Legal Definitions - acknowledgment money

Definition:Acknowledgment money, also known as laudemium, is a sum of money paid to a landowner by a person who is succeeding to a particular form of land contract by gift, devise, exchange, or sale. This payment is made as a sign of acceptance of the successor and equals 2% of the purchase money.

Example: John inherited a piece of land from his grandfather. As part of the inheritance process, John had to pay acknowledgment money to the landowner, which in this case was his grandfather's estate. The amount of acknowledgment money John had to pay was 2% of the purchase price of the land.

This example illustrates how acknowledgment money is paid as a sign of acceptance of the successor to a particular form of land contract.

Definition: Launch refers to the movement of a vessel from the land into the water, especially by sliding along ways from the stocks on which the vessel was built. It can also refer to a large open boat used in any service.

Example: The shipyard workers carefully prepared the vessel for launch by greasing the ways and making sure everything was in order. Once the vessel was ready, they pushed it into the water, and it slid smoothly off the ways and into the sea.

This example illustrates how launch refers to the process of moving a vessel from the land into the water by sliding it along ways.