Archives: Glossary

A lawsuit to establish ownership of real property against other claims.

A recorded notice that a lawsuit affecting title to real property is pending.

The document that starts an appeal.

A model law covering commercial transactions such as sales and secured transactions. It has force only as each state enacts it.

Claim preclusion: a final judgment on the merits generally bars the same parties from relitigating the same claim.

Issue preclusion: when an issue of fact or law is actually litigated and determined by a valid and final judgment, and the determination is essential to the judgment, it is generally conclusive in a later action between the parties, whether on the same or a different claim (Restatement (Second) of Judgments § 27). Federal courts also allow non-mutual use in some cases (Parklane Hosiery Co. v. Shore, 439 U.S. 322 (1979)). Compare res judicata, which bars relitigating a whole claim.

A legal arrangement in which a trustee holds property for the benefit of one or more beneficiaries under terms set by the settlor.

The person who creates a trust. Also called the grantor or trustor in some jurisdictions.

The person or institution that holds and manages trust property for the beneficiaries.

A person who must act in another’s best interest, such as a trustee or agent.