The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.
1 : characterized by the lack of an interest or of exclusive control, use, or possession
2 : not backed by the option writer's ownership of the commodity, the contract for the commodity, or the security
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.