issue

1.

verb

To send forth; to emit; to promulgate; as, an officer issues orders, process issues from a court. To put into circulation; as, the treasury issues notes. To send out, to send out officially; to deliver, for use, or authoritatively; to go forth as authoritative or binding. When used with reference to writs, process, and the like the term is ordinarily construed as importing delivery to the proper person, or to the proper officer for service, etc. With respect to securities, refers to act or process of offering stocks or bonds for sale to public or institutional investors. In financial parlance the term "issue" has two phases of meaning.

"Date of issue" when applied to notes, bonds, etc., of a series, usually means the arbitrary date fixed as the beginning of the term for which they run, without reference to the precise time when convenience or the state of the market may permit of their sale or delivery. When the securities are delivered to the purchaser, they will be "issued" to him, which is the other meaning of the term.

See also securities

2.

noun

The act of issuing, sending forth, emitting or promulgating; the giving a thing its first inception; as the issue of an order or a writ.

See also date of issue.

Pleading and Practice

A single, certain, and material point, deduced by the allegations and pleadings of the parties, which is affirmed on the one side and denied on the other. A fact put in controversy by the pleadings; such may either be issues of law or fact. An "issue" is a disputed point or question to which parties to action have narrowed their several allegations and upon which they are desirous of obtaining either decision of court on question of law or of court or jury on question of fact. Muller v. Muller, 235 Cal.App.2d 341, 45 Cal.Rptr. 182, 184.

Real or feigned

A real or actual issue is one formed in a regular manner in a regular suit for the purpose of determining an actual controversy. A feigned issue is one made up by direction of the court, upon a supposed case, for the purpose of obtaining the verdict of a jury upon some question of fact collaterally involved in the cause. Such issues are generally ordered by a court of equity, to ascertain the truth of a disputed fact. They are also used in courts of law, by the consent of the parties, to determine some disputed rights without the formality of pleading; and by this practice much time and expense are saved in the decision of a cause. The name is a misnomer, inasmuch as the issue itself is upon a real, material point in question between the parties, and the circumstances only are fictitious.

@ ultimate issue

Signifies either such an issue as within itself is sufficient and final for the disposition of the entire case or one which in connection with other issues will serve such end. First State Bank of Seminole v. Dillard, Tex.Civ.App., 71 S.W.2d 407, 410.

+ ultimate issue

That question which must finally be answered as, for example, the defendant's negligence is the ultimate issue in a personal injury action.

See also ultimate facts

@

See also failure of issue

- feigned issue

- genuine issue

- issue of fact

- issue of law

- issue preclusion

- lawful issue

- legal issue

- ultimate issue.

@ Commercial Transactions Issue

The first delivery of an instrument to a holder or remitter. U.C.C. No. 3-102(lXa). The term also applies to documents and refers to the first delivery of a document by the person who created it.

See U.C.C. No. 7-102(lXg) (definition of "issuer").

Also describes the act of the issuer of a letter of credit in sending the credit for the purpose of establishing it.

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Descendant's Estates

All persons who have descended from a common ancestor. Offspring; progeny; descent; lineage; lineal descendants. In this sense, the word includes not only a child or children, but all other descendants in whatever degree, and it is so construed generally in deeds. But, when used in wills, it is, of course, subject to the rule of construction that the intention of the testator, as ascertained from the language used by him; and hence issue may, in such a connection, be restricted to children, or to descendants living at the death of the testator, where such an intention clearly appears. The term "issue" and "descendants" have been held to be co-extensive and interchangeable. In re Radt's Will, 6 Misc.2d 716, 167 N.Y.S.2d 817, 818.

"Issue" within its normal usage in wills connotes at least all progeny or blood descendants. In re Wolfs Estate, 98 N.J.Super. 89, 236 A.2d 166, 170.

The word "issue" in a will is generally a word of limitation, and when so used, is sometimes said to be equivalent to "heirs of the body". But it has been pointed out in other cases that this word is not as strong a word of limitation as the words "heirs of the body", and yields readily to a context indicating its use as a work of purchase. Formerly, this term included only legitimate issue. Large v. National City Bank of Cleveland, Ohio Prob., 170 N.E.2d 309, 312; contra Will of Hoffman, 53 A.D.2d 55, 385 N.Y.S.2d 49.

This limitation, however, is changing as a result of Supreme Court cases which prohibit unjustified discrimination against children born out of wedlock. Reed v. Campbell, 476 U.S. 852, 106 S.Ct. 2234, 90 L.Ed.2d 858; Trimble v. Gordon, 430 U.S. 762, 97 S.Ct. 1459, 52 L.Ed.2d 31.

In New York, for example, an illegitimate child shares in the intestate estate of the father. N.Y.EPTL 4-1.2(aX2Xc).

In Massachusetts, the word "issue" in a trust was formerly construed to mean legitimate children.

In trusts executed after April 16, 1987, however, the word "issue" is to be construed to include all biological descendants unless the donor clearly expresses a contrary intent. Powers v. Wilkinson, 399 Mass. 650, 506 N.E.2d 842.

Many state intestacy statutes provide that an adopted child is "issue" of his or her adopted parents.

Securities

Any of a corporation's or government's securities offered for sale at a certain time to the public, or the act or process of distributing (i.e. offering) such for sale by a corporation or government entity. A class or series of bonds, debentures, etc., comprising all that are emitted at one and the same time.

See also distribution

- issuer

- offering

- prospectus

- underwriter

- when issued.

@ hot issue

A public offering where securities, after their initial sale to the public, are resold in the open market at prices substantially higher than the original public offering price.

See also securities

@ new issue

A stock or bond sold by a corporation for the first time. Proceeds may be used to retire outstanding securities of the company, for new plant or equipment, or for additional working capital

+ new issue

A security being offered to the public for the first time. The distribution of new issues is usually subject to SEC rules. New issues may be initial public offerings by previously private companies or additional securities offered by public companies

@ real issue

@ feighed issue

Real or feigned issue

A real or actual issue is one formed in a regular manner in a regular suit for the purpose of determining an actual controversy. A feigned issue is one made up by direction of the court, upon a supposed case, for the purpose of obtaining the verdict of a jury upon some question of fact collaterally involved in the cause. Such issues are generally ordered by a court of equity, to ascertain the truth of a disputed fact. They are also used in courts of law, by the consent of the parties, to determine some disputed rights without the formality of pleading; and by this practice much time and expense are saved in the decision of a cause. The name is a misnomer, inasmuch as the issue itself is upon a real, material point in question between the parties, and the circumstances only are fictitious.

@

- ultimate issue

@ issue of fact

An issue of fact arises when a fact is maintained by one party and is controverted by the other in the pleadings. General Elec. Co. v. Employment Relations Bd., 3 Wis.2d 227, 88 N.W.2d 691, 701.

An issue which arises upon a denial in the answer of a material allegation of the complaint or in the reply of a material allegation in the answer

@ issue of law

An issue of law arises where evidence is undisputed and only one conclusion can be drawn therefrom. Chaison v. Stark, Tex.Civ.App., 29 S.W.2d 500, 503.

An issue of law arises upon a demurrer to the complaint, cross-complaint, or answer, or to some part thereof; or, upon a motion to strike. Calif.C.C.P. No. 589.

In making motion for summary judgment, party must show that only issues of law exist for court to consider; i.e. must show that there is no genuine issue of material facts. Fed.R.Civil P. 56.

In pleading, an issue upon matter of law, or consisting of matter of law, being produced by a demurrer on the one side, and a joinder in demurrer on the other. The term "issue" may be so used as to include one of law raised by demurrer to the complaint, as well as one raised by answer

@ issue preclusion

Term means that when a particular issue has already been litigated, further litigation of same issue is barred. Hawkeye Sec. Ins. Co. v. Ford Motor Co., Iowa, 199 N.W.2d 373, 379.

As it relates to civil actions, concept of "issue preclusion" is in substance that any fact, question or matter in issue and directly adjudicated or necessarily involved in determination of action before court of competent jurisdiction in which judgment or decree is rendered on merits, is conclusively settled by judgment therein and cannot be relitigated in any future action between parties or privies, either in same court or court of concurrent jurisdiction, while judgment remains unreversed or unvacated by proper authority, regardless of whether claim or cause of action, purpose or subject matter of two suits is same. Palma v. Powers, D.C.I11., 295 F.Supp. 924, 933.

See also collateral estoppel doctrine

- res (res judicata)

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