Legal Definition and Related Resources of Lame Duck
Meaning of Lame Duck
A term used on the stock exchange meaning that a broker or jobber cannot fulfil his contracts.
Lame Duck Alternative Definition
A lame duck is one who is unable to meet his contracts in the exchange, an insolvent Biddle, Br. 71. The expression “lame duck” would be actionable if applied to a person on the stock exchange, because there it has acquired a particular meaning. 27 L. J. Ex. 412; 3 H. & N. 376; 31 L. T. O. S. 217.
Related Entries of Lame Duck in the Encyclopedia of Law Project
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Lame Duck in Historical Law
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This definition of Lame Duck is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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Grammar
This term is a noun.
Etimology of Lame Duck
(You may find lame duck at the world legal encyclopedia and the etimology of more terms).
1761, “any disabled person or thing;” especially Stock Exchange slang for “defaulter.” A lame duck is a man who cannot pay his differences, and is said to waddle off. [Thomas Love Peacock, “Gryll Grange,” 1861] Sometimes also in naval use for “an old, slow ship.” Modern sense of “public official serving out term after an election” is recorded by 1863, American English. The quote attributed to President Lincoln (“[A] senator or representative out of business is a sort of lame duck. He has to be provided for”) is from an anecdote of 1878. It is well known to everybody who knows anything of its history, that this court [Court of Claims] was made a sort of retreat for lame duck politicians that got wounded and had to retreat before the face of popular condemnation. That is just exactly what it was for, a safe retreat for lame ducks; and it was so filled up; (etc.) [Sen. John P. Hale, New Hampshire, “Congressional Globe,” Jan. 12, 1863, p.271]
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