I

IDEM SONANS

The doctrine that, if any two names may be sounded alike, any variance in spelling is immaterial.

IMPROVEMENT LIENS

Liens imposed by municipalities on real estate which has been directly benefitted by municipal improvements such as the construction of streets, sidewalks and sewer lines. Such liens secure payment of the proportionate costs of such improvements.

IN GROSS EASEMENT

A right in another's land not created for the benefit of any land owned by the easement holder. It is a personal right attached to the person of the easement holder.

IN PERSONAM

Against the person.

IN RE

In the matter of.

IN REM

Against a thing (property) and not against a person.

INCHOATE

Immature; not fully developed; an early stage; incomplete; only partially existing. An inchoate right of dower held by a wife matures and becomes exercisable only upon the death of her husband.

INCOMPETENT

Person who is incapable of managing his own affairs because of a disability.

INCORPOREAL

Having no material substance or form, but existing in the eyes of the law.

INDEMNITY

Insurance against possible loss or damage. A title insurance policy is a contract of indemnity.

INDENTURE

A deed or other real estate contract executed between two or more parties.

INDEX

(1) An alphabetical or geographical listing in the public records of the names of parties to recorded real estate instruments together with the book and page number of the record. (2) The listing in abstract and title plants of recorded real estate instruments in groups according to land descriptions, known as a geographic index. (3) The alphabetical listing in abstract and title plants, by names of the parties, of all recorded instruments which affect but do not describe particular real estate, such as judgments, powers of attorney, wills and probate proceedings. These indexes are known by various names such as general index, judgment index, and name index.

INDORSEMENT

See "Endorsement."

INGRESS

The right or permission to enter; also the means or place of entry such as a right-of-way across adjoining land.

INSTALLMENT CONTRACT

A real estate purchase agreement providing for the payment of the purchase price in several successive payments such as monthly payments. A land contract is an installment contract.

INSTRUMENT

Any written document by which something is done regarding rights or interests in real estate.

INSTRUMENT (UCC)

Negotiable instrument (governed by Article 3 of the UCC) or another writing evidencing a right to payment of money that, in the ordinary course of business, -is transferred by delivery with any necessary endorsement or assignment.

INSURABLE INTEREST

Interest in property of such a nature that the occurrence of the event insured against would cause financial loss to the insured. The interest may be that of an owner, mortgagee, lessee, trustee, etc.

INSURANCE LOSS

Officials determined the cost to repair a damaged vehicle exceeded the vehicle's value.

INSURER

One that insures, sometimes called an underwriter, such as a title insurance company.

INTANGIBLE

Incorporeal; something that does not have material or physical existence. An example is an asset such as the goodwill of a business as compared with the stock-in-trade.

INTERESTS

Estates, rights, or legal claims in and to real estate.

INTERIM LOAN

Short term loan usually made during construction of a building. After completion of the structure, a permanent loan (takeout loan) is customarily arranged.

INTESTATE

Dying without leaving a legal will. The intestate laws are the laws of distribution of the estate of a deceased person who dies without a will.

INTRA

Within.

INURE

To serve to the use or benefit of.

INVENTORY

Goods, other than farm products, held by a person for sale or lease, on consisting of raw materials, work in process, or materials consumed in business.

INVESTMENT PROPERTY

Certificated and uncertificated securities, securities accounts, and security entitlements, all of which are defined in Article 8 of the UCC.

INVOLUNTARY LIEN

Those liens in which a parcel of land is, by operation of law, put up as security for the payment of a debt.

IPSO FACTO

Of itself; by the very fact.