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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 ?
Does adult input play a role in children's output of ditransitives and passives?
In order to characterize the bilingual English children's production of ditransitives and passives and taking into account the three research questions above, four predictions are made:
The results obtained from the corpus for the Outer Circle varieties of English might be influenced by the expression of the passive voice in the substrate languages.
In fact, most passive get constructions in the corpus carry semantically neutral and non-adversative implications for the subject, as in get sent or get written, and this extends to all varieties of English under consideration.
For those unfamiliar with embedded passive processes, I'll attempt to explain the basic parameters.
The Japanese indirect passive is a choice if one perceives an event from the perspective of the experiencer, while the prototypical passives in German and Japanese, ones with a typical transitive verb, profile the perspective from the patient.
If your layout tool supports embedded passive components (such as Mentor Graphics' SuperMax), the process is going to be somewhat easier for you.
The decision to convert discrete passives to embedded passives is more complicated than simply reducing the cost of part procurement and paying more for the board.
Contra the prepositional approach, it has been claimed in the literature that Chinese passives are biclausal sentences, in which bei is analyzed as a verb taking an embedded clause as its complement (Hashimoto 1969, 1987; Yue-Hashimoto 1971; Chu 1973).
Most of the major passive components markets will experience cyclical slowing at the original equipment level.
Passive LEP panels are ready for commercial introduction for low-information-content displays such as those used for small appliances and backlights.