N

Burial “in which a body is buried without a coffin or with a biodegradable coffin.” James FitzGerald, New York approves composting of human bodies, BBC News (Apple News link). • Natural burials are permitted in the United Kingdom. Id.

See nota bene.

The bottom-line value of a fund’s assets divided by the number of outstanding shares.

“It’s a 3.8% surtax on a filer’s income from sources like interest, dividends and capital gains that applies if adjusted gross income, or AGI, is above $200,000 for most single filers or $250,000 for most married couples. It affects one-time spikes as well as recurring income, so taxpayers who typically earn less can owe it on a windfall.” Laura Saunders, The ‘You-Make-a-Lot-of-Money Tax’ Hits More Americans, WSJ, June 23, 2023 (Apple News link).

An employee’s earnings after payroll deductions are subtracted from gross pay. C.f. gross pay.

The total revenue generated by a business over a certain period of time, after accounting for any discounts or returns. It is essentially the money a company receives from selling its products or services. C.f. profit. See Hani Sarji, Net Sales v. Profit, Wills, Trusts, Estates, Aug. 7, 2023.

A survey of land ownership in Great Britain conducted in 1874, nearly 800 years after the first. See Domesday Book.

At common law, next of kin inherited personal property. See Jones v. Kelly, 13 N.E. 443 (N.Y. Ct. Appeals 1902).

See nonfungible tokens.

In a deed, a statement that says that a property is being conveyed for “One dollar and other good or valuable consideration.” Often, deeds with nominal consideration also read, “Ten dollars and other good or valuable consideration.” • In New York, reciting nominal consideration is common because a deed must provide evidence of consideration, but it does not have to recite the actual amount of consideration involved.

The principle that an individual may convey no better title to an item of property than that which the individual possesses. • “It is the primary rule of common law, which possesses substantially universal applicability, that an individual may convey no better title to an item of property than that which he himself possesses. This is compressed in legal terminology to the familiar phrase ‘non dat qui non habet’.” In re Goodchild, 160 Misc. 738 (N.Y. Surrogate’s Ct., Kings. Co. 1936).

A fiduciary role in which an adviser manages investments but must first get the client’s permission before each transaction.C.f. discretionary fiduciary investment adviser.

“NFTs are bitcoin-like tokens connected to a digital work of art or other real-world item and sold as a unique digital item.” Paul Vigna, DeFi Is Helping to Fuel the Crypto Market Boom–and Its Recent Volatility, WSJ, June 3, 2021 (Apple News link).

A trust that is taxed as a separate taxpayer. because the grantor is not deemed to be the owner of the trust corpus for tax purposes. C.f. grantor trust.

“The informal or non-judicial settlement of an estate permits the executor or administrator to wind-up the administration of the estate, make final distribution, and be released from liability for his actions by agreement with the parties, with no or only limited involvement by the court. . . . The term “informal” is generally taken to refer to the manner in which the account is settled. It may also refer to the account itself. Because an informal settlement does not contemplate judicial review or approval of the account, there is no requirement that the account be in any particular form. Indeed, the account need not even be filed with the court.” Susan B. Reuben, Informal Settlement of Estates, NYSBA course book, Fall 2020.

Employers “put money into [a retirement] account on behalf of eligible employees whether or not they are saving themselves. These often take the form of fixed- or variable-rate profit-sharing payments.” Jeanne Sahadi, New report flashes a warning over 401(k) account balances, CNN Business, June 15, 2023 (Apple News link).

See will substitute.

Underestimating the likelihood and impact of a disaster or crisis.

The Normans’ defeat of the Saxons in 1066, which changed England’s ruling class and system of land holding. • The Norman Conquest introduced military tenure into England.

Latin for “mark well” or “take note.” • An indication that what follows is particularly important. • Abbreviated as “N.B.”

A document that informs the court and the other parties that one party in a lawsuit intends to appeal a decision or judgment made by a lower court.

Latin for “don’t take anyone’s word for it.” This is the motto for the London-based Royal Society, which is the ancestor of the research university. See James Hankins, Opinion: Claudine Gay and Why Academic Honesty Matters, WSJ, Dec. 27, 2023 (Apple News link).