lot

A number of associated persons or things taken collectively. Hitchcock v. United States, D.C.Mich., 36 F.Supp. 507, 510.

Real estate.

A share; one of several parcels into which property is divided. Any portion, piece, division or parcel of land. Fractional part or subdivision of block, according to plat or survey, Mawson-Peterson Lumber Co. v. Sprinkle, 59 Wyo. 334, 140 P.2d 588, 591;

portion of platted territory measured and set apart for individual and private use and occupancy, Hunter v. Roman Catholic Bishop of Los Angeles and San Diego Corporation Sole, 128 Cal.App. 90, 16 P.2d 1048, 1049.

A lot is commonly one of several other contiguous parcels of land making up a block. Real property is typically described by reference to lot and block numbers on recorded maps and plats. Local zoning laws commonly require minimum lot sizes for residential and commercial building.

See also minimum lot

- nonconforming lot

- parcel.

Sales.

In sales, a parcel or single article which is the subject matter of a separate sale or delivery whether or not it is sufficient to perform the contract. U.C.C. No. 2-105(5).

Securities.

In securities and commodities market, a specified number of shares or specific quantity of a commodity designated for trading.

See odd lot

- odd lot doctrine