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Reciprocal exchange |
: an unincorporated association in which members (as individuals, partnerships, trustees, or corporations) exchange contracts and pay premiums through an attorney-in-fact for the insurance of each other <liability of each member of the reciprocal exchange was limited to ten times the annual premium>
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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common-law lien
a lien under common law giving a creditor (as a bailee) in possession of property the right to retain possession until payment of the amount due
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