Latin for Lawyers

MARKETABILITY

MARKETABILITY [L. mercatus / trade, commerce; buying and selling] Fitness for trade or sale. A measure of the ability of a particular item or object to be sold in the open market. Marketable title is ownership which is free from encumbrances or from reasonable doubt as to its validity, i.e., title which will support an action by the seller for specific performance of a con tract to buy. MARKET VALUE The price established for any article or commodity in the ordinary course of business. The price which a willing buyer will pay to a willing seller. The price fixed by reference to indices of comparable sales over a period of time, as in the case of real estate. MARTIAL LAW [L. Mars / the Roman god of war] The imposition of governmental controls over the public during times of emergency, war or catastrophe. The exercise of arbitrary governmental pow ers by a military junta or commander or by military authorities over civilians and civil authority. A system of decrees issued by a military commander in time of war imposed on an occupied foreign territory; also, steps taken to control unruly mobs or to maintain public safety. Also, the cessation of civil law and authority. MASTER [L. magister / master, chief, head] In the law, this word has many uses and meanings. In the law of Agency, a principal who employs a servant or employee to perform work or services for him under his control and direction. A person appointed by a state or federal judge to perform a specified judicial function, such as the taking of testi mony. A master agreement is an agreement between a labor union and one employer in a particular industry which is intended to act as a model for all contracts in that industry. A master deed is a deed drafted by the sponsor of a condominium which is used in the conveyance of title to individual condo minium units. The master of a ship is the captain and chief officer of a vessel under maritime law. A master plan is the overall plan of a governmental entity for the development of land and construction within its borders, includ ing laws covering zoning, housing, industry, schools and parks. A master in chancery is a court officer appointed to carry out the functions of the equity court. MATER FAMILIAS [L. mater / mother + familia / a household] The mother of a family. The feminine head of a household. A widowed mother.

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