Scott,
   I use it too, though only when I have been corrected by someone else. 
(Something of the passive, but with an active acknowledgment that the 
correction/corrector was right.) To me, it has a very formal feel, as in 
a parliamentary process, making it clear for the record.

Craig

DD Farms wrote:
> At 11:30 PM 1/22/2009, Scott wrote:
>> . . . I caught my error
>> immediately and stated, "I stand corrected: the opposite is true."  
>> The lady
>> asked why I had said "I stand corrected"; she had never heard the 
>> term and
>> her ancestors had been here over a century.  Has this expression 
>> passed from
>> use?
>
> DD: Not according to; "stand." The American Heritage® Dictionary of 
> the English Language, Fourth Edition. Houghton Mifflin Company, 2004. 
> 23 Jan. 2009. 
> <Dictionary.com<http://dictionary.reference.com/browse/stand>http<http://dictionary.reference.com/browse/stand>://dictionary.reference.com/browse/stand>. 
>
> Which lists the phrase as Definition, 8 ; To be in a specified state 
> or condition: I stand corrected. We stand in awe of the view. 
> Furthermore, I use the term often as I often err, get corrected and 
> declaim it.
>
>> Number two at the same Games was a person asking what "in lieu of" 
>> meant.
>> Both appeared to be educated Caucasians from the Middle Atlantic 
>> states and
>> were around 50.
>> Comments?
>
> DD: I use that a lot, myself. I speak High Standard Southern English. 
> { Decayed Southun Gentry 78 years old. } "Middle Atlantic? Oh well, 
> what can you expect out of Yankees?"
>
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