(From duo, two, and viri, men.) A general appellation among the ancientRomans, given to any magistrates elected in pairs to fill any office, or perform anyfunction. Brande.Duumviri municipalcs were two annual magistrates in the towns and colonies, havingjudicial powers. Calvin.Duumviri novates were officers appointed to man, equip, and refit the navy. Id.
In Roman law. A leader or military commander. The commander of an army.Dig. 3, 2, 2, pr.In feudal and old European law. Duke; a title of honor, or order of nobility. 1 Bl.Comm. 397; Crabb, Eng. Law, 236.In later law. A military governor of a province. See Cod. 1, 27, 2. A military officerhaving charge of the borders or frontiers of the empire, called “dux Umitis.”‘ Cod. 1, 49,1, pr. At this period, the word began to be used as a title of honor or dignity.
A15 year MORTGAGEBACKED SECURITY issued by the FEDERAL NATIONAL MORTGAGE ASSOCIATION. See also GNOME, MIDGET.
During widowhood. 2 lil. Comm. 124. Durante casta viduitate, during chaste widowhood. 10 East, 020.
During virginity, (so long as she remains unmarried.)
During life.
The average CASH FLOWS of an INTEREST RATE sensitive ASSET or LIABILITY, takings account of YIELD, interest payments, maturity, and CALLABILITY Duration quantifies the change in the price of a security for a small change in yield (e.g., the linear effects of market changes); the greater the duration, the more sensitive the price to changes in yield, the riskier the instrument. Securities with longer maturities or lower coupons have longer durations, which become even longer as yield declines. Duration is commonly used to estimate profit and loss on a bond, quantify INTEREST RATE RISK exposure, and create fixed income DELTA HEDGES. The standard dollar duration calculation for a semiannual pay security is given as: where C is semiannual coupon interest, y is the semiannual yield, n is the number of semiannual periods, and M is the maturity value of the bond (generally PAR VALUE). The same calculation is often expressed as a percentage price change: where P is the price of the bond. Extensions of the duration formula include Macaulay
In India. A court, audience, or levee. Mozley & Whitley.
v. To subject to duress. A word used by Lord Bacon. “If tlie party duresscd do make any motion,” etc. Bac. Max. 89, reg. 22.
The wrongful imprisonment of a person, or the illegal restraintof his liberty, in order to compel him to do some act. 1 Bl. Comm. 130. 131, 130.137; 1 Steph. Comm. 137; 2 Kent, Comm. 403.