Legal Term Dictionary

In conveyancing. A mutual grant of equal interests, (in lands or tenements,) the one in consideration of the other. 2 Bl. Comm. 323; Windsor v. Collin-son, 32 Or. 297, 52 Pac. 26; Gamble v. Mc-Clure, 69 Pa. 282; Hartwell v. De Vault, 159 111. 325, 42 N. E. 780; Long More...

In conveyancing. A mutual grant of equal interests, (in lands or tenements,) the one in consideration of the other. 2 Bl. Comm. 323; Windsor v. Collin-son, 32 Or. 297, 52 Pac. 26; Gamble v. Mc-Clure, 69 Pa. 282; Hartwell v. De Vault, 159 111. 325, 42 N. E. 780; Long v. Fuller, 21 Wis. 121. In the United States, it appears, exchange does not differ from bargain and sale. See 2 Bouv. Inst 2055. In commercial law. A negotiation by which one person transfers to another funds which he has in a certain place, either at a price agreed upon or which is fixed by commercial usage. Nicely v. Bank, 15 Ind. App. 563, 44 N. E. 572, 57 Am. St Rep. 245; Smith v. Kendall, 9 Mich. 241, 80 Am. Dec. 83. The profit which arises from a maritime loan, when such profit is a percentage on the money lent, considering it in the light of money lent in one place to be returned in another, with a difference in amount in the sum borrowed and that paid, arising from the difference of time and place. The term is commonly used in this sense by French writers. Hall, Emerig. Mar. Loans, 56n. A public place where merchants, brokers, factors, etc., meet to transact their business. In law of personal property. Exchange of goods is a commutation, transmutation, or transfer of goods for other goods, as distinguished from sale, which is a transfer of goods for money. 2 Bl. Comm. 446; 2 Steph. Comm. 120; Elwell v. Chamberlin, 31 N. Y. 624; Cooper v. State, 37 Ark. 418; Preston v. Keene, 14 Pet 137, 10 L. Ed. 387. Exchange is a contract by which the parties mutually give, or agree to give, one thing for another, neither thing, or both things, being money only. Civ. Code Cal. $ 1804; Civ. Code Dak. | 1029; Civ. Code La. art 2660. The distinction between a sale and exchange ot property is rather one of shadow than of substance. In both cases the title to property is absolutely transferred; and the same rules of law are applicable to the transaction, whether the consideration of the contract is money or by way of barter. It can make no essential difference in the rights and obligations of parties that goods and merchandise are transferred and paid for by other goods and merchandise instead of by money, which is but the representative of value or property. Com. v. Clark, 14 Gray (Mass.) 367. -Arbitration of exchange. The business of buying and selling exchange (bills of exchange) between two or more countries or markets, and particularly where the profits of such business are to be derived from a calculation of the relative value of exchange in the two countries or markets, and by taking advantage of the fact that the rate of exchange may be higher in the one place than in the other at the same time.-Dry exchange. In English law. A term formerly in use, said to have been invented for the purpose of disguising and covering usury; something being pretended to pass on both sides, whereas, in truth, nothing passed but on one side, in which respect it was called "dry." Cowell; Blount.-Exchange, bill of. See BILL OF EXCHANGE.-Exchange broker. One who negotiates bills of exchange drawn on foreign countries or on other places in the same country; one who makes and concludes bargains for others in matters of money or merchandise. Little Rock v. Barton, 33 Ark. 444; Portland v. O'Neill, 1 Or. 219.-Exchange of livings. In ecclesiastical law. This is effected by resigning them into the bishop's hands, and each party being inducted into the other's benefice. If either die before both are inducted, the exchange is void.-First of exchange, Second of exchange. See FIRST.-Owelty of exchange. See OWELTY. Less...

That department of the English government which has charge of the collection of the national revenue; the treasury department. It is said to have been so named from the chequered cloth, resembling a chess-board, which anciently covered the table there, and on which, when certain of the king's accounts were More...

That department of the English government which has charge of the collection of the national revenue; the treasury department. It is said to have been so named from the chequered cloth, resembling a chess-board, which anciently covered the table there, and on which, when certain of the king's accounts were made up, the sums were marked and scored with counters. 3 Bl. Comm. 44. -Exchequer bills. Bills of credit issued in England by authority of parliament. Brande. Instruments issued at the exchequer, under the authority, for the most part, of acts of parliament passed for the purpose, and containing an engagement on the part of the government for repayment of the principal sums advanced with interest. 2 Steph. Comm. 586. See Briscoe v. Bank of Kentucky, 11 Pet 328, 9 L. Ed. 709. -Court of exchequer, Court of exchequer chamber. See those titles.-Exchequer division. A division of the English high court of justice, to which the special business of the court of exchequer was specially assigned by section 34 of the judicature act of 1873. Merged in the queen's bench division from and after 1881, by order in council under section 31 of that act. Wharton. Less...

An inland imposition, paid sometimes upon the consumption of the commodity, and frequently upon the retail sale 1 Bl. Comm. 318; Story, Const s 950; Scholey v. Rew, 23 Wall. 346, 23 L. Ed. 99; Patton v. Brady, 184 U. S. 60S, 22 Sup. Ct 493, 46 L. Ed. 713; More...

An inland imposition, paid sometimes upon the consumption of the commodity, and frequently upon the retail sale 1 Bl. Comm. 318; Story, Const s 950; Scholey v. Rew, 23 Wall. 346, 23 L. Ed. 99; Patton v. Brady, 184 U. S. 60S, 22 Sup. Ct 493, 46 L. Ed. 713; Portland Bank v. Apthorp, 12 Mass. 256; Union Bank v. Hill, 3 Cold. (Tenn.) 328. The words "tax" and "excise," although often used as synonymous, are to be considered as having entirely distinct and separate significations, under Const. Mass. c. 1, f 1, art 4. The former ia a charge apportioned either among the whole people of the state or those residing; within certain districts, municipalities, or sections. It is required to be imposed, so that, if levied for the public charges of government, it shall be shared according to the estate, real and personal, which each person may possess; or, if raised to defray the cost of some local improvement of a public nature, it shall be borne by those who will receive some special and peculiar benefit or advantage which an expenditure of money for a public object may cause to those on whom the tax is assessed. An excise, on the other hand, is of a different character. It is based on no rule of apportionment or equality whatever. It is a fixed, absolute, and direct charge laid on merchandise, products, or commodities, without any regard to the amount of property belonging to those on whom it may fall, or to any supposed relation between money expended for a public object and a special benefit occasioned to those by whom the charge is to be paid. Oliver v. Washington Mills, 11 Allen (Mass.) 268. The term is also extended to the imposition of public charges, in the nature of taxes, upon other subjects than the manufacture and sale of commodities, such as licenses to pursue particular callings, the franchises of corporations and particularly the franchise of corporate existence, and the inheritance or succession of estates. Pollock v. Farmers' L. A T. Co., 158 U. S. 601, 15 Sup. Ct 912, 39 L. Ed. 1108; Scholey v. Rew, 23 Wall. 346, 23 L. Ed. 99; Hancock v. Singer Mfg. Co., 62 N. J. Law, 289, 41 Atl. 846, 42 L. R. A. 852. In English law. The name given to the duties or taxes laid on certain articles produced and consumed at home, among which spirits have always been the most important; but, exclusive of these, the duties on the licenses of auctioneers, brewers, etc., and on the licenses to keep dogs, kill game, etc, are included in the excise duties. Wharton. -Excise law. A law imposing excise duties on specified commodities, and providing for the collection of revenue therefrom. In a more restricted and more popular sense, a law regulating, restricting, or taxing the manufacture or sale of intoxicating liquors. Less...

In old English law. A sluice to carry off water; the payment to the lord for the benefit of such a sluice. Cowell.

In old English law. A sluice to carry off water; the payment to the lord for the benefit of such a sluice. Cowell. Less...

Shutting out; debarring from interference or participation; vested in one person alone. An exclusive right is one which only the grantee thereof can exercise, and from which all others are prohibited or shut out. A statute does not grant an "exclusive" privilege or franchise, unless it shuts out or excludes More...

Shutting out; debarring from interference or participation; vested in one person alone. An exclusive right is one which only the grantee thereof can exercise, and from which all others are prohibited or shut out. A statute does not grant an "exclusive" privilege or franchise, unless it shuts out or excludes others from enjoying a similar privilege or franchise. In re Union Ferry Co., 98 N. Y. 151. Less...

Excommunication, (q. v.) Ce. Litt. 134a.

Excommunication, (q. v.) Ce. Litt. 134a. Less...

A sentence of censure pronounced by one of the spiritual courts for offenses falling under ecclesiastical cognizance. It is described in the books as twofold: (1) The lesser excommunication, which is an ecclesiastical censure, excluding the party from the sacraments; (2) the greater, which excludes him from the company of More...

A sentence of censure pronounced by one of the spiritual courts for offenses falling under ecclesiastical cognizance. It is described in the books as twofold: (1) The lesser excommunication, which is an ecclesiastical censure, excluding the party from the sacraments; (2) the greater, which excludes him from the company of all Christians. Formerly, too, an excommunicated man was under various civil disabilities. He could not serve upon juries, or be a witness in any court; neither could he bring an action to recover lands or money due to him. These penalties are abolished by St. 53 Geo. III. c. 127. 3 Steph. Comm. 721. Less...

In ecclesiastical law. A writ issuing out of chancery, founded on a bishop's certificate that the defendant had been excommunicated, and requiring the sheriff to arrest and imprison him, returnable to the king's bench. 4 Bl. Comm. 415; Bac Abr. "Excommunication," E.

In ecclesiastical law. A writ issuing out of chancery, founded on a bishop's certificate that the defendant had been excommunicated, and requiring the sheriff to arrest and imprison him, returnable to the king's bench. 4 Bl. Comm. 415; Bac Abr. "Excommunication," E. Less...

A writ to the sheriff for delivery of an excommunicated person out of prison, upon certificate from the ordinary of his conformity to the ecclesiastical jurisdiction. Fitzh. Nat Brev. 63. Excommunicato interdieltur omnia aotus legitlmus, ita quod agere non potest, noo aliquem eonvenire, licet ipse ah allis possit conveniri. Co. More...

A writ to the sheriff for delivery of an excommunicated person out of prison, upon certificate from the ordinary of his conformity to the ecclesiastical jurisdiction. Fitzh. Nat Brev. 63. Excommunicato interdieltur omnia aotus legitlmus, ita quod agere non potest, noo aliquem eonvenire, licet ipse ah allis possit conveniri. Co. Litt. 133. Every legal act is forbidden an excommunicated person, so that he cannot act, nor sue any person, but he may be sued by others. Less...

A writ commanding that persons excommunicated, who for their obstinacy had been committed to prison, but were unlawfully set free before they had given caution to obey the authority of the church, should be sought after, retaken, and imprisoned again. Reg;, Orig. 67.

A writ commanding that persons excommunicated, who for their obstinacy had been committed to prison, but were unlawfully set free before they had given caution to obey the authority of the church, should be sought after, retaken, and imprisoned again. Reg;, Orig. 67. Less...