Also known as: loading · loads · cargo · lading · burden
Written by attorneys · grounded in primary & secondary sources — see below
An amount added to a security's price or to an insurance premium in order to cover the sales commission and expenses.
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Lena Lawson purchased shares in a mutual fund offered by Loyal Insurance that carried a substantial front-end load. When a shareholder derivative action challenged the fund's fee structure, the court required the plaintiff to meet the particularity burden under the model act to contest the board's determination. The load amount directly affected the calculation of damages sought in the proceeding.
Leah Lamb purchased a policy from Lakeshore Industries that included an undisclosed load to cover agent commissions. Her lawyer sent repeated burdensome discovery requests solely to pressure settlement on the load amount. The conduct violated the rule against using means with no substantial purpose other than to burden a third person.
Lamar Lewis assigned his rights under an insurance contract containing a large load to Liberty Trust. The assignment would have materially increased the insurer's risk by changing the duty to collect the load from a sophisticated party to an assignee with different collection practices. The assignment was therefore invalid under the governing rule.
Luna Lang transferred her leasehold interest in commercial property to Lattice Systems. The lease contained an express promise to pay a load equivalent to maintenance costs that touched and concerned the premises. Because the promise ran with the land and Lattice Systems took in privity of estate, it became obligated to perform the load payment.
Lily Lopez alleged that a broker negligently recommended a security with an excessive load without disclosing the cost. She bore the burden of proving the broker owed a duty of care and failed to conform to the required standard. The load amount formed the central measure of her claimed economic loss.
Lila Lin faced peremptory challenges during voir dire in a trial over an insurance load dispute. The prosecutor struck jurors on racial grounds. The three-step framework required the defendant to make a prima facie showing, after which the burden shifted to the prosecutor to provide a race-neutral explanation for the strikes.
It denotes an amount added to a security's price or insurance premium to cover sales commissions and expenses.
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