Jachin Landlord-Tenant Lawyer, Alabama
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Sebie G. Sellers
Real Estate, Workers' Compensation, Criminal, Personal Injury
Status: In Good Standing Licensed: 37 Years
Demopolis, AL 36732
Profile LAWPOINTS™30/100
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Linden, AL 36748
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LEGAL TERMS
NULLA BONA
Latin for 'no goods.' This is what the sheriff writes when she can find no property to seize in order to pay off a court judgment.
LIQUID ASSETS
Business property that can be quickly and easily converted into cash, such as stock, bank accounts and accounts receivable.
EASEMENT BY PRESCRIPTION
A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten year... (more...)
A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten years and you've never complained, they probably have an easement by prescription through your yard to the trail.
BASIS
For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the pr... (more...)
For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the property, 'adjusted' to reflect improvements made or damage incurred while you own the property. See stepped-up basis, carryover basis.
MORTGAGE
A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender... (more...)
A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn't pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.
BOND
(1) A written agreement purchased from a bonding company that guarantees a person will properly carry out a specific act, such as managing funds, showing up in ... (more...)
(1) A written agreement purchased from a bonding company that guarantees a person will properly carry out a specific act, such as managing funds, showing up in court, providing good title to a piece of real estate or completing a construction project. If the person who purchased the bond fails at his or her task, the bonding company will pay the aggrieved party an amount up to the value of the bond. (2) An interest-bearing document issued by a government or company as evidence of a debt. A bond provides pre-determined payments at a set date to the bond holder. Bonds may be 'registered' bonds, which provide payment to the bond holder whose name is recorded with the issuer and appears on the bond certificate, or 'bearer' bonds, which provide payments to whomever holds the bond in-hand.
FRIENDLY SUIT
A lawsuit brought by two parties, not as adversaries, but as collaborators in order to resolve a legal question that affects them both. For example, two compani... (more...)
A lawsuit brought by two parties, not as adversaries, but as collaborators in order to resolve a legal question that affects them both. For example, two companies might bring a friendly suit to court in order to clarify a legal interpretation of a contract between them.
SERVIENT TENEMENT
Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would ... (more...)
Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement.
VARIANCE
An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in acco... (more...)
An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.
SAMPLE LEGAL CASES
Shoney's LLC v. Mac East, LLC
... stated: "`Where the lease merely contains a provision—without more—granting
a person, normally a landlord, the power to withhold consent, regardless of whether
explicitly qualified to reasonable exercises of that power ... ...
Gibson v. Merrifield
... A landlord has no duty to' inspect for latent defects, ie, defects that are hidden
or concealed, or which can not be discovered by a reasonable inspection. "` . .
A]lthough a landlord is under no duty to inspect for and repair ...
EX PARTE AIG BAKER ORANGE BEACH WHARF
... The lease agreement contained a provision entitled "mutual waiver of jury trial," which provided,
in pertinent part: "Tenant and Landlord hereby waive any right to a trial by jury on any claim,
counterclaim, setoff, demand, action or cause of action brought by either of the parties ...
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