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Legal Definitions - margin account
Definition of margin account
A marginal note (also known as a sidenote) is a brief, descriptive phrase or heading positioned in the outer margin of a printed legal document, most commonly a statute or an act of parliament. Its main function is to offer a quick summary or indication of the content within the adjacent section or subsection. This helps readers, such as lawyers, judges, or members of the public, to navigate and locate specific provisions more easily.
While marginal notes are useful for reference and organization, they are generally not considered part of the substantive law itself. In many legal systems, these notes cannot be used as a basis for interpreting the precise meaning or intent of the statute. The authoritative legal text resides solely within the main body of the section or subsection.
Example 1: Legislative Drafting
Imagine a new environmental protection act being drafted. A particular section outlines the specific penalties for corporations that violate pollution standards. In the margin next to this detailed section, a marginal note might simply state: "Penalties for Environmental Violations." This note provides a quick overview for anyone scanning the document, indicating the subject matter of that section without adding to or altering the legal specifics of the penalties themselves.
Example 2: Legal Research
A lawyer is researching an old property law statute to understand the rules around easements (the right to use another's land for a specific purpose). They find a section detailing the conditions under which an easement can be terminated. Next to this section, a marginal note reads: "Termination of Easements." This helps the lawyer quickly identify the relevant part of the statute, but if there's any ambiguity in the legal text about what constitutes a valid termination, the marginal note cannot be used to clarify or expand upon the statute's actual provisions.
Example 3: Public Information
Consider a government publishing a new consumer protection law. A section within this law might meticulously detail the rights consumers have when returning faulty goods. A marginal note beside this section could be: "Consumer Rights Regarding Faulty Goods." This note serves as a helpful signpost for the public, making the law easier to navigate. However, if a consumer dispute arises, the legal rights and obligations will be determined strictly by the wording in the main body of the section, not by the summary provided in the marginal note.
Simple Definition
A margin account is a type of brokerage account that allows an investor to borrow money from their broker to purchase securities. The securities bought with these borrowed funds then serve as collateral for the loan.