Legal Definitions - corner

In legal contexts, the term "corner" has two distinct meanings:

1. Boundary Corner (in Surveying)

In land surveying, a corner refers to a specific point that marks the end of a boundary line or the intersection of two or more boundary lines. These points are crucial for defining property limits and are often referenced in deeds and property descriptions.

• Existent Corner: An existent corner is a boundary point whose original location can be reliably confirmed. This confirmation might come from physical markers placed by the original surveyor, detailed notes from the original survey, or other strong, verifiable evidence.
  • Example 1: A property deed from the 1950s describes a corner as "a brass monument set in concrete at the intersection of Elm Street and Oak Avenue." A modern surveyor easily finds the original brass monument, still firmly embedded in the ground at that exact intersection.

    Explanation: The brass monument serves as a clear, physical landmark that verifies the original surveyor's intended corner location, making it an existent corner.

  • Example 2: A historical plat map for a rural subdivision indicates a corner marked by "the center of a large granite boulder." A current survey team locates a distinctive granite boulder matching the description and position on the old map, confirming its original use as a boundary marker.

    Explanation: The identifiable granite boulder, consistent with the historical record, allows for the precise verification of the original corner's location.

• Lost Corner: A lost corner is a boundary point whose original location cannot be determined from any remaining physical evidence or reliable records. There are no traces of the original markers, and its position cannot be precisely re-established using other nearby, undisputed points.
  • Example 1: A property description mentions a corner marked by "a wooden post at the edge of Miller's Creek." Over time, the creek has changed course, the post has rotted away, and no other nearby markers or historical accounts exist to pinpoint the exact original spot where the post once stood.

    Explanation: Without any remaining physical evidence or reliable secondary information, the precise original location of the wooden post is unknown and cannot be accurately recreated, making it a lost corner.

  • Example 2: An old deed refers to a corner as "the base of a large sycamore tree." Decades later, the sycamore tree has fallen and completely decomposed, and there are no other survey markers or witness trees in the vicinity to help a surveyor determine where its base originally stood.

    Explanation: The complete disappearance of the original marker and the lack of any other evidence to reconstruct its exact position means this corner is lost.

• Obliterated Corner: An obliterated corner is a boundary point whose original physical evidence has been destroyed or removed, but its original location can still be determined using other reliable evidence. This evidence might include witness testimony, old photographs, or remnants of the original marker.
  • Example 1: A metal pipe marking a corner was accidentally removed during construction. However, a surveyor interviews several long-time residents who consistently recall the pipe's exact location, and an old aerial photograph clearly shows the pipe relative to a still-standing building.

    Explanation: Although the original pipe is gone, its precise location can be re-established through the combination of consistent witness accounts and photographic evidence, classifying it as an obliterated corner.

  • Example 2: A stone cairn (a pile of stones) marking a property corner has been scattered by vandals. A surveyor finds several of the original stones nearby and, by carefully examining the soil and consulting with an elderly neighbor who helped build the cairn, can accurately reconstruct its original position.

    Explanation: Despite the destruction of the original marker, sufficient evidence (remnants and witness testimony) exists to confidently determine where the cairn originally stood, making it an obliterated corner.

2. Market Corner (Economic Manipulation)

In finance and economics, to corner a market means to gain control over a dominant or entire supply of a particular commodity, security, or asset with the intention of manipulating its price. This is typically done by acquiring a large quantity of the item, thereby limiting its availability and artificially driving up its market value.

• Example 1: A powerful investment group secretly purchases nearly all available shares of a small biotechnology company's stock. Once they control the vast majority of shares, they begin to spread rumors of a major breakthrough, causing the stock price to skyrocket. They then sell their shares at a massive profit.

  Explanation: The investment group "cornered" the market for that company's stock by acquiring a controlling interest, allowing them to manipulate the price for their own financial gain.

• Example 2: A consortium of mining companies conspires to buy up and hoard a significant portion of the global supply of a rare earth mineral essential for smartphone manufacturing. By withholding this mineral from the market, they create an artificial shortage, forcing electronics companies to pay exorbitant prices for the limited supply available.

  Explanation: The consortium cornered the market for the rare earth mineral by controlling its supply, enabling them to dictate prices to manufacturers.

• Example 3: During a period of high demand for a specific type of grain, a large agricultural trading firm buys up nearly all the futures contracts for that grain. This gives them control over the future supply, allowing them to drive up the price of the grain significantly when the contracts mature, before selling it at inflated rates.

  Explanation: By controlling the futures contracts, the firm effectively cornered the market for the future supply of the grain, giving them the power to manipulate its price.