Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Asset purchase
see asset acquisition.
Bargain purchase.
see bargain sale
Chase
Hist. A franchise granted by the Crown empowering the grantee to keep, within a certain district, animals for hunting, i.e., the objects of the chase. ( This franchise was also known as a free chase to contrast it with a chase royal - a chase held by the Crown.
Purchaser
1 One who obtains property for money or other valuable consideration; a buyer,
Repurchase
n. The act or an instance of buying something back or again; esp., a corporation's buying back of some or all of its stock at market price. - repurchase, ub. See REDEMPTION.
affiliated purchaser
Securities. Any of the following: (1) a person directly or indirectly acting in concert with a distribution participant in connection with the acquisition or distribution of the securities involved; (2) an affiliate who directly or indirectly controls the purchases of those securities by a distribution participant, or whose purchases are controlled by such a participant, or whose purchases are under common control with those of such a participant; (3) an affiliate, who is a broker or a dealer (except a broker-dealer whose business consists solely of effecting, transactions in "exempted securities," as defined in the Exchange Act); (4) an affiliate (other than a broker-dealer) who regularly purchases securities through a broker-dealer, or otherwise, for its own account or for the account of others, or recommends or exercises investment discretion in the purchase or sale of securities (with certain specified exceptions). SEC Rule lob-18(a)(2) (17 CFR § 240.1Ob-18(a)(2)).
ambulance chaser
1. a lawyer who approaches victims of accidents in hopes of persuading them to sue for damages. 2. a lawyer's agent who engages in this activity. - ambulance-chasing, n.
bona fide purchaser
One who buys something for value without notice of another's claim to the item or of any defects in the seller's title; one who has in good faith paid valuable consideration for property without notice of prior adverse claims. - Abbr. BFP. - Also termed good-faith purchaser; purchaser in good faith; innocent purchaser.
bona fide purchaser for value
One who purchases legal title to real property, without actual or constructive notice of any infirmities, claims, or equities against the title. Generally, a bona fide purchaser for value is not affected by the transferor's fraud against a third party, and has a superior right to the transferred property as against the transferor's creditor to the extent of the consideration that the purchaser has paid. - Also termed innocent purchaser for ualue.
bona fide purchaser for value.
See PURCHASER (1).
bona fide purchaser.
See PURCHASER
certificate of purchase
A document reflecting a successful bid for property at a judicial sale. ( The bidder receives a property deed if the land is not redeemed or if the sale is confirmed by court order. - Also termed certificate of sale.
common chase
A chase in which everyone is entitled to hunt.
cross-purchase buy-sell agreement.
1. BUY SELL AGREEMENT (1). 2. A partnership insurance plan in which each partner individually buys and maintains enough insurance on the life or lives of other partners to purchase a deceased orexpelled partner's equity.
estate by purchase
See ESTATE.
first purchaser
An ancestor who first acquired an estate that still belongs to the family. pure accident See unauoidable accident under ACCIDENT.
first purchaser.
See PURCHASER (2).
frank-chase.
Hist. Free chase; a person's liberty or right to hunt or log within a certain area. ( Others holding land within the frank-chase area were forbidden from hunting or logging in it. See CHASE.
good-faith purchaser
See bona fide purchaser.
guaranteed-purchase contract.
See guaranteed-sale contract under CONTRACT. guaranteed-sale contract. See CONTRACT.
indirect-purchaser doctrine. Antitrust.
The principle that in litigation for price discrimination, the court will ignore sham middle parties in determining whether different prices were paid by different customers for the same goods.
innocent purchaser
See bona fide purchaser.
innocent purchaser for value
See bona fide purchaser for value under PURCHASER.
innocent purchaser.
See bona fide purchaser under PURCHASER.
lease-purchase agreement
A rent-to-own purchase plan under which the buyer takes possession of the goods with the first payment and takes ownership with the final payment; a lease of property (esp. equipment) by which ownership of the property is transferred to the lessee at the end of the lease term. 0 Such a lease is usu. treated as an installment sale. Under a capital lease, the lessee is responsible for pay- ing taxes and other expenses on the property. - Also termed lease-to-purchase agreement; hire purchase agreement; capital lease. Cf. operating lease under LEASE.
libera chasea habenda
n. [Law Latin] Hist. A judicial writ granting a person the right to a free chase belonging to the person's manor, after the jury's verdict granting that right. See CHASE. libera eleemosyna (lib-ar-a el-a-mos-a-na). See FRANKALMOIN.
money purchase plan
An employee benefit plan that provides a benefit based on the total amount of employer contributions in a participant's account. ( A money-purchase plan can be a qualified plan if the contributions are fixed and not geared to profits. nonqualified deferred-compensation plan A compensation arrangement (such as providing stock options), frequently offered to executives, that defers the recognition of taxable income to a later date."Generally, a nonqualified deferred compensation plan is an agreement or promise by an employer to certain individuals to pay compensation to those individuals at some future date. A nonqualified plan may also be a series of deferred compensation agreemen
money-purchase plan
See EMPLOYEE BENEFIT PLAN.
non-purchase-money
adj. Not pertaining to or being an obligation secured by property obtained by a loan <non-purchase-money mortgage. Cf. purchase-money mortgage under MORTGAGE.
option to purchase real property
See OPTION.
option to purchase real property.
A contract by which an owner of realty enters an agreement with another allowing the latter to buy the property at a specified price within a specified time, or within a reasonable time in the future, but without imposing an obligation to purchase upon the person to whom it is given.
purchase accounting method
See ACCOUNTING METHOD.
purchase accounting method.
A method of accounting for mergers whereby the total value paid or exchanged for the acquired firm's assets is recorded on the acquiring firm's books, and any difference between the fair market value of the assets acquired and the purchase price is recorded as goodwill.
purchase agreement
A sales contract. (.'f. RE. PURCHASE AGREEMENT.
purchase money
The initial payment made on property secured by a mortgage.
purchase order
A document authorizing a seller to deliver goods with payment to be made later.
purchase, words of
See WORDS of PURCHASE.
purchase-money interest
See purchase money security interest under SECURITY INTEREST.
purchase-money mortgage
See MORTGA
purchase-money resulting trust
See TRUST
purchase-money security interest
A security interest that is created when a buyer uses the lender's money to make the purchase and immediately gives the lender security (UCC § 9-107); a security interest that is either (1) taken or retained by the seller of the collateral to secure all or part of its price or (2) taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of collateral if that value is in fact so used. ( If a buyer's purchase of a boat, for example, is financed by a bank that loans the amount of the purchase price, the bank's security interest in the boat that secures the loan is a purchase-money security interest. -Abbr. PMSI. - Also termed purchase-money interest.
purchase-money security interest.
See SECURITY INTEREST.
purchaser for value
A purchaser who pays consideration for the property bought.
purchaser in good faith
See bona fide purchaser. 2. One who acquires real property by means other than descent or inheritance.
repurchase agreement
A short-term loan agreement by which one party sells a security to another party but promises to buy back the security on a specified date at a specified price. - Often shortened to repo.
repurchase price
See redemption price under PRICE.
stock repurchase
See REDEMPTION (3).
stock-purchase plan
An arrangement by which an employer corporation allows employees to purchase shares of the corporation's stock.
stock-repurchase plan
A program by which a corporation buys back its own shares in the open market, usu. when the corporation believes the shares are undervalued.
words of purchase
Language in a deed or will designating the persons who are to receive the grant. ( For example, the phrasing "to A for life with a remainder to her heirs" creates a life estate in A and a remainder in A's heirs. See PURCHASE (2).