At a time when no term of the court is beiug held; in the vacation or interval which elapses between terms of the court. See McNeill v. Hodges, 99 N. C. 248, 6 S. E. 127.
OUT OF TERM
Category: O
OUTCROP
In mining law. The edge of a stratum which appears at the surface of the ground; that portion of a veiu or lode which appears at the surface or immediately under the soil and surface debris. See Duggan v. Davey, 4 Dak. 110, 20 N. W. 887; Stevens v. Williams, 23 Fed. Cas. 40.
OUT OF THE BOX THINKING
Problem solving that is not confined by self-imposed limits or convention. Free and innovative thinking results in the creation of unique solutions and ideas.
OUT OF THE STATE
In reference to rights, liabilities, or jurisdictions arising out of the common law, this phrase is equivalent to “beyond sea,” which see. In other con- nections, it means physically beyond the territorial limits of the particular state in ques- tion, or constructively so, as iu the case of a foreign corporation. See Faw v. Itober- deau, 3 Cranch, 177, 2 L. Ed. 402; Foster v. Givens. 07 Fed. 6S4, 14 C. C. A. 625; Meyer v. Roth, 51 Cal. 582; Yoast v. Willis, 9 Ind. 550; Larson v. Aultman & Taylor Co., 80 Wis. 281, 56 N. W. 915, 39 Am. SL Rep. 893.
OUT OF TIME
A mercantile phrase applied to a ship or vessel that has been so long at sea as to justify the belief of her total loss. In another sense, a vessel is said to be OUTAGE 863 OUTRIDERS out of time when, computed from her known day of sailing, the time that has elapsed exceeds the average duration of similar voyages at the same season of the year. The phrase is identical with “missing ship.” 2 Duer, Ins. 469.
OUT-BOUNDARIES
A term used in early Mexican laud laws to designate certain boundaries withiu which grants of a smaller tract, which designated such out- bouudaries, might be located by the grantee. U. S. v. Maxwell Land Graut Co., 121 U. S. 325, 7 Sup. CL 1015, 30 L. Ed. 949.
OUT-OF-CASH-DATE
An estimation of how long it will take a company to spend the revenue generated during an accounting period.
OUT-OF-POCKET EXPENSES
the term given to the money a person spends to defray the expenses of carrying out his usual duties of his job.
OUT-OF-THE-MONEY
When an assets price is lower than the strike price.
OUT-OF-THE-MONEY OPTION
A call option that is higher than the asset?s market price, or a put option that is lower than the asset?s market price.