Words, Phrases & Definitions



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I

I/C - Individual/Corporation. An in-plant index of matters affecting persons or companies which cannot be entered on Lot Books because no specific properties are mentioned.

Idem Sonans - The doctrine that if two names may be sounded alike any variance in spelling is immaterial.

Id Est. - That is commonly abbreviated "i.e."

In Essee - Alive; in being.

Improved Real Estate - Land upon which buildings have been erected.

In Personam - Against the person.

In Propria Persona - In his/her own person; himself, herself. Abbreviated to "pro per."

In Re - In the matter of.

In Rem - Against property.

Inchoate - Incomplete; not perfected.

Incompetent - A person deemed by law incapable of managing his/her property.

Incorporeal - Intangible; without physical existence.

Indemnity - Compensation given for a loss sustained.

Indemnity Agreement - An agreement relieving a person of an obligation to compensate for a potential loss. A hold harmless agreement.

Indenture - A deed or other document executed by both parties.

Inheritance Tax - A tax imposed upon the privilege of succeeding to the title of a decedent.

Installment Land Sales Contract - An agreement entered into for the sale and purchase of property under which purchase price is paid in installments.

Instrument - A formal, legal, written document.

Insurable Interest - A sufficient interest in property that loss of it or damage to it would entail financial loss to the owner.

Intangible - Incorporeal; not of material or physical existence.

Inter Alia - Among other things.

Interest - A share of, or a right to, or a concern in something of Value; also, a premium paid for the use of money.

Interim Loan - A short term loan under circumstances anticipating a subsequent long term loan.

Interlocutory Decree - A decree made pending final outcome of the cause prior to final hearing on the merits.

Intestate - Without a will; also, a decedent who left no will.

Intra - Within.

Inure - To serve to the use or benefit.

Involuntary Lien - A lien created by operation of law.

Ipso Facto - Of itself; by the very fact.

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