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The New York Legal Blog Round Up

Define That Term #275

Dictionary_2 The most recent term was floating easement, which is defined as:

n. an easement (a right to use another's property for a particular purpose) which allows access and/or egress but does not spell out the exact dimensions and location of the ease.

Jim Rose's guess was incorrect, but funny.

Today's term is, in honor of our ex-governor:

naked option.

As always, keep your dictionaries shut, per favore.


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Edward Wiest

Financial industry argot for transaction under which one may become obligated to deliver upon demand property not in current possession and/or ownership of optionee.

Most familiar use: sale of a naked call (entry into agreement to deliver securities on demand for a fixed period at a fixed price by one who does not own the security) for the purpose of grabbing the premium (option price) while watching the optioned stock drop in price.

David M. Gottlieb, Esq.

Five drinks too many?

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