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TRO

See temporary restraining order.





trust corpus

Latin for "the body" of the trust. This term refers to all the property transferred to a trust. For example, if a trust is established (funded) with $250,000, that money is the corpus. Sometimes the trust corpus is known as the "res", a Latin word meaning "thing."





trust deed

The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee -- often a title company -- who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.





trust merger

Under a trust, the situation that occurs when the sole trustee and the sole beneficiary are the same person or institution. Then, there's no longer the separation between the trustee's legal ownership of trust property from the beneficiary's interest. The trust "merges" and ceases to exist.





trustee

The person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income or principal as directed in the trust document. With a simple probate-avoidance living trust, the person who creates the trust is also the trustee.





trustee powers

The provisions in a trust document defining what the trustee may and may not do.





trustor

See grantor.





truth in Lending Act (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.





U.S. Copyright Office

See Copyright Office.





U.S. Patent and Trademark Office

See Patent and Trademark Office.





ultra vires

Latin for "beyond powers." It refers to conduct by a corporation or its officers that exceeds the powers granted by law.





unclean hands

A legal doctrine that prevents a plaintiff who has acted unethically in relation to a lawsuit from winning the suit or from recovering as much money as she would have if she had behaved honorably. For example, if a contractor is suing a homeowner to recover the price of work he did on the home, his failure to perform the work as specified would leave him with unclean hands.





unconscionability

A seller's taking advantage of a buyer due to their unequal bargaining positions, perhaps because of the buyer's recent trauma, physical infirmity, ignorance, inability to read or inability to understand the language. The unfairness must be so severe that it is shocking to the average person. It usually includes the absence of any meaningful choice on the part of the buyer and contract terms so one-sided that they unreasonably favor the seller. A contract will be terminated if the buyer can prove unconscionability.





uncontested divorce

A divorce automatically granted by a court when the spouse who is served with a summons and complaint for divorce fails to file a formal response with the court. Many divorces proceed this way when the spouses have worked everything out and there's no reason for both to go to court -- and pay the court costs.





undercapitalization

A situation in which a company does not have enough cash available to carry on its business.





underwriter

Another term for an insurer, one who assumes the risk of another's loss and compensates for the loss under the terms of an insurance policy.





undue hardship

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.





unemployment insurance (UI)

A program run jointly by federal and state governments that provides money benefits for a specified time -- usually 26 weeks -- after you"ve been laid off from a job. The amount of your unemployment check will be less than your former pay. Also called unemployment compensation, UI covers most employees, provided that they worked at least six months during the year prior to losing the job and earned the minimum amount of money required under the program's regulations.





unfair competition

An overarching term describing any commercial activity that tends to confuse or deceive the public about the sale of products or services. It covers such diverse activities as trademark infringement, false advertising and theft of trade secrets. If a court finds that an activity constitutes unfair competition, it will generally prevent that activity from occurring in the future and award money damages to the person or company harmed by the activity.





Uniform Gifts to Minors Act

See Uniform Transfers to Minors Act.





Uniform Resource Locator (URL)

The Internet address of a Web page, file or other online resource. URLs usually contain a domain name and a description of the material sought. For example, http://www.nolo.com/patents.html is the URL for an article on patents on Nolo's website.





Uniform Transfer-on-Death Security Act

A statute that allows people to name a beneficiary to inherit stocks or bonds without probate. The owner of the securities can register them with a broker using a simple form that names a person to receive the property after the owner's death. Every state but Texas has adopted the statute.





Uniform Transfers to Minors Act

A statute, adopted by almost all states, that provides a method for transferring property to minors and arranging for an adult to manage it until the child is old enough to receive it. See custodian.





uninsured motorist coverage

The portion of car insurance that compensates you for any injuries resulting from an accident with an uninsured motorist or a hit-and-run driver. Damage to your vehicle in such a situation is compensated by the collision coverage portion of your car insurance.





United States Attorney

The prosecutor in charge of enforcing the federal criminal laws of the United States. The U.S. Attorney can also enforce selected federal civil statutes, such as the Civil Rights Act. U.S. Attorneys are appointed by the President and the job is considered a political plum. Typical cases brought by the U.S. Attorney and Assistant U.S. Attorneys are immigration violations, drug importation, securities fraud and bank robberies. Any offense committed on federal property (such as a military base or national park) may be prosecuted by the U.S. Attorney.







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