Second Circuit Forms Online

Define That Term #276

Dictionary_2 Last week's term was, in honor of our ex-governor, naked option, which is defined as:

An opportunity to buy stock at a fixed price, offered by a seller who does not own the stock to back up the promise. If the buyer wants to exercise the option, the seller must purchase the stock at market price to make good on the offer.

Edward Wiest got it right, although David Gottlieb's definition wasn't necessarily all that far from the mark!

Today's term is:

nolle prosequi.

As always, no dictionaries, please.


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Edward Wiest

Law Latin for act of a prosecutor by which criminal charges are withdrawn before trial, presumably without invoking double jeopardy rights.

Aside on aside to #275: When will the words honor and Governor of the State of New York be next invoked together?

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