Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Automatic
stay. Bankruptcy. A bar to all judicial and extrajudicial collection efforts against the debtor or the debtor's property. ( The policy behind the automatic stay, which is effective upon the filing of the bankruptcy petition, is that all actions against the debtor should be halted pending the determination of creditors' rights and the orderly administration of the debtor's assets free from creditor interference. - Also termed automatic suspension.
Automatic perfection
see perfection.
Automatic stay
see stay.
Automatic suspension
see automatic stay under stay.
Automatic-adjustment clause
a provision in a utility-rate schedule that allows a public utility to increase its rates without a public hearing or state review, if certain operating costs, such as the price of fuel, increase. Federal energy regulatory comm'n v. Mississippi, 456 u.s. 742, 102 s.ct. 2126 (1982).
automatic perfection
The self-operative perfection of a purchase-money security interest without filing or without possession of the collateral. ( The security interest is perfected simply by the attachment of the security interest, without any additional steps. See purchase-money security interest under SECURITY INTEREST.