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Simple English definitions for legal terms

Suitors' Deposit Account

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A quick definition of Suitors' Deposit Account:

Suitors' Deposit Account: A special bank account where people who go to court to settle a legal dispute can deposit their fees. The money is invested in government securities that earn interest, unless the person who deposited the money wants it invested differently. This account was created by a law called the Chancery Act of 1872.

A more thorough explanation:

A Suitors' Deposit Account is an account where fees paid by individuals who file a case in the Court of Chancery are deposited. According to the Chancery Act of 1872, these fees are invested in government securities that earn an interest of 2% per annum. The investment is made on behalf of the individual who paid the fees, unless they instruct otherwise.

  • John filed a case in the Court of Chancery and paid a fee of $500. This fee was deposited in a Suitors' Deposit Account and invested in government securities that earned an interest of 2% per annum. If John does not give any instructions, the interest earned will be credited to his account.
  • Emily filed a case in the Court of Chancery and paid a fee of $1000. She instructed that the fees should not be invested in government securities but should be kept in the account as cash. In this case, the fees will not earn any interest.

The examples illustrate how the fees paid by individuals who file a case in the Court of Chancery are deposited in a Suitors' Deposit Account and invested in government securities. The interest earned on the investment is credited to the account of the individual who paid the fees, unless they instruct otherwise.

suitor | Suitors' Fee Fund

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HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
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i just wanna rock
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bodyadaya
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let it rock
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How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
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@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
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Cornell
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@HopefullyinLawSchool What's YM?
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oh no
HopefullyInLawSchool
14:19
you mom
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Ouch
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your*
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I fear I realized too late
babycat
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another victim claimed
concorde
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pwned
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No wave, so sad.
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What are the odds that berk releases later today?
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@Dkk: And here I thought you were a prophet. Smh.
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@WorthlessAttractiveZombie: 4
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@EvolBunny: I will take the odds of 4, very promising
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I'm too drunk to taste this chicken
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