more limited and technical sense, the taking of interest in advance. By the language of the commercial world and the settled practice of banks, a discount by a bank means a drawback or deduction made upon its advances or loans of money, upou negotiable paper or other evidences of debt payable at a future day, which are transferred to the bank. Fleckner v. Bank, 8 Wheat 338, 5 LL Ed. 631; Bank v. Baker, 15 Ohio St. 87. Although the discounting of notes or bills, in its most comprehensive sense, may mean lending money and taking notes in payment, yet, in its more ordinary sense, the discounting of notes or bills means advancing a consideration for a bill or note, deducting or discounting the interest which will accrue for the time the note has to run. Loan Co. v. Towner, 13 Conn. 249. Discounting by a bank means lending money upon a note, and deducting the interest or premium in advance. Bank v. Bruce, 17 N. Y. 507; State v. Sav. Inst., 48 Mo. 189. The ordinary meaning of the term "to discount" is to take interest in advance, and In banking is a mode of loaning money. It is the advance of money not due till some future period, less the interest which would be due thereon when payable. Weckler v. Bank, 42 Md. 592, 20 Am. Rep. 95. Discount, as we have seen, is the difference between the price and the amount of the debt the evidence of which is transferred. That difference represents interest charged, being at the same rate, according to which the price paid, if invested until the maturity of the debt, will just produce its amount. Bank v. Johnson, 104 U. S. 276, 26 IA Ed. 742. Discounting a note and buying it are not identical in meaning, the latter expression being used to denote the transaction when the seller does not indorse the note, and is not accountable for it Bank v. Baldwin, 23 Minn. 206, 23 Am. Rep. 683. In praetiee. A set-off or defalcation in an action. Vin. Abr. "Discount." But see Trabue's Ex'r v. Harris, 1 Mete. (Ky.) 597. -Discount broker. A bill broker; one who discounts bills of exchange and promissory notes, and advances money on securities. Less...

Not married; not subject to the disabilities of a coverture. It applies equally to a maid and a widow.

Not married; not subject to the disabilities of a coverture. It applies equally to a maid and a widow. Less...

In a general sense, the ascertainment of that which was previously unknown; the disclosure or coming to light of what was previously hidden; the acquisition of notice or knowledge of given acts or facts; as, in regard to the "discovery" of fraud affecting the running of the statute of limitations, More...

In a general sense, the ascertainment of that which was previously unknown; the disclosure or coming to light of what was previously hidden; the acquisition of notice or knowledge of given acts or facts; as, in regard to the "discovery" of fraud affecting the running of the statute of limitations, or the granting of a new trial for newly "discovered" evidence. Francis v. Wallace, 77 Iowa, 373, 42 N. W. 323; Parker v. Kuhn, 21 Neb. 413, 32 N. W. 74, 50 Am. Rep. 852; Laird v. Kilbourne, 70 Iowa, 83, 30 N. W. 9; Howton v. Roberto, 49 S. W" 340, 20 Ky. Law Rep. 1331; Marbourg v. Mc-Cormick, 23 Kan..43. In international law. As the foundation for a claim of national ownership or sovereignty, discovery is the finding of a country, continent or island previously unknown, or previously known only to its uncivilized inhabitants. Martin v. Waddell, 16 Pet 409, 10 LL Ed. 997. In patent law. The finding out some substance, mechanical device, improvement, or application, not previously known. In re Kemper, 14 Fed. Cas. 287; Dunbar v. Meyers, 94 U. S. 197, 24 L. Ed. 34. Discovery, as used in the patent laws, depends upon invention. Every invention may, in a certain sense, embrace more or less of discovery, for it must always include something that is new; but it by no means follows that every discovery is an invention. Morton v. Infirmary,-5 Blatchf. 121, Fed. Cas. No. 9,865. In practice. The disclosure by the defendant of facts, titles, documents, or other things which are in his exclusive knowledge or possession, and which are necessary to the-party seeking the discovery as a part of a cause or action pending or to be brought in another court, or as evidence of his rights or o title in such proceeding. Tucker v. U. 8.,. 151 U. S. 164, 14 Sup. Ct. 299. 38 L. Ed. 112; Kelley v. Boettcher, 85 Fed. 55. 29 C. C. A. 14.. Also used of the disclosure by a bankrupt of his property for the benefit of creditors. In mining law. As the basis of the right to locate a mining claim upon the public domain, discovery means the finding of mineralized rock in place. Migeon v. Railroad Co., 77 Fed. 249, 23 C. C. A. 166; Book v. Mining Co. (C. C.) 58 Fed. 106; Mnldrick y. Brown, 37 Or. 185, 61 Pac 428; Mining Co. v. Rutter, 87 Fed. 806, 31 C. C. A. 223. -Discovery, bill of. In equity pleading. A bill for tbe discovery of facts resting in tbe knowledge of the defendant, or of deeds or writings, or other things In his custody or power; but seeking no relief in consequence of the discovery, though it may pray for a stay of proceedings at law till the discovery is made. Storv^ EQ.. PI. If 311, 312, and notes; Mitf. Less...

To destroy or impair the credibility of a person; to impeach; to lessen the degree of credit to be accorded to a witness or document, as by impugning the veracity of the one or the genuineness of the other; to disparage or weaken the reliance upon the testimony of a More...

To destroy or impair the credibility of a person; to impeach; to lessen the degree of credit to be accorded to a witness or document, as by impugning the veracity of the one or the genuineness of the other; to disparage or weaken the reliance upon the testimony of a witness, or upon documentary evidence, by any means whatever. Less...

A difference between two things which ought to be identical, as between one writing and another; a variance, (q. v.) Diseretio est diseernere per legem quid ait jnstam. 10 Coke, 140. Discretion is to know through law what is just.

A difference between two things which ought to be identical, as between one writing and another; a variance, (q. v.) Diseretio est diseernere per legem quid ait jnstam. 10 Coke, 140. Discretion is to know through law what is just. Less...

A liberty or privilege allowed to a judge, within the confines of right and justice, but independent of narrow and unbending rules of positive law, to decide and act in accordance with what is fair, equitable, and wholesome, as determined upon the peculiar circumstances of the case, and as discerned More...

A liberty or privilege allowed to a judge, within the confines of right and justice, but independent of narrow and unbending rules of positive law, to decide and act in accordance with what is fair, equitable, and wholesome, as determined upon the peculiar circumstances of the case, and as discerned by his personal wisdom and experience, guided by the spirit, principles, and analogies of the law. Osborn v. United States Bank, 9 Wheat 866, 6 W Ed. 204; Ex parte Chase, 43 Ala. 310; Lent v. Tillson, 140 U. S. 316, 11 Sup. Ct 825, 35 L. Ed. 419; State v. Cummings, 36 Mo. 278; Murray v. Buell, 74 Wis. 14, 41 N. W. 1010; Perry v. Salt Lake City Council, 7 Utah, 143, 25 Pac. 998, 11 L. R. A. 446. When applied to public functionaries, discretion means a power or right conferred upon them by law of acting officially in certain circumstances, according to the dictates of their own judgment and conscience, uncontrolled by the judgment or conscience of others. This discretion undoubtedly is to some extent regulated by usage, or, if the term is preferred, by fixed principles. But by this is to be understood nothing more than that the same court cannot consistently with its own dignity, and with its character and duty of administering impartial justice, decide in different ways two cases in every respect exactly alike. The question of fact whether the two cases are alike in every color, circumstance, and feature is of necessity to be submitted to the judgment of some tribunal. Judges v. People, 18 Wend. (N. Y.) 79, 99. Lord Coke defines judicial discretion to be "discernere per legem quid sit justum" to see what would be just according to the laws in the premises. It does not mean a wild self-willfulness, which may prompt to any and every act; but this judicial discretion is guided by the law, (see what the law declares upon a certain statement of facts, and then decide in accordance with the law,) so as to do substantial equity and justice. Faber v. Bruner, 13 Mo 543. True, it is a matter of discretion; but then the discretion is not willful or arbitrary, but legal. And, although its exercise be not purely a matter of law, yet it "involves a matter of law or legal inference," in the language of the Code, and an appeal will lie. Lovinier v. Pearte, 70 N. C. 171. In criminal law and the law of torts, it means the capacity to distinguish between what is right and wrong, lawful or unlawful, wise or foolish, sufficiently to render one amenable and responsible for his acta Towle v. State, 3 Fla. 214. -Judicial discretion, legal discretion. These terms are applied to the discretionary action of a judge or court, and mean discretion as above defined, that is, discretion bounded by the rules and principles of law, and not arbitrary, capricious, or unrestrained. Less...

Such as are not marked out on fixed lines, but allow a certain amount of discretion in their exercise. Those which cannot be duly administered without the application of a certain degree of prudence and judgment

Such as are not marked out on fixed lines, but allow a certain amount of discretion in their exercise. Those which cannot be duly administered without the application of a certain degree of prudence and judgment Less...

In the civil law. A proceeding, at the instance of a surety, by which the creditor is obliged to exhaust the property of the principal debtor, towards the satisfaction of the debt, before having recourse to the surety; and this right of the surety is termed the "benefit of discussion." More...

In the civil law. A proceeding, at the instance of a surety, by which the creditor is obliged to exhaust the property of the principal debtor, towards the satisfaction of the debt, before having recourse to the surety; and this right of the surety is termed the "benefit of discussion." Civ. Code La. art 3045, et seq. In Scotch law. The ranking of the proper order in which heirs are liable to satisfy the debts of the deceased. Bell. Less...

In construing a policy of life insurance, it is generally true that before any temporary ailment can be called a "disease," it must be such as to indicate a vice in the constitution, or be so serious as to have some bearing upon general health and the continuance of life, More...

In construing a policy of life insurance, it is generally true that before any temporary ailment can be called a "disease," it must be such as to indicate a vice in the constitution, or be so serious as to have some bearing upon general health and the continuance of life, or such as, according to common understanding, would be called a "disease." Cushman v. Insurance Co., 70 N. Y. 77; Insurance Co. v. Yung, 113 Ind. 159, 15 N. E. 220, 3 Am. St. Rep. 630; Insurance Co. v. Simpson, 88 Tex. 333, 31 S. W. 501, 28 L. R. A. 765, 53 Am. St. Rep. 757; De-laney v. Modern Acc. Club, 121 Iowa, 523, 97 N. W. 91, 63 L. R. A. 603. Less...

In English law. An enrolled assurance barring an entail, pursuant to 3 & 4 Wm. IV. c. 74.

In English law. An enrolled assurance barring an entail, pursuant to 3 & 4 Wm. IV. c. 74. Less...