KFLCC Kingdom Law 2nd Ed.

761

MARKET

MARITUB

92, 38 N. W. 714; Strickland y. Pennsyl vania R. Co., 154 Pa. 348, 26 Atl. 431, 21 L. R. A. 224. It differs from the forum, or market of antiquity, which was a public market-place on one side only, or during one part of the day only, the other sides being occupied by temples, theaters, courts of jus tice, and other public buildings. Wharton. The liberty, privilege, or franchise by which a town holds a market, which can only be by royal grant or immemorial usage. By the term "market" is also understood the demand there is for any particular arti cle; as, "the cotton market in Europe is dull." —Clerk of the market. See CLERK. - Market geld. The toll of a market.— Mar ket overt. In English law. An open and public market. The market-place or spot of ground set apart by custom for the sale of par ticular goods is, in the country, the only market overt; but in London every shop in which goods are exposed publicly to sale is market overt, for such things only as the owner pro fesses to trade in. 2 Bl. Coram. 449; Godb. 131; 5 Coke, 83. See Fawcett r. Osborn. 32 111. 426, 83 Am. Dec. 278.— Market price. The actual price at which the given commodity is currently sold, or has recently been sold, in the open market, that is, not at a forced sale, but in the usual and ordinary course of trade and competition, between sellers and buyers equally free to bargain, as established by rec ords of late sales. See Lovejoy v. Michels, 88 Mich. 15, 49 N. W. 901, 13 L. R. A. 770; Sanford v. Peck, 63 Conn. 486, 27 Atl. 1057; Douglas v. Merceles, 25 N. J. Eq. 147; Par menter v. Fitzpatrick, 135 N. Y. 190, 31 N. E. 1032. The term also means, when price at the place of exportation is in view, the price at which articles are sold and purchased, clear of every charge but s.uch as is laid upon it at the time of sale. Goodwin v. United States, 2 Wash. C. C. 493, Fed. Cas. No. 5,554.— Mar ket towns. Those towns which are entitled to hold markets. 1 Steph. Comm. (7th Ed.) 130 — Market value. The market value of an article or piece of property is the price which it might be expected to bring if offered for sale in a fair market; not the price which might be obtained on a sale at public auction or a sale forced by the necessities of the owner, but such a price as would be fixed by negotiation and mutual agreement, after ample time to find a purchaser, as between a vendor who is willing (but not compelled) to sell and a purchaser who desires to buy but is not compelled to take the particular article or piece of property. See Winnipiseogee Lake, etc., Co. v. Gilford, 67 N. H. 514, 35 Atl. 945; Muser v. Magone, 155 U. S. 240, 15 Sup. Ct. 77, 39 L. Ed. 135; Esch, v. Railroad Co., 72 Wis. 229, 39 N. W. 129; Sharpe v. U. S.. 112 Fed. 898, 50 C. C. A 597, 57 L. R. A. 932; Little Rock Junction Ry. v. Woodruff, 49 Ark. 381, 5 S. W. 792, 4 Am. St. Rep. 51; Lowe v. Omaha, 33 Neb. 587, 50 N. W. 763; San Diego Land Co. v. Neale, 78 Cal. 63, 20 Pac. 372, 3 L. R. A. 83.— Market zeld, (properly market geld.) In old records. The toll of a market. Cowell.— Public market. A market which is not only open to the resort of the general public as purchasers, but also available to all who wish to offer their wares for sale, stalls, stands, or places being allotted to those who apply, to the limits of the capacity of the market, on payment of fixed rents or fees. See American Live Stock Commission Co. v. Chicago Live Stock Exchange, 143 111. 210, 32 N. E. 274, 18 L. R. A. 190, 36 Am. St. Rep. 385; State v. Fernandez, 39 La. Ann. 538, 2 South. 233; Cincinnati v. Buckingham, 10 Ohio, 257.

33, 18 L. Ed. 125; Holmes v. Oregon & C. Ry. Co. (D. C.) 5 Fed. 77; In re Long Island, etc., Transp. Co. (D. C.) 5 Fed. 606; U. S. v. Bur lington, etc., Ferry Co. (D. C.) 21 Fed. 336.

MARITUS.

a mar

La t

A husband;

ried man. Calvin.

MARK. 1. A character, usually in the form of a cross, made as a substitute for his signature by a person who cannot write, in executing a conveyance or other legal docu ment. It is commonly made as follows: A third person writes the name of the marks man, leaving a blank space between the Christian name and surname; in this space the latter traces the mark, or crossed lines, and above the mark is written "his," (or "her,") and below it, "mark." 2. The sign, writing, or ticket put upon manufactured goods to distinguish them from others, appearing thus in the compound, "trade-mark." 3. A token, evidence, or proof; as in the phrase "a mark of fraud." 4. A weight used in several parts of Eu rope, and for several commodities, especially gold and silver. When gold and silver are sold by the mark, it is divided into twenty four carats. 5. A money of accounts in England, and In some other countries a coin. The English mark is two-thirds of a pound sterling, or 13s. 4d.; and the Scotch mark is of equal value in Scotch money of account. Enc. Amer. 6. In early Teutonic and English law. A species of village community, being the lowest unit in the political system; one of the forms of the gens or clan, variously known as the "mark," "gemeinde," "com mune," or "parish." Also the land held in common by such a community. The union of several such village communities and their marks, or common lands, forms the next higher political union, the hundred. Freem. Compar. Politics, 116, 117. 7. The word is sometimes used as another form of "marque," a license of reprisals. —Demi-mark. Half a mark; a sum of mon ey which was anciently required to be tendered in a writ of right, the effect of such tender be ing to put the demandant, in the first instance, upon proof of the seisin as stated in his count; that is, to prove that the seisin was in the king's reign there stated. Rose. Real Act. 216. —•High and low water-mark. See WATEB M ARK. —Mark banco. See MARC BANCO. MARKEPENNY. A penny anciently paid at the town of Maldon by those who had gutters laid or made out of their houses into the streets. Wharton. A public time and appointed place of buying and selling; also purchase and sale. Caldwell v. Alton, 33 111. 419, 75 Am. Dec. 282; Taggart y. Detroit, 71 Mich. MARKET.