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adj. referring to being inactive. A "passive trustee" is one who has no responsibilities other than to hold title or wait for an event which would activate the trust. "Passive income" for tax purposes includes any income in which there is no effort or active management, and is treated differently for some purposes, such as social security income limitations. It may include stock dividends, trust profits, rents with no management involvement, and interest on bank accounts.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

PASSIVE, com. law. All the sums of which one is a debtor. It is used in contradistinction to active. (q.v.) By active debts are understood those which may be employed in furnishing assets to a merchant to pay those which he owes, which are called passive debts.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Thus, the rapidly increasing demand for semiconductors is expected to boost the integrated passive device market in the near future.
The form being occurs in the context of the continuous or progressive tense within the passive structure.
Diaz said passive investing had been gaining popularity due to lower minimum investment, lower cost, zero performance fees and higher liquidity compared to actively managed portfolios.
According to the study, these advisors say passive investing allows them to offer more value-added services and better manage their clients' performance expectations.
The taxpayer's tax credits may be fully or partially suspended and disallowed for the current tax year if the taxpayer has a passive activity credit for the year.
On the other hand, the Tax Court stated, the case was virtually identical to Technical Advice Memorandum 201634022, in which a physician properly treated as passive an interest in an LLC surgery center.
Manufacturing Technology of Passive Optical Network (PON): This chapter is mainly divided into three major parts as Development, Analysis and Trends of Passive Optical Network (PON) Manufacturing Technology.
In a comment published in Wired, Vamsi Talla, who's working on the Passive Wi-Fi project, explained: "The low power passive device isn't transmitting anything at all.
In a solution brief on passive optical networks, Motorola noted that lower power and cooling requirements make the technology inherently greener than a copper-based Ethernet LAN.
The New York City Energy Efficiency Corporation (NYCEEC), a leading provider of clean energy financing solutions, said it has financed the gut renovation of a multifamily rental building in Long Island City that is built to Passive House standards.
M2 EQUITYBITES-June 5, 2015-Long Island City's first passive house rental financed by NYCEEC