Admiralty law relates to the seas, maritime commerce, or navigation. Admiralty is a broad body of law governing the transport of goods and passengers by water, the purchase and charter of vessels, the hiring and maintenance of officers and...
commercial activities
advance
An advance is a type of loan or payment in which money or goods are given before consideration is received in return; usually with the expectation of repayment or adjustment in basis by the party receiving the advance.
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advance directive
An advanced directive is defined as a legal document that takes effect if one cannot make decisions due to illness or incapacity. Several different types of advance directives exist. Some, such as a living will, give instructions on which...
adverse domination
The doctrine of adverse domination allows the statute of limitations on a claim for breach of fiduciary duty against directors and officers of a corporation to be tolled until the corporation is no longer controlled by the alleged wrongdoers. This...
after-acquired property
Also called “future-acquired property”.
Personal or real property that a borrower acquires after having taken on a debt secured by all of their property, which becomes additional collateral for the debt. Based on UCC § 9-204, such...agent for acceptance of service
See: agent for service of process
[Last updated in March of 2022 by the Wex Definitions Team]
agent for service of process
An agent for service of process is the person designated by a business entity, such as a corporation or limited liability company (LLC), to receive legal documents and lawsuits on behalf of the business entity within the state in which the...
AGI
AGI is an acronym for adjusted gross income.
Adjusted Gross Income (AGI) is defined as the gross income earned by an individual minus several adjustments made to that income, such as trade and business deductions. Gross...
agreement
An agreement is a manifestation of mutual assent by two or more persons to one another.
It is a meeting of the minds in a common intention, and is made through offer and acceptance. An agreement can be shown from words, conduct, and in some...
agricultural lien
As established in UCC §9 102-5, an agricultural lien is a lien placed on farm products like farm equipment or livestock that secures payment or performance in exchange for a loan of land, goods, or money. These loans allow farmers to produce...