Posted by Glena/NV on 10/12/04 12:04pm
Msg #9687

Answer to a question on "LL Deal"

I am responding to a post here about someone asking "where you place your seal on an "LL Deal"...I think that someone was taking a test. Actually that was a typo. It was supposed to be "L.S.", which stands for a Latin word "logus sigilli", which also means "place of the seal". I found it in a Florida website.

Reply by HisHughness on 10/12/04 1:12pm
Msg #9694

Glena/NY instructed:

***It was supposed to be "L.S.", which stands for a Latin word "logus sigilli", which also means "place of the seal".***

Close, real close. It is actually "locus sigilli," as in loc-ation.

In common law, a signature under seal on a contract required no consideration by the parties, normally an essential for a contract: I give or do this, you give or do that. Most states have done away with the rule requiring consideration, so the "l.s." is often archaic. However, in some states a signature under seal extends the statute of limitations, the period of time in which you can bring an action pertaining to the contract, tort, etc.

That will be $150 consultation fee, please.

Reply by Ted-MI on 10/12/04 6:47pm
Msg #9716

Hugh,

I must admit I was rather surprised at your comment that most states have done away with the rule requiring consideration. I have always viewed the whole concept of consideration as one of the fundamental precepts of contract law. And I believe contract law is fairly uniform across the states (with the exception probably of Loiuisiana - sp.). Like it is one of the multistate subjects.

By way of background, I went to law school about twenty five years ago, and I really haven't practiced much law for abour ten years, so conceivably times may have changed.

Reply by HisHughness on 10/12/04 10:26pm
Msg #9733

Ted-MI noted:

***I have always viewed the whole concept of consideration as one of the fundamental precepts of contract law.***

When the question of the purpose of the l/s arose earlier, I searched every remaining lawbook I had in my personal library, but couldn't find the answer. Someone else suggested that the seal extended the statute of limitations, and from my vague recollection of my law school contracts classes, that seemed to be correct.

When the question arose this time, I finally went to the internet. The quote below is from www.complianceheadquarters.com, which assists in regulatory compliance for members of the financial services industry. It was that on which I based my comments. That is the extent of my wisdom on the topic, and even that is vicarious.

***Very few states continue to require signatures under seal, and those that do usually eliminate the consideration rule. However, a number of states do permit longer statute of limitations periods for enforcing debts found on sealed instruments.

Reply by Glena on 10/12/04 7:18pm
Msg #9719

Hugh, I can't afford your fee. Too high! I am broke and still working to collect. LOL! Anyway, that was Allbright Notary that gave me the "logus sigilli" thing, but good you're arround to straighten us up.

Anyway, I am confused. What is a "signature under seal?" In other words, where do you place the seal?

Thanks, your Hughness!

Reply by HisHughness on 10/12/04 9:12pm
Msg #9728

Glena inquired:

***Anyway, I am confused. What is a "signature under seal?" In other words, where do you place the seal?***

Don't feel badly that you can't afford my fees. I can't afford my fees.

You will find a signature under seal the next time you do a refi; I think the deed and/or the note are both under seal, though I'm sure the location of the property has some bearing on whether a seal is employed.

It is written thusly: Lady Glena of the Shire of New York (seal); or Dame Glena of the House of Kards l/s [which, as has already been noted, is the abbreviation for the Latin "locus sigilli," or "place of the seal."] The word "seal" and the abbreviation substitute for the seal today.

Reply by Glena on 10/13/04 10:01am
Msg #9753

Gooosh! To think I encounter it everyday and do not recognize it....that Latin word on the test sure confused me. Thank you for that clarification. I understand it better now.