LOCKBOX

Banking related service allowing a company to drop its deposit in a postal box where the bank will obtain the deposit and post it to the company’s bank account(s). Typically this service is rather secure and only provide to a company depositing large amount of money on a regular basis.

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LOCKED MARKET

Where bid price equals the asked price as a temporary situation.

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LOCKING UP A JURY

the term that applies to the jury when it is in deliberation and away from all outside influences.

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LOCKMAN

An oflicer in the Isle of Man, to execute the orders of the governor, much like our under-sheriff. Wharton.

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LOCKOUT

Employment action. An entity stops or withholds work. The work force is not allowed on entity property during this condition. It is a reverse strike by entity management, intended to compel an entity-favorable settlement to a labor dispute. When several employers in concert conduct a lock out action, it is known as a joint lockout. Also known as shut out.

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LOCAL TAXES

Taxes due in a local jurisdiction that are in addition to state and federal taxes. Property, sales, water, sewer, school, and occasionally, income taxes are all types of local taxes. Generated monies from this pays for some community services. Public schools and related expenses are a typical example. Also known as municipal taxes.

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LOCALITY

In Scotch law. This name is given to a life-rent created in marriage contracts in favor of the wife, instead of leaving her to her legal life-rent of tierce. 1 Bell. Comm. 55.

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LOCALITY RULE

a term in medical jurisprudence where the physicians of an area must maintain standards of practice.

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LOCALIZATION

accommodating the language, cultural, political and legal differences of a foreign market or country as a practice for adjusting a product’s functional properties and characteristics.

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LOCARE

is an agreement by which one person delivers to another a certain quantity of things which are consumed by the use, under the obligation, by the borrower, to return to him as much of the same kind and quality. Civ. Code La. art. 2910. Loans are of two kinds,

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