iation of the tenant's title, or it may be an act which is wholly
inconsistent with the existence of such relation, as the setting up by
the tenant of a distinct title either in himself or some third party.
(2) In the law of bankruptcy, where any part of the property of a
bankrupt consists of land of any tenure burdened with onerous covenants,
of stocks or shares in companies, of unprofitable contracts, or of any
property that is unsaleable, or not readily saleable, by reason of its
binding the possessor to the performance of any onerous act, the
trustee, notwithstanding that he has endeavoured to sell or has taken
possession of the property, or exercised any act of ownership in
relation to it, may, subject to certain provisions, by writing signed by
him, at any time within twelve months after the first appointment of a
trustee, "disclaim" the property (see BANKRUPTCY). (3) In the law of
trusts, disclaimer is the refusal or renunciation of the office or
duties of a trustee. It is an undisputed rule that no one is compellable
to undertake a trust, so that as soon as a person knows he has been
appointed a trustee under some instrument, he should determine whether
he will accept the office or not. Disclaimer of trust should be by deed,
as admitting of no ambiguity, but it may be by conveyance to other
accepting trustees, or orally, or by written declaration, or even by
conduct. (4) In the law of patents, disclaimer is the renunciation, by
amendment of specifications, of the portion of an inventor's claim to
protection.

DISCOUNT. (1) A money-market term for the price paid in order to obtain
immediate realization of a bill not yet due. If a bill for L100 due six
months hence is discounted at the rate of 3% per annum, its holder will
obtain L98, 10s. in cash for it. (2) A Stock-Exchange term applied to a
security, not fully paid, which has fallen below its issue price, and so
is said to stand at so much discount. See PREMIUM.

DISCOVERY, in law, the revealing or disclosing of any matter. The
English common law courts were originally unable to compel a litigant
before a trial to disclose the facts and documents on which he relied.
In equity, however, a different rule prevailed, there being an absolute
right to discovery of all material facts on which a case was founded.
Now the practice is regulated by the Rules of the Supreme Court, 1883,
Order 31. Discovery is of two kinds, namely, by interrogatories and by
aff