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direct possession.See immediate possession under POSSESSION. [Blacks Law 8th]

direct-placement adoption.See private adoption under ADOPTION. [Blacks Law 8th]

direct payment.See PAYMENT. [Blacks Law 8th]

direct placement. 1.  The  sale by a company, such as an  industrial or  utility company,  of an entire issue of securities directly to a lender (such as an insurance company or group of investors), instead of through an underwriter. • This type of offering is exempt from SEC filing requirements. 2.PRIVATE PLACEMENT(1). [Blacks Law 8th]

direct-participation  program.An  investment  vehicle  that  is  financed  through  the  sale  of securities not traded on an exchange or quoted  on NASDAQ and that provides flow-through tax consequences to the investors. [Blacks Law 8th]

directory trust.See TRUST. [Blacks Law 8th]

directory statute.See STATUTE. [Blacks Law 8th]

directory requirement.A statutory or contractual instruction to act in a way that is advisable, but not absolutely essential — in contrast to a mandatory requirement. • A directory requirement is frequently  introduced  by  the  word  should  or,  less  frequently,  shall  (which  is  more  typically  a mandatory word). [Cases: Statutes    227. C.J.S. Statutes §§ 362–369.] [Blacks Law…

practice act. A statute governing practice and procedure in courts. • Practice acts are usu. supplemented with court rules such as the Federal Rules of Civil Procedure. [Blacks Law 8th]

practice,n.1. The procedural methods and rules used in a court of law <local practice requires that an extra copy of each motion be filed with the clerk>.2.PRACTICE OF LAW <where is your practice?>. practice,vb. Patents. 1. To make and use (a patented invention) <the employer had a shop right to practice the patent, but not…