Glossary
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NEGLIGENCE: The omission or neglect of reasonable precaution, care or action.
NEGOTIABLE: Capable of being legally transferred by endorsement from one person to another, such endorsement carrying with it, without written provisions, implications of certain contractual obligations.
NEGOTIABLE INSTRUMENT: Instrument, e.g., a promissory note or check meeting certain legal requirements, that allows it to circulate freely in commerce.
NET LISTING: The listing, with a broker, of real estate for sale for a specified price, net to the seller, exclusive of commission and closing costs.
NOMINEE: Party designated to act in place of the original buyer in a real estate transaction. Does not act on own behalf, but as trustee for real party.
NON-INTERCOURSE ACTS: The refusal of one state or nation to have commercial dealing with another. Similar to an embargo. Generally relates to Indians and dealings with Indians.
NOTARIZE: To prove execution of a document by means of a notary public's certificate of acknowledgment.
NOTARY PUBLIC: A person authorized by law to take acknowledgments and to administer oaths.
NOTE: An instrument containing an express and absolute promise of signer (i.e. maker) to pay to a specified person or order, or bearer, a definite sum of money at a specified time. Two party instrument made by the maker and payable to payee which is negotiable if signed by the maker and contains an unconditional promise to pay sum certain in money, on demand or at a definite time, to order or bearer. U.C.C. Sec. 3-104(1). A note not meeting these requirements may be assignable but not negotiable. Black's Law Dictionary, 5th Edition. (See "Promissory Note.")
NUISANCE: Anything that is offensive and works an injury or harm to a person or property. May be either a public nuisance (offends the general public) or a private nuisance (offends one property owner.)
NUNC PRO TUNC: "Now for then" a tardy act made retroactive to take effect as of the time it should have been done.