State Law

Annexation
Process by which an incorporated city expands its boundaries to include a specified area, usually governed by state law and often requiring a public ballot.
Domestic Corporation
Domestic corporations are entities established under the laws of the United States, operating primarily within the country, and are subject to federal and state regulations.
Dram Shop Act
A state law stating the liabilities of tavernkeepers serving alcoholic beverages to intoxicated patrons, identifying the creation of unreasonable risk of harm and resulting in charges of negligent conduct and legal liability.
Judgment Proof
Judgment proof refers to individuals from whom a creditor cannot collect money, even if there is a court order stating that a debt is owed. This status typically applies to people who are insolvent or whose wages or assets are protected by state law.
Usufructuary Right
A usufructuary right enables an individual to use or benefit from property owned by another person temporarily, without altering the ownership of the property.
Usury
Usury refers to the practice of charging an interest rate on loans that exceeds the legal maximum set by state law. The limits on usury can vary based on the type of lender and loan, and federal laws sometimes override these state limits under specific conditions.

Accounting Terms Lexicon

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