GRACE n.
ay when a bill or note becomes due, which days are allowed to the debtor or payer to make payment in. In Great Britain and the United States, the days of grace are three, but in some countries more, the usages of merchants being different. -- Good graces, favor; friendship. -- Grace cup. (a) A cup or vessel in which…
GUARANTEE n. 2 definitions
In law and common usage: A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who is, in the first instance, liable to such payment or performance; an engagement which secures or insures another against a contingency; a warranty; a security. Same a…
HERIOT n.
Formerly, a payment or tribute of arms or military accouterments, or the best beast, or chattel, due to the lord on the death of a tenant; in modern use, a customary tribute of goods or chattels to the lord of the fee, paid on the decease of a tenant. Blackstone. Bouvier. Heriot custom, a heriot depending on usage. --…
HYPOTHECATION n. 2 definitions
f his debtor, in virtue of which he may cause it to be sold and the price appropriated in payment of his debt. This is a right in the thing, or jus in re. Pothier. B. R. Curtis. There are but few cases, if any, in our law, where an hypothecation, in the strict sense of the Roman law, exists; that is a pledge without po…