General (not jurisdiction-specific)

Concepts that apply broadly; check your own jurisdiction.

  • Corporation

    An artificial person created under a state or federal statute, usually by filing articles of incorporation, that can own property, make contracts, and sue or be sued in its own name, separate from its shareholders.

  • Corpus

    Latin for “body.” In trust law, the trust corpus is the property held in a trust, also called the principal or the trust res. The word also appears in phrases such as habeas corpus.

  • Federal Reserve note

    Paper currency issued by the Federal Reserve Banks, which is the paper money in everyday use in the United States. The Federal Reserve Act of 1913 authorized the notes, and 12 U.S.C. § 411 describes them as obligations of the United States that are receivable for taxes and other public dues and redeemable in lawful money. The Bureau of Engraving and Printing prints them. Federal law makes them legal tender for all debts (31 U.S.C. § 5103). They are different from Treasury notes, which are interest-bearing securities.

  • Positive law

    For the United States Code, a title that Congress has enacted as law itself. Under 1 U.S.C. § 204, the text of a positive-law title is legal evidence of the law, while the other titles are prima facie evidence of the law.

  • Ens legis

    Latin for “a creature of the law.” An entity that exists only because the law creates or recognizes it, such as a corporation, as distinguished from a natural person.

  • Legal fiction

    Something the law treats as true, even if it is not literally true, so that a legal rule can work. A common example is treating a corporation as a “person” that can own property, make contracts and be sued.

  • Legal personality

    The capacity to hold legal rights and duties, such as owning property, making contracts, and suing or being sued. Every natural person has it, and the law gives it to certain artificial persons such as corporations. Some arrangements do not have it; for example, under California law a trust is generally not a legal personality, and the trustee sues or is sued on its behalf.