LLC at Legal Glossary
What is it? See limited liability company.Law Definition Added By: Paige
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Law Terms plaintiff is The person, corporation or other legal entity that initiates a lawsuit. In certain states and for some types of lawsuits, the term petitioner is used instead of plaintiff. Compare defendant, respondent.Law Terms Pension Benefit Guaranty Corporation (PBGC) is A public, nonprofit insurance fund that provides some limited coverage against bankrupt pension funds. Should a pension fund be unable to pay all its obligations to its retirees, the PBGC may pay some of the pension funds unfulfilled obligations. The PBGC covers only defined benefit retirement plans and only vested benefits.
Law Terms in toto is Latin for in its entirety or completely. For example, if a judge accepts a lawyers argument in toto, it means that hes bought the whole thing, hook, line & sinker.
Law Terms appraisal is A determination of the value of something, such as a house, jewelry or stock. A professional appraiser -- a qualified, disinterested expert -- makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims.
Law Terms garnishment is A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a persons wages can be deducted.