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JOINT TAKE-OFF

When a group of title companies shares the cost of one take-off made for the use and benefit of each member of the group, it is called a joint take-off. A take-off is an abbreviated copy of the principal features of recorded instruments required for the purposes of indexation in an abstract plant or for purposes of making abstracts or examining titles.

JOINT TENANTS

Two or more persons who hold title to real estate jointly, with equal rights to share in its enjoyment during their respective lives with the provision that upon the death of a joint tenant, his share in property passes to the surviving tenants, and so on, until the full title is vested in the last survivor. A joint tenant cannot legally sell or encumber his interest without the consent or joinder of all of the other joint tenants.

JOINT VENTURE

Business undertaking by two or more persons to conduct a single enterprise for profit. Joint venture has characteristics of a partnership, but relates to a single venture.

JUDGMENT

A conclusion or determination by a court of law usually awarding the payment of money or relief of some kind to one of the parties to a lawsuit.

JUDICIAL

Of or pertaining to courts of law or the administration of justice.

JUNIOR MORTGAGE

A mortgage lower in lien priority than a first mortgage.

JUNK

Vehicle parts have been salvaged and vehicle has been destroyed or scrapped.

JURAT

Certificate evidencing that an affidavit was properly made before an authorized officer, an acknowledgment.

JURISDICTION

(1) The right and power of courts to interpret and apply the law. (2) The legal power of control over persons and property. (3) A geographical area in which a court has power and authority to act.

JURISDICTION OF ORGANIZATION

With respect to a registered organization, the jurisdiction under whose laws the organization is organized.

JURISPRUDENCE

A system of laws. The science or philosophy of the law.