Transactions for the sale and leasing of goods is governed mainly by sales laws of each state. Every state, with the exception of Louisiana, has adopted Article Two of the Uniform Commercial Code (UCC) as the main body of law...
commercial transactions
sales
Sales Law: An Overview
Sarbanes-Oxley Act
The Sarbanes-Oxley Act (SOX) is a federal act passed in 2002 with bipartisan congressional support to improve auditing and public disclosure in response to several accounting scandals in the early-2000s. The act was named after the bill...
satisfaction of mortgage
A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower. The facts of the mortgage loan, conditions relieving the lender...
Schechter Poultry Corp. v. United States (1935)
Schechter Poultry Corp. v. United States, 295 U.S. 495, is a Supreme Court case that invalidated a provision of the National Industrial Recovery Act (NIRA) that authorized the President to approve “codes of fair competition” for the poultry...
seal
A seal is a device used to create an impression or imprint on paper utilizing wax or a stamp. The seal is used to execute a legal document or guarantee the document's authenticity.
A seal is unique to a sealer and is used by...
seasoned issuer
A seasoned issuer is any issuer that is eligible to use a Form S-3 or Form F-3 to register primary offerings.
[Last updated in February of 2022 by the Wex Definitions Team]
secondary market
The secondary market is the exchange where secondary offerings occur.
[Last updated in January of 2022 by the Wex Definitions Team]
secondary offering
A secondary offering is a sale of securities by someone who purchased the security in a primary offering to a subsequent purchaser. That is, a private investor sells their shares to another private investor. Unlike a primary offering, the...
Section 11
Section 11 refers to Section 11 of the Securities Act, formally 15 U.S.C. § 77k, which allows purchasers of a security in a public offering to bring a civil action against the issuer, underwriter, or anyone who signed or helped prepare the...
Section 4(1 ½)
Section 4(1 ½) or Section 4(a)(1 ½) is a form of private placement resale of securities whose resale is otherwise restricted. It is not a formal section of the Securities Act but rather is a method of private placement resale which relies on...