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An equitable exception the Statute of Frauds by which courts enforce oral contrast relating to real estate. • Pattelli v. Bell, 187 Misc.2d 275, 721 N.Y.S.2d 734 (Supreme Ct., Richmond Co. 2001):

Part performance “is based on principles of equity, and, specifically, recognition of the fact that it would be a fraud to allow one party to a real estate transaction to escape performance after permitting the other party to perform in reliance on the agreement” (Messner Vetere Berger McNamee Schmetterer Euro RSCG v Aegis Group, 93 NY2d 229, 235; see General Obligations Law § 5-703 [4]). Part performance alone is not enough. “There must be performance ‘unequivocally referable’ to the agreement, performance which alone and without the aid of words of promise is unintelligible or at least extraordinary unless as an incident of ownership, assured, if not existing” (Burns v McCormick, 233 NY 230, 232). “What is done must itself supply the key to what is promised. It is not enough that what is promised may give significance to what is done” (id.).

An unincorporated organization with two or more members.

A trust in which the trustee has no duties. C.f. active trust.

Allows partnerships and S corporations to elect annually to pay state and local taxes through the entity and for the partners and shareholders to receive a personal income tax credit equivalent to the tax that the entity paid. See N.Y. Tax Law §§ 860, 861. • Some states, such as New York, enacted the PTET as a response to the state and local tax cap of $10,000 that the Tax Cut and Jobs Act of 2017 imposed. • On April 9, 2022, New York City became the first city in the United States to enact a PTET (retroactive to January 1, 2022). N.Y. Tax Law Article 24-B.

An inheritance from one’s father or ancestor of the father. • Example: “On some undisclosed previous date each [infant] had received as a legacy from a grandmother two $1,000 bonds . . . . [Because of a wrongful transfer of the legacy by the father of infants, the] court is . . . confronted with the unwelcome alternative of determining either that the patrimony of the infants is lost to them, or that the respondent, who admittedly paid value and had no notice of the facts hereinbefore recited, must refund the proceeds or value of the securities.” In re Goodchild, 160 Misc. 738 (N.Y. Surrogate’s Ct., Kings. Co. 1936) (emphasis added).

See pay-go.

“[A] budgeting mechanism . . . short for ‘pay-as-you-go’, that says new legislation or executive orders affecting revenues and spending on Medicare, social security and other key programs must be budget-neutral.” Guardian staff and agency, Biden, McCarthy agree to raise US debt ceiling - what’s in the deal?, The Guardian, May 28, 2023 (Apple News link).

A distribution of a set dollar amount, not a percent or an in-kind distribution.

“[P]ension funds . . . manage retirement savings for public employees.” The Wealth Advisor, Trump’s Executive Order For A US Sovereign Wealth Fund: What Could That Mean, Feb. 5, 2025.

The cognitive tendency to assume that the current state of affairs will continue into the future, despite potential evidence or reasons to expect change. It’s a form of status quo bias or projection bias, where people overestimate the stability or continuity of systems, conditions, or trends.

“[T]he Federal Reserve’s preferred measure of inflation . . . .” Protect Your Wealth Against Inflation in Three Easy Steps, Kiplinger, Dec. 15, 2023 (Apple News link). The PCEPI is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The PCEPI is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.

In feudal times, a type of serjeanty tenure that “involved services of a humbler nature” than grand serjeanty, “such as providing military supplies or other articles of small value.” Cornelius J. Moynihan & Sheldon F. Kurtz, Introduction to the Law of Real Property 11 (7th ed. 2020). • “[W]ardship” was incident to grand serjeanty, but not to petit serjeanty . . . .“ Id. at 31 n.24.

A formal, written application to a court requesting a judicial decision.

“ In a typical year, lawyers file 7,000 to 8,000 petitions for a writ of certiorari, the formal name for a petition asking the Supreme Court to give full review to a lower court’s order. The Court typically grants fewer than 80 of these ‘cert’ petitions.“ Ian Millhiser, The Supreme Court’s enigmatic ‘shadow docket,’ explained, Vox, Aug. 11, 2000 (Apple News link).

See appellant.

“[A] unit of measurement used by printers equal to approximately 1/72 of an inch. The vertical height of type is measured in points. The measurement is somewhat complicated and requires a special ruler. The process of measurement is well explained in The Chicago Manual of Style (14th ed.) § 19.43. Suffice it to say that an attorney or litigant may rely on the type size setting of the word processing program used to create the brief. A brief utilizing a proportionally spaced typeface must use 14-point type for the body of the text, but 12-point type may be used for footnotes. A brief utilizing a monospaced typeface must use 12-point type for the body of the text, but 10-point type may be used for footnotes.” Supreme Court of the State of New York, Appellate Division: Second Judicial Department, A Glossary of Terms for Formatting Computer-Generated Briefs, with Examples.

A term that “often refers to a very specific tactic of white supremacy: the use of tax policy to prevent voting by Black citizens.” Jeremy Bearer-Friend, Race-Based Tax Weapons, 14 U.C. Irvine Law Review __ (forthcoming 2023) (SSRN link).

“[S]omeon who handles investing strategies and decisions on behalf of their clients . . . .” Alisa Wolfson, Fiduciary vs. financial adviser: What’s the difference?, MarketWatch, June 26, 2023.

A power of appointment that “is exercisable by the donee only after the expiration of a stated time or after the occurrence or non-occurrence of a specified event.” [EPTL 10-3.3(d)](http://(https//www.nysenate.gov/legislation/laws/EPT/10-3.3).

A will that transfers (“pours”) the decedent’s assets to a living trust.

“A power is the authority to do any act in relation to property (EPTL 10-2.1). . . . A power is not an estate or interest in land, but an authorization to create an estate in land. The power may be given to a party with no beneficial interest in the land (Root v. Stuyvesant, 18 Wend 257). The power includes the power to revoke the previous estate (Chamber v. Kelsey, supra.).” Estate of Edwards, NYLJ Feb. 18, 2020 at 30, col. 2 (Sur. Ct. Kings County 2000, Sur. Feinberg).

The right to designate who will possess or enjoy property.

A document in which one person (the principal) empowers one or people (the agent) to make specified financial decisions on the principal’s behalf.

Non-binding language in a will or trust, such as “I wish,” “I hope,” or “I desire.”

To die before.

An estate in land to which the holder is currently entitled to possession. C.f.future interest.

Planning that focuses on preserving assets for the duration of an individual’s retirement, with the possibility of benefiting loved ones during life or upon death. • For example, a financial advisor might create a wealth preservation plan that allows an individual to live off retirement assets while making annual gifts to children. See estate planning.

“A presumption has been defined as a rule of law ‘which requires that a particular inference must be drawn from an ascertained state of facts’.” Prince, Richardson on Evidence § 3-101, at 53 (Farell 11th ed rev), qtd in Matter of Ives](https://scholar.google.com/scholar_case?case=9655742036549118864&q=Ives,+745+N.Y.S.2d+904&hl=en&as_sdt=4,33), 192 Misc. 2d 479 (NY Sur. Ct., Broome Co. 2002).

See relief.

The common-law rule that land descended to the oldest son on the owner’s death. C.f. burgage tenure, gavelkind tenure.

For a bond: The amount of money which a bond investor loans to a borrower.

When an agent acts in the agent’s best interest interest, rathther than the best interest of the principal.

A recurring monthly payment that borrowers must pay when obtaining a conventional mortgage, but only when they are making a down payment smaller than 20% of a home’s value. C.f. mortgage insurance premium. • “PMI, which is arranged through a third-party insurance company, is designed to protect the lender if you’re unable to make payments. PMI doesn’t protect you against loss — if you don’t make payments, you could still face foreclosure — and it won’t prevent your credit score from dropping if your mortgage payments are late.” Ella Vincent, What is Private Mortgage Insurance and How Does It Impact Buying a Home?, Kiplinger, June 19, 2024 (Apple News link).

“A private trust company, also known as a family trust company, is an entity formed and authorized under state law to act as a fiduciary for a single family, and it is prohibited from transacting business with the general public.  Family members are typically defined under state law by their degree of kinship to a designated relative, such as patriarch or a matriarch.  Depending on applicable state law, a private trust company can be formed as a limited liability company or a corporation.” Jim Weller, The Private Trust Company Solution, LISI Webinar, June 13, 2023.

The process by which a will is given effect after death.

Assets that are controlled by a will.

“A probate estate includes only assets that pass through a will.” Gross Estate vs. Probate Estate, Smart Asset, July 28, 2023. C.f. gross estate.

The amount of money that a business earns after deducting all of its expenses from its revenue. Expenses include operating costs, taxes, and any other expenses that the business may incur in the process of generating revenue. C.f. net sales. See Hani Sarji, Net Sales v. Profit, Wills, Trusts, Estates, Aug. 7, 2023.

A tax that imposes a larger share of the tax burden on those who have more or earn more. It imposes lower tax rates on lower-income taxpayers and higher tax rates on higher-income taxpayers. See TheStreet Staff, What Is a Progressive Tax? Definition & Example, May 24, 2023 (Apple News link) (“A progressive tax structure allows low-income earners to pay a smaller proportion of their income as tax compared to high-income individuals, who are taxed at progressively higher rates.”). C.f. flat tax, regressive tax.

Believing that future preferences or conditions will align with the present.

A typeface “designed so that the amount of horizontal space each letter occupies on a line of text is proportional to the design of each letter, the letter i, for example, being narrower than the letter w. More text of the same type size fits on a horizontal line of proportionally spaced type than a horizontal line of the same length of monospaced type. . . . Times New Roman . . . is a proportionally spaced typeface.” Supreme Court of the State of New York, Appellate Division: Second Judicial Department, A Glossary of Terms for Formatting Computer-Generated Briefs, with Examples. C.f. monospaced typeface.

To that extent. • Example: “[T]he wearing apparel remained a part of the assets of the estate and, having been turned over to and accepted by the objectant, must be deemed a pro tanto satisfaction of her distributive rights, with the resultant reduction of the sum to which she is entitled to $ 126.99.”  Estate of Williams, 295 N.Y.S. 56 (Sur. Ct., Kings Co. 1937) (emphasis added).

An acronym that stands for “pass-through entity tax”.

A record created by a government in the normal course of its business.

In statutory interpretation: “[P]urposivists seek to discern a statute’s purpose(s). See, e.g., Henry M. hart, Jr. & Albert M. Sacks, The Legal Process: Basic Problems in the Making and Application of Law 1374 (William N. Eskridge, Jr. & Philip P. Frickey eds., 1994) (instructing interpreters to ‘[d]ecide what purpose ought to be attributed to the statute and to any subordinate provision of it’); Robert A. Katzmann, Judging Statutes 31 (2014) (‘The task of the judge is to make sense of legislation in a way that is faithful to Congress’s purposes.’); [Kevin M. Stack, Interpreting Regulations, 111 MICH. L. REV. 355, 387 (2012)] (making a similar argument as to Congress’s formal statements of purpose).” Gregory A. Elinson & Robert H. Sitkoff, When a Statute Comes with a User Manual: Reconciling Textualism and Uniform Acts, 71 Emory L.J. 1073 (2022). C.f. intentionalist.

A financial contract that gives an investor the ability to sell an asset for a set price. • A put is a bet that the asset will trade lower. So, it is considered a bearish contract. • C.f. call.