| Taking the
Fifth |
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Common parlance for exerting the right
against self incrimination in a criminal proceeding, as set out in
the Fifth Amendment to the U.S. Constitution |
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| Tenancy |
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The right of a tenant to possess property
either by lease or by title. |
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| Tenancy by the
Entireties |
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Joint possession of real property by a
husband and wife who are viewed as one entity under the law. Neither
husband nor wife and convey the property without the consent of the
other, and the surviving spouse takes control of the entire
estate. |
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| Tenancy in
Common |
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Possession of real property by two or more
persons in equal or unequal shares with each person having the right
to enjoy the property but no right of survivorship. |
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| Testator/Testatrix |
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The person who makes and executes a will or
testament. |
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| Testimony |
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Statements made under oath. |
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| Title |
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Ownership in property including use and
possession of the property; written proof of ownership in
property. |
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| Title Search |
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The process of determining the chain of
title in a piece of real property including all encumbrances, liens,
and mortgages. |
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| Tort |
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The breach of a duty that results in an
injury for which there is a remedy at law. |
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| Trademark |
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A word or symbol used to distinguish one
corporate product from another. Trademarks are used to protect the
genuineness of a product and if they qualify they can be registered
with the U.S. Patent and Trademark Office. |
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| Trial |
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The adversarial process or resolving
disputes either civil or criminal whereby evidence is presented
before a judicial body in relation to existing law and a resolution
is reached. |
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| Trust |
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A property interest held secure for a third
person beneficiary by a trustee at the request of another person,
the settlor. |
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| Trust
Company |
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A corporation engaged in the business of
serving as a trustee. |
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| Trust Fund |
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The property held by a trustee for the
benefit of a third party beneficiary. |
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| Trustee |
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A person or corporation who holds legal
title to property in a trust for the benefit of a third party
beneficiary and a fiduciary duty to that
beneficiary. |
