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LESSEE The person to whom property is rented or leased; called a "tenant" in most residential leases. GARNISHMENT A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee"). METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. POLICE POWER The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare. TRUST FUND ACCOUNT An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others. ACCEPTANCE The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. |
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