Legal Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

-O-

Objection to discharge: An objection filed requesting the court to prohibit the discharge of a particular debt, or to deny the debtor a discharge as to all of the debts.

Objection to claim: An objection filed in a bankruptcy case requesting the court to deny a creditor's claim or the creditor's characterization of it as secured, priority, or other.

Objection to exemption: An objection filed in a bankruptcy case requesting the court to deny a debtor's claim of exemption in property.

Occupational disease: An illness resulting from long term employment in a particular type of work, such as those employees exposed to asbestos, who later develop cancer.

Occupational Safety & Health Administration (OSHA): The federal agency charged with creating and enforcing workplace health and safety standards.

Officer: The managers of a corporation such as the President, CFO, and Secretary. The officers are appointed by the board of directors.

Offshore corporation: A corporation chartered under the laws of a country other than the United States. Some countries (particularly in the Caribbean) are popular nations of incorporation since they have little corporate regulation or taxes.

Open-end mortgage: Provision that allows for additional loan advances to be funded to the borrower, while keeping the same security and security documents.

Opinion: An explanation written by the judge explaining his decision.

Ordinance: A law passed by a local or municipal government.

Ordinary course of business: Conduct of business within normal commercial customs and usages.

Original jurisdiction: The first court to which a legal dispute is referred.

Origination fee: A fee charged by most lenders to cover the direct costs of arranging the loan; also called points. A point is 1 percent of the total loan amount.

Outside director: A independent member of the board of directors that is not a shareholder or regular employee of a corporation.

Overrule: In a trial, to overrule means to reject an objection.

Overtime compensation: A higher rate of pay (usually 1.5 or 2 times the regular hourly rate) an employer is obligated to pay employees who work more than a certain number of hours in a day or week.