Situs
Legal Definition and Related Resources of Situs
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Situs
Location, situation. As a general rule, personal property has its situs at the place of the domicile of its owner. But this is not an invariable rule; the situs of corporate shares for some purposes such as its validity is said to be the state of incorporation whereas questions of title to shares and its transfer are said to be governed by the laws of the state where the shares are located. See Direction der Disconto- Gesellschaft v United States Steel Corp., 267 U.S. 22, 45 S.Ct. 207, 69 L.Ed. 495.
Situs Alternative Definition
(Lat.) Situation; location. 5 Pet. (U. S.) 524. Real estate has always a fixed sites, while personal estate has no such fixed situs; the law rei sitae regulates real, but not the personal, estate. Story, Confl. Laws, § 379. The rules as to the situs of personal property have been stated as follows: (1) Movable and tangible chattels are of the county where they may be at the time. (2) Shares in corporations or joint-stock companies are of the county where the chief office of the company is situated. (3) Judgments and other debts of record are of the county where the record is kept. (4) Bonds and negotiable securities are of the county where they happen to be at the time. (5) Promissory notes, bills of exchange, and all simple contracts are of the county where the debtor resides. (6) Demands against a commonwealth are of the county wherein is situated the seat of government. 2 Minor, Inst. 853.
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This definition of Situs is based on the The Cyclopedic Law Dictionary. This entry needs to be proofread.
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Concept of "Situs"
Traditional meaning of situs in English (with some legal use of this latin concept in England and the United States in the XIX Century) [1]: (in Latin) Position; location; site; as for jurisdiction; see 5 Pet. 524.
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Notes and References
Based on A Concise Law Dictionary of Words, Phrases and Maxims, "Situs", Boston: Little, Brown, and Company, 1911, United States. It is also called the Stimson's Law dictionary. This term and/or definition may be absolete.