Legal Definitions - date

In legal contexts, the term "date" refers to a specific point in time when an event occurred, is scheduled to occur, or has legal significance. It is a fundamental concept used to mark deadlines, establish timelines, and determine rights and obligations.

• General Meaning of Date

  • Example 1: A couple signs a contract to purchase a new home on July 15, 2024. This specific date marks the official beginning of their contractual obligations.

    Explanation: Here, "date" refers to the precise day the legal agreement was executed, establishing a clear timeline for subsequent actions like payment and possession.

  • Example 2: A government agency sets a deadline of December 31, 2024, for all businesses to submit their annual compliance reports. Failure to meet this date could result in penalties.

    Explanation: This illustrates "date" as a critical deadline, defining the period within which a legal requirement must be fulfilled.

  • Example 3: A new environmental protection law is enacted, stating it will take effect on January 1, 2025. Before this date, the old regulations apply.

    Explanation: This shows "date" as the point when a new legal provision becomes active, altering the legal landscape from that moment forward.

• Date of Bankruptcy

  This is the specific day a court officially declares an individual or entity to be bankrupt, initiating formal bankruptcy proceedings.

  • Example 1: A small business struggling with debt receives a court order on October 20, 2023, declaring it bankrupt. From this date, its assets are subject to liquidation under court supervision.

    Explanation: The "date of bankruptcy" legally formalizes the company's insolvent status, triggering the legal process for managing its debts and assets.

  • Example 2: After an individual's "date of bankruptcy" is set as March 5, 2024, creditors are generally prohibited from attempting to collect debts directly from them, as all collection efforts must go through the bankruptcy court.

    Explanation: This date establishes a legal barrier, protecting the debtor from individual creditor actions and centralizing debt resolution within the bankruptcy framework.

• Date of Cleavage (Bankruptcy)

  In bankruptcy, this is the filing date of a voluntary bankruptcy petition. It is crucial because, with few exceptions, only debts existing on or before this date can be discharged (forgiven) in the bankruptcy.

  • Example 1: An individual files for bankruptcy on June 1, 2024. A new medical bill for a procedure performed on June 5, 2024, arrives later. This new debt would likely not be dischargeable because it arose after the "date of cleavage."

    Explanation: The "date of cleavage" acts as a cut-off point, determining which debts are included in the bankruptcy proceedings and which remain the debtor's responsibility.

  • Example 2: A person has significant credit card debt accumulated before their bankruptcy petition's "date of cleavage" on April 10, 2023. These pre-existing debts are eligible for discharge through the bankruptcy process.

    Explanation: This date legally separates eligible debts from those incurred afterward, providing clarity on what the bankruptcy will cover.

• Date of Injury

  This refers to the specific day an injury occurred, often critical for tort (personal injury) claims and insurance purposes.

  • Example 1: A person slips and falls at a grocery store on February 12, 2023. This "date of injury" will be central to any personal injury lawsuit filed against the store.

    Explanation: The "date of injury" pinpoints the exact moment the alleged harm occurred, which is necessary for establishing liability and calculating statutes of limitations.

  • Example 2: An employee experiences a repetitive strain injury at work, and doctors determine the onset of symptoms was August 1, 2022. This "date of injury" is used for filing a worker's compensation claim.

    Explanation: Even for injuries that develop over time, a specific "date of injury" or onset date is often established to initiate claims and track eligibility for benefits.

• Date of Invention (Patents)

  For patent applications, this is the date when the invention was "reduced to practice." This can mean either the date it was physically built and tested, or the date the patent application was filed if it hasn't been built yet.

  • Example 1: A research team successfully builds and tests a new type of battery in their lab on November 1, 2023. This is considered their "date of invention" for patent purposes.

    Explanation: The successful physical creation and demonstration of the invention establishes this date as the point of "reduction to practice."

  • Example 2: An inventor develops a detailed concept for a new software algorithm but hasn't coded it yet. They file a comprehensive patent application on May 15, 2024. This filing date serves as their "date of invention" because it's a "constructive reduction to practice."

    Explanation: When an invention isn't physically built, the act of filing a complete patent application legally establishes the "date of invention."

• Date of Issue (Commercial Law)

  This is a fixed, arbitrary date printed on financial documents like notes or bonds, marking the beginning of their term, regardless of when they are actually sold or delivered.

  • Example 1: A city issues a series of municipal bonds with a "date of issue" of January 1, 2024. Even if an investor purchases one of these bonds on February 15, 2024, the bond's term and interest calculations begin from January 1st.

    Explanation: The "date of issue" provides a standardized starting point for the financial instrument's life, independent of individual transaction dates.

  • Example 2: A corporation releases a new set of promissory notes, all bearing a "date of issue" of July 1, 2023. This date ensures consistency across all notes in the series for maturity calculations.

    Explanation: This fixed date simplifies the administration and valuation of multiple similar financial instruments.

• Date of Issue (Insurance)

  This is the specific date stated within an insurance policy as its "date of issue," which may differ from when the policy was signed, delivered, or when coverage actually began.

  • Example 1: A life insurance policy states its "date of issue" is April 1, 2024, even though the policyholder completed the application on March 15th and coverage began on May 1st. This date is used for internal policy tracking.

    Explanation: The "date of issue" is an administrative date within the policy document, distinct from other operational dates like the effective date of coverage.

  • Example 2: When reviewing an old homeowner's insurance policy, the "date of issue" of September 10, 2018, helps identify the specific version of the policy terms that were in effect at that time.

    Explanation: This date helps in identifying the correct policy document and its associated terms and conditions for reference or dispute resolution.

• Date of Maturity (Commercial Law)

  This is the specific day when a debt or financial obligation, such as a loan or bond, becomes due and must be repaid.

  • Example 1: A five-year car loan taken out on January 1, 2020, will have a "date of maturity" of January 1, 2025, by which the full principal and any remaining interest must be paid.

    Explanation: The "date of maturity" is the final deadline for the borrower to fulfill their financial obligation.

  • Example 2: A corporate bond specifies a "date of maturity" of August 1, 2030. On this date, the company must repay the principal amount to all bondholders.

    Explanation: For investors, this date indicates when their investment principal will be returned, marking the end of the bond's term.

• Declaration Date (Corporations)

  This is the date when a company's board of directors formally announces its decision to pay a dividend to shareholders.

  • Example 1: The board of directors of "Tech Innovations Inc." meets on May 10, 2024, and votes to distribute a quarterly dividend. This day becomes the "declaration date."

    Explanation: The "declaration date" is the official announcement date, making the dividend a legal obligation of the company.

  • Example 2: Investors often monitor company news for the "declaration date" to confirm that a dividend will be paid and to learn about the amount and other key dates associated with it.

    Explanation: This date provides crucial information to the market about the company's dividend policy and upcoming payments.

• Effective Filing Date (Patents)

  This is the date a patent application is legally considered to have been filed, which can sometimes be earlier than the actual physical filing date, especially for applications that build upon previous related filings.

  • Example 1: An inventor files a provisional patent application on June 1, 2023. A year later, on June 1, 2024, they file a full non-provisional application that refers back to the provisional one. The "effective filing date" for the full application can be considered June 1, 2023.

    Explanation: This allows the inventor to claim the earlier date for priority purposes, protecting their invention from "prior art" that might emerge between the provisional and full filing dates.

  • Example 2: If a patent application is a "continuation-in-part" of an earlier application, it can claim the "effective filing date" of the original application for the subject matter common to both, giving it an earlier priority.

    Explanation: The "effective filing date" is critical for establishing who invented something first and for determining what existing knowledge (prior art) can challenge the patent's novelty.

• Filing Date

  This is the specific day when a legal document, such as a lawsuit, patent application, or tax return, is officially submitted to the appropriate authority.

  • Example 1: A plaintiff submits a complaint to the court clerk on August 15, 2024. This "filing date" officially initiates the lawsuit.

    Explanation: The "filing date" marks the formal commencement of a legal action, often starting the clock for various procedural deadlines.

  • Example 2: A business submits its annual tax return to the tax authority on April 10, 2024. This "filing date" determines whether the return was submitted on time to avoid penalties.

    Explanation: This date is crucial for compliance with regulatory requirements and avoiding late submission penalties.

  • Example 3: An artist applies to register a new trademark for their brand on November 1, 2023. This "filing date" establishes their priority rights to that trademark over others who might apply later.

    Explanation: For intellectual property, the "filing date" is often key to establishing ownership and priority in case of disputes.

• Payable Date / Payment Date (Corporations)

  This is the official date on which a company actually distributes dividend payments or other distributions to its shareholders.

  • Example 1: After declaring a dividend, a company sets the "payable date" for June 15, 2024. Shareholders can expect to receive their dividend checks or direct deposits on or around this date.

    Explanation: This date is when the financial transaction of paying the dividend physically occurs, transferring funds to eligible shareholders.

  • Example 2: An investor tracking their portfolio notes that a particular stock's dividend has a "payment date" of September 1, 2023, indicating when the funds will be credited to their account.

    Explanation: This date is the actual disbursement date, distinct from the declaration or record dates.

• Priority Date (Patents)

  This is the date used to determine who has the earliest claim to an invention, especially in cases where multiple inventors claim the same idea, or to establish the cutoff for "prior art." In the U.S., it's typically the date of invention; in most other countries, it's the filing date.

  • Example 1: In a dispute between two inventors in the U.S., one proves they conceived and "reduced to practice" their invention on July 1, 2022, while the other did so on August 1, 2022. The first inventor's earlier "priority date" would typically grant them the patent.

    Explanation: The "priority date" establishes who was first to invent, which is critical in a "first-to-invent" patent system.

  • Example 2: An inventor files a patent application in Germany on October 10, 2023. This "priority date" allows them to file the same application in other countries within a certain period and claim the German filing date as their priority, even if the later filings occur months later.

    Explanation: For international patent filings, the "priority date" (usually the first filing date) allows inventors to secure rights globally based on their initial application date.

• Record Date (Corporations)

  This is the specific date set by a company by which a shareholder must be officially registered as an owner of shares to be eligible to receive a dividend or to vote at a shareholder meeting.

  • Example 1: A company announces a dividend with a "record date" of October 15, 2024. Only investors whose names appear on the company's shareholder register on this specific date will receive the dividend.

    Explanation: The "record date" is a snapshot in time, identifying the eligible shareholders for a particular corporate action.

  • Example 2: To vote at the annual shareholder meeting scheduled for June, an investor must have owned shares by the "record date" of April 30, 2024, as announced by the company.

    Explanation: This date ensures that only current, registered shareholders participate in voting and receive distributions.

• Settlement Date (Securities)

  This is the date by which an investor must pay for securities they have purchased, or by which a seller must deliver the securities they have sold.

  • Example 1: An investor buys 100 shares of stock on Monday. The "settlement date" for this transaction is typically two business days later, on Wednesday, by which time the investor's funds must be transferred to the seller.

    Explanation: The "settlement date" standardizes the timeline for the exchange of money and securities after a trade is executed.

  • Example 2: A seller of corporate bonds must ensure that the ownership of the bonds is officially transferred to the buyer by the agreed-upon "settlement date" of July 20, 2023.

    Explanation: This date ensures that both parties to a securities transaction fulfill their obligations promptly and efficiently.

• Submission Date

  This is the date by which a case, or specific documents related to a case, must be formally presented to a court or other adjudicative body for review and decision.

  • Example 1: After all evidence has been presented in a complex civil trial, the judge sets a "submission date" of November 1, 2024, for both legal teams to file their final written arguments (briefs).

    Explanation: The "submission date" marks the deadline for presenting all necessary information to the court before a decision is made.

  • Example 2: In an arbitration proceeding, the arbitrators might set a "submission date" of March 15, 2023, by which all parties must provide their final statements and exhibits for consideration.

    Explanation: This date ensures that all materials are received by the decision-makers in a timely and organized manner.