soundness

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SOUNDNESS. In usual health; without any permanent disease. 1 Carr. & Marsh. 291. To create unsoundness, it is requisite that the animal should not be useful for the purpose for which he is bought, and that inability to be so useful should arise from disease or accident. 2 M. & Rob. 137; 9 M. & W. 670. 2 M. & Rob. 113.
     2. In the sale of slaves and animals they are sometimes warranted by the seller to be sound, and it becomes important to ascertain what is soundness. Roaring; (q.v.) a temporary lameness, which renders a horse less fit for service; 4 Campb. 271; sed vide 2 Esp. Cas. 573; a cough, unless proved to be of a temporary nature; 2 Chit. R. 245, 416; and a nerved horse, have been held to be unsound. But cribbiting is not a breach of a general warranty of soundness. Holt, Cas. 630.
     3. An action on the case is the proper remedy for a verbal warrant of soundness. 1 H. Bl. R. 17; 3 Esp. 82; 9 B. & Cr. 259; 2 Dow. & Ry. 10; 1 Bing. 344; 5 Dow. & R. 164; 1 Taunt. 566; 7 East, 274; Bac. Ab. Action on the Case, E.

References in periodicals archive ?
While separate from the soundness examination, the consumer compliance examination follows the model of periodic, on-site examinations used in the soundness examination.
In addition to the annual safety and soundness examinations, we regularly have our loan portfolio reviewed by outside consultants.
Responding to concern about the methods used for administrative decisionmaking, and the ability of the Federal Housing Finance Board (FHFB) to fulfill its critical mission to regulate the safety and soundness of the System, GAO was asked to (1) compare the FHFB chair's administrative authorities with those of other financial regulators and discuss the basis for that authority, (2) assess FHFB's compliance with selected statutes and regulations in connection with an August 2002 reduction-in-force (RIF) carried out as part of an agency reorganization, and (3) assess FHFB's progress in enhancing its FHLBank safety and soundness examination program.
FCA follows processes designed to ensure the quality and reliability of its safety and soundness examination process through periodic quality assurance reviews and the Inspector General's audits and inspection reports.
Additionally, we celebrated both our third anniversary, and the successful completion of the bank's annual safety and soundness examination by our federal regulators which affirmed our strong balance sheet and sound credit quality.
20 /PRNewswire-FirstCall/ -- First BanCorp today announced that, following the most recent Safety and Soundness examination of FirstBank Puerto Rico (the "Bank"), the Federal Deposit Insurance Corporation ("FDIC") and the Office of the Commissioner of Financial Institutions of Puerto Rico ("OCIF") terminated the Order to Cease and Desist dated March 16, 2006 related to the mortgage-related transactions with other financial institutions and the Order to Cease and Desist dated August 24, 2006 with respect to the Bank's compliance with Bank Secrecy Act ("BSA").