Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bank
ub. 1. To keep money at <he banks at the downtown branch>. 2. To deposit (funds) in n bank <she banked the prize money yesterday. 3. Slang. To loan money to facilitate !a transaction) <who banked the deal?>. ( the lender's consideration usu. Consists of a fee or an interest in the property involved in the transaction
Bank acceptance
see banker's acceptance under acceptance (4) ;
Bank account
see accounts,
Bank bill.
see banknote
Bank charter
see charter
Bank credit
see credit
Bank discount
the interest that a bank °, ducts in advance on a note. See discoi?n'l _ bank draft see draft
Bank examiner
a federal or state official who audits banks with respect to their condition, management, and policies
Bank for cooperatives
a bank within a system of banks established to provide a permanent source of credit to farmers' cooperatives and supervised by the farm credit administration.
Bank fraud
the criminal offense of known :- , executing, or attempting to execute, a scheme or artifice to defraud a financial institution, or to obtain property owned by or under the con-or fraudulent pretenses, representations, or promises. 18 usca § 1344.
Bank holding company
a company that owns or controls one or more banks. 0 ownership or control of 25 percent is usu. Enough for this purpose. - abbr. Bhc.
Bank night
a lottery in which a prize is awarded to a person (often a theater patron) whose name is drawn randomly from a hopper.
Bank rate
see interest rate.
Bank secrecy act of 1970
a federal law requiring banks to maintain records of all transactions with depositors and to report to the u.s. treasury all deposits of more than $10,000.
Bank statement
see statement of account (i).
Bank-account trust
see totten trust under trust,
Bank-statement rule
commercial law. Principle that if a bank customer fails to examine a bank statement within a reasonable time (usu. No more than a year for a forged drawer's signature or alteration, and no more than three years for a forged indorsement), the customer is precluded from complaining about a forgery or material alteration. Ucc § 4-406.
Bankable paper
see paper,
Bankbook
see passbook
Banker
a person who engages in the business of banking.
Banker's acceptance
see acceptance
Banker's bill
see finance bill under bill
Banker's lien
see lien
Bankerout
adj. Achaicindebted beyond the means of payment; bankrupt-also spelled bankrout .
Banking
the business carried on by or with a bank.
Banking act of 1933
see glass-steagall act
Banking day
1. Banking hours on a day when a bank is open to the public for carrying on substantially all its banking functions. ( typically, if the bookkeeping and loan departments are closed by a certain hour, the remainder of that day is not part of that bank's banking day. 2. A day on which banks are open for banking business.
Banking game
a gambling arrangement in which the house (i.e., the bank) accepts bets from all players and then pays out winning bets and takes other bettors' losses.
Banknote
See BANKNOTE.
Bankrupt
n. 1. A person who cannot meet current financial obligations; an insolvent person. 2. Debtor (2).
Bankruptcy
1. The statutory procedure, usu. Triggered by insolvency, by which a person is relieved of most debts and undergoes a judicially supervised reorganization or liquidation for the benefit of that person's creditors. ( for various types of bankruptcy under federal law, see the entries at chapter. - also termed bankruptcy proceeding; bankruptcy case
Bankruptcy act
the bankruptcy act of 1898, which governed bankruptcy cases filed before october 1, 1979.
Bankruptcy case
see bankruptcy (1).
Bankruptcy clause
see ipso facto clause.
Bankruptcy code
the bankruptcy reform act of 1978 (as amended and codified in 11 usca), which governs bankruptcy cases filed on or after october 1, 1979.
Bankruptcy court
1. A u.s. district court that is exclusively concerned with administering bankruptcy proceedings. 2. The bankruptcy judges within a given district, considered as making up a court that is a subunit of a u.s. district court.
Bankruptcy estate
a debtor's legal and equitable interests in property as of the commencement of a bankruptcy case.
Bankruptcy judge
a judicial officer appointed by a u.s. court of appeals to preside over a bankruptcy court in a designated judicial district for a term of 14 years. 0 a bankruptcy judge is called an article ii judge. 28 usca §§ 151 et seq. See article ii judge.
Bankruptcy plan
a detailed program of action formulated by a debtor or its creditors to govern the debtor's rehabilitation, continued operation or liquidation, and payment of debts. 0 the bankruptcy court and creditors must approve the plan before it is implemented. -often shortened to plan. - also termed plan of reorganization (for chapter 11); plan of rehabilitation (for chapter 13). See arrangement with creditors.
Bankruptcy proceeding
1. Bankruptcy (1). 2. Any judicial or procedural action (such as a hearing) related to a bankruptcy.
Bankruptcy trustee
the person appointed by the u.s. trustee and approved by the bankruptcy court to take charge of and administer the debtor's estate during bankruptcy proceedings. - also termed trustee in bankruptr see, united states trustee.
Bankruptcy-remote entity
a business, usu. A special-purpose entity, established to perform limited functions and to have one or a few primary creditors. 0 this type of entity is sometimes established to protect lenders on large, complex projects when the lender is to be paid solely or almost exclusively out of the money generated when the project becomes operational. This business is established to have no function other than to develop, own, and operate the project, and to have no principal creditors other than the project lenders. In this way, the lenders have additional protection because there are fewer creditors to compete for the money generated by the project, and there it less likelihood that the project will be forced into bankruptcy. A bankruptcy-remote entity will sometimes issue securities instead of just receiving a direct loan. See single-purpose project; special-purpose entity ; project nancing under financing
Cessionary bankrupt
archaic. A person who forfeits all property so that it may be divided among creditors.( for the modern near-equivalent, see chapter 7.
Collecting bank
in the check-collection process, any bank handling an item for collection, except for the payor bank or the depository bank. Ucc § 4-105(5).
Commercial bank
a bank authorized to receive both demand and time deposits, to engage in trust services, to issue letters of credit, to rent time-deposit boxes, and to provide similar services.
Correspondent bank
A bank that acts as an agent for another bank, or engages in an exchange of services with that bank, in a geographical area to which the other bank does not have direct access.
Custodian bank
a bank or trust company that acts as custodian for a clearing corporation and that is supervised and examined by a state or federal authority. Ucc § 8-102(4).
Depositary bank
the first bank to which an item is transferred for collection. Ucc § 4-105(2).
Deprizio doctrine. Bankruptcy
The rule that a debtor's payment to an outside creditor more than 90 days before a bankruptcy filing is voidable as a preferential transfer if it benefits an inside creditor. Levit v. Ingersoll Rand Fin. Corp. (In re V.N. Deprizio Constr. Co.), 874 F.2d 1186 (7th Cir. 1989).
Drawee bank
see payor bank.