Also known as: nets
Written by attorneys · grounded in primary & secondary sources — see below
The amount remaining after all deductions, expenses, liabilities, or costs have been subtracted from a gross total.
Northstar Logistics identified custom parts to a contract with a buyer that later refused delivery. After suing for the price, Northstar resold the parts to another customer. The court required Northstar to credit the buyer with the net proceeds from that resale before entering judgment.
Nia Nkosi operated a small import business in a coastal state that imposed inspection fees on incoming shipments. The state collected the fees and forwarded only the net produce remaining after inspection costs to the federal treasury as required.
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Northern Manufacturing completed winding up and paid all creditors. The board then distributed the net assets remaining to its shareholders in proportion to their holdings before filing the final dissolution papers.
After Nolan Nunez died, his surviving spouse claimed an elective share. The court first applied the augmented estate rules and then turned to the net probate estate and certain nonprobate transfers to satisfy the remaining balance.
Nalini Narula and two brokers received advance information about upcoming financial columns. They executed trades that generated substantial gross gains. After subtracting commissions and losses on unsuccessful positions, the net profits from the scheme totaled nearly seven hundred thousand dollars.
Nicholas Nunez performed his human cannonball act at a county fair. A television station filmed the fifteen-second flight into the safety net without consent. The court later assessed whether the broadcast captured the entire act or only a portion that diminished its commercial value.
Any payment made to compensate the plaintiff for the harm reduces the remaining claim at least to the extent of that payment. The reduction occurs automatically to prevent double recovery even if the payor denies liability or is not a named defendant.
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The secured party must demonstrate that the proceeds are identifiable using a tracing method permitted under other law. Quantity-based allocation supported by contemporaneous records satisfies the requirement even when funds pass through a clearing account.
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An account debtor may assert any defense or claim in recoupment arising from the contract that produced the assigned right. Such claims reduce the amount owed to the assignee but do not support affirmative recovery beyond that amount.
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…and at least $3 million annually thereafter. The rentals would be offset in part by a loss of some $700,000 to $1 million in net rentals presently received from concessionaires displaced by the new building. Appellants UGP and Penn Central then applied to the Commission for permission to construct an office building…