Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Asset-backed security
see security.
Back
ub. 1. To indorse; to sign the back of an instrument. 2. To sign so as to show acceptance or approval. 3. To sign so as to indicate financial responsibility for. 4. Hist. (of a magistrate) to sign a warrant issued in one county to permit its execution in the signing magistrate's county.
Back carry. Hist
the crime of carrying, on one's back, unlawfully killed game.
Back lands
generally, lands lying away from -not next to - a highway or a watercourse.
Back taxes
taxes that, though assessed for a previous year or years, remain due and unpaid.
Back-in right
oil & gas. A reversionary interest .in an oil-and-gas lease entitling an assignor to a share of the working interest after the assignee has recovered specified costs from production.
Back-title letter
a letter from a title insurer advising an attorney of the condition of title to land as of a certain date. 0 with this information, the attorney can begin examining the title from that date forward.
Back-to-back loan
see loan.
Back-to-work agreement
a contract between a union and an employer covering the terms under which the employees will return to work after a strike.
Backberend
[old english] hist. 1. The bearing of stolen goods upon the back.or about the person. ( backberend is sometimes modernized to backbearing. 2. A person caught carrying stolen goods. - also spelled bacberende; backberinde. Cf. Handhabend.
Backdate, ub
1. To put a date earlier than the actual date on (something, as an instrument). ( under ucc § 3-113(a), backdating does not affect an instrument's negotiability. Cf. Postdate. 2. To make (something) retroactively valid
Backhaul allowance
see allowance (1)
Backing. Endorsement, esp. Of a warrant by a magistrate.
See back (4).
Backpay award.
a judicial or quasi judicial body's decision that an employee or ex-employee is entitled to accrued but uncollected wages or benefits. - sometimes shortened to backpay.
Backspread.
securities. In arbitrage, a less than normal price difference in the price of a currency or commodity. See arbitrage; spread (3).
Backward integration
see integration (4)
Backwardation
securities. A fee paid by the seller of securities so that the buyer will allow delivery after their original delivery date. -also termed backadation; inverted market.
Backwater
Water in a stream that, because of a dam or obstruction, cannot flow forward and sometimes flows back.
Carryback
Tax. An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in an earlier period (usu. the previous three years). - Also termed loss carryback; tax-loss carryback. Cf. CARRYOVER. Carryforward See CARRYOVER.
Clawback
n. Money taken back; esp., retrieval or recovery of tax allowances by additional forms of taxation. - claw back, ub.
Drawback
A government allowance or refund on import duties when the importer reexports imported products rather than selling them domestically. 19 USCA § 1313.
Kickback
n. A return of a portion of a monetary sum received, esp. as a result of coercion or a secret agreement <the contractor paid the city official a 5% kickback on the government contract>. - Also termed payoff. Cf. BRIBERY.
Leaseback
n. The sale of property on the understanding, or with the express option, that the seller may lease the property from the buyer immediately upon the sale. - Also termed sale and leaseback.
Setback
n. Real estate. The minimum amount of space required between a lot line and a building line <a 12-foot setback>. ( Typically contained in zoning ordinances or deed restrictions, setbacks are designed to ensure that enough light and ventilation reach the property and to keep buildings from being erected too close to property lines.
asset-backed security
A debt security (such as a bond) that is secured by assets that have' been pooled and secured by the assets from the pool.
back-to-back loan
A loan arrangement by which two firms lend each other funds denominated in different currencies for a specified period.
backhaul allowance
a price discount given to customers who get their goods from a seller's warehouse as a reflection of the seller's freight-cost savings.
backward integration
A firm's acquisition of ownership of facilities that produce raw materials or parts for the firm's products. 5. Securities. The requirement that all security offerings over a given period are to be considered a single offering for purposes of determining an exemption from registration. ( The Securities and Exchange Commission and the courts apply five criteria to determine whether two or more transactions are part of the same offering of securities: (1) whether the offerings are part of a single plan of financing, (2) whether the offerings involve issuance of the same class of securities, (3) whether the offerings are made at or about the same time, (4) whether the same type of consideration is received, and (5) whether the offerings are made for the same general purpose. 17 CFR § 230.502.
charge-back
ub. A bank's deducting of sums it had provisionally credited to a customer's account, occurring usu. when a check deposited in the account has been dishonored. UCC § 4-214.
commodity-backed bond
A bond with interest payments or principal repayment tied to the price of a specific commodity, such as gold. 9 This type of bond, which has a low interest rate but provides a hedge against inflation because the commodity price will usu. rise, is often issued by a firm with a stake in the commodity.
forward and backward at sea
Marine insurance. From port to port in the course of a voyage, and not merely from one terminus to the other and back.
grantback, n.
A license-agreement provision requiring the licensee to assign or license back to the licensor any improvements that the licensee might make to a patent or other proprietary right.
loss carryback
See CARRYBACK.
mortgage-backed security
See SECURITY.
payback method
An accounting procedure that measures the time required to recover a venture's initial cash investment.
payback period
The length of time required to recover a venture's initial cash investment, without accounting for the time value of money.
plow back
vb. To reinvest earnings and profits into a business instead of paying them out as dividends or withdrawals.
relation back
n. 1. The doctrine that an act done at a later time is considered to have occurred at an earlier time. ( For example, in federal civil procedure, an amended pleading relates back, for purposes of the statute of limitations, to the time when the original pleading was filed. Fed. R. Civ. P. 15(c). 2. A judicial application of that doctrine. - relate back, vb.
sale and leaseback
See LEASEBACK.
take back
ub. To revoke; to retract.
tax-loss carryback
See CARRYBACIt.
throwback rule
Ta-i-. 1. In the taxation of trusts, a rule requiring that an amount distributed in any tax year that exceeds the year's distributable net income must be treated as if it had been distributed in the preceding year. ( The beneficiary is taxed in the current year although the computation is made as if the excess had been distributed in the previous year. If the trust did not have undistributed accumulated income in the preceding year, the amount of the throwback is tested against each of the preceding years. IRC (26 USCAi §§ 665-668. 2. A taxation rule requiring a sale that would otherwise be exempt from state income tax (because the state to which the sale would be assigned for apportionment purposes does not have an income tax, even though the seller's state does) to be attributed to the seller's state and thus subjected to a state-level tax. ( This rule applies only_if the seller's stare has adopted a throwback rule.
union givebacks
See CONCESSION BARGAINING.