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TO RETAIN, practice. To engage the services of an attorney or counsellor to manage a cause, at which time it is usual to give him a fee, called the retaining fee. The act by which the attorney is authorized to act in the case is called a retainer.
     2. Although it is not indispensable that the retainer should be in writing, unless required by the other side, it is very expedient. It is therefore recommended, particularly when the client is a stranger, to require from him a written retainer, signed by himself; and, in order to avoid the insinuation that it was obtained by contrivance, it should be witnessed by one or more respectable persons. When there are several plaintiffs, it should be signed by all and not by one for himself and the others, especially if they are trustees or assignees of a bankrupt or insolvent. The retainer should also state whether it be given for a general or a qualified authority. Vide the form of a retainer in 3 Chit. Pr. 116, note m.
     3. There is an implied contract on the part of an attorney who has been retained, that he will use due diligence in the course of legal proceedings, but it is not an undertaking to recover a judgment. Wright, R. 446. An attorney is bound to act with the most scrupulous honor, he ought to disclose to his client if he has any adverse retainer which may affect his judgment, or his client's interest; but the concealment of the fact does not necessarily imply fraud. 3 Mason's R. 305; 2 Greenl. Ev. Sec. 139.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
If consolidation was structured purely as an asset purchase (e.g., the sale of plants, machinery, accounts receivable, or other tangible assets by one corporation to another), the selling organization generally retains any preexisting legal liabilities that it incurred, even if the sale involved 100 percent of the selling corporation's assets.
Gift tax: For gift tax purposes, the Service reiterated its finding that the right to manage the investments is not a retained interest in the donated property that would deny the gift tax deduction under Sec.
88-11, the seller allocates its recorded investment in the loan between the portion of the loan sold and the portion(s) retained, including any excess servicing, based on their relative fair values.
In Benaitis, X retained an attorney on a contingent fee basis in a state court case against his former employer for willfully interfering with his employment contract, attempting to induce X to breach fiduciary duties to customers and discharging him when he refused.
Since the individual setting up the trust retains virtually no control over it, selecting the proper trustee(s) is extremely important.
2036(a)(1), which provides that the gross value of the estate will include transferred assets from which the decedent has retained "the possession or enjoyment of, or the right to the income from, the property"
The estate agreed that if a settlor retains the power to appoint herself trustee and the trustee has broad discretionary powers, sections 2036 and 2038 apply.
618.) Accordingly, on the facts presented in that example, the IRS will treat a retained unitrust interest payable to a taxpayer or his or her estate as a qualified interest payable for a 10-year term.
This will occur unless the settlor retains a general testamentary power of appointment, giving the settlor the power to determine in his or her will the ultimate beneficiaries of the remainder interest at the settlor's death.
If the researcher retains substantial rights, the research would be deemed to be funded to the extent of the total payments received.
One of the remaining techniques that has been increasingly popular involves personal residences that are expected to appreciate in value and grantor retained income trusts; this technique can generate significant estate tax savings.
The mother retains a life estate (the right to all income for as long as she lives).