Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Clear
vb. 1. To acquit or exonerate < she was cleared of all wrongdoing>. 2. (Of a drawee bank) to pay (a check or draft) out of funds held on behalf of the maker <the bank cleared the employee's check>. 3. (Of a check or draft) to be paid by the drawee bank out of funds held on behalf of the maker <the check cleared yesterday>.
Clearance
1. Maritime law. The right of a ship to leave port, or the certificate issued by the port collector evidencing the ship's right to leave port. 2. The time that must elapse between runs of the same movie within a particular area; a theater's exclusive right of exhibition over competing theaters.
Clearfield Trust doctrine
The doctrine describing the federal courts' power to make federal common law when there is both federal lawmaking power to do so and a strong federal interest in a nationally uniform rule. Clearfield Trust Co. v. United States, 318 U.S. 363, 63 S.Ct. 573 (1943). Cf. ERIE DOCTRINE.
Clearinghouse
1. A place where banks exchange checks and drafts and settle their daily balances; an association of banks or other payors regularly clearing items. See UCC § 4-104(a)-(d). 2. A stock-and-commodity exchange where the daily transactions of the brokers are cleared. 3. Any place for the exchange of specialized information.
central clearing system
A method of facilitating securities transactions in which an agent or subsidiary of an exchange acts as a clearinghouse for member brokerage firms by clearing their checks, settling their accounts, and delivering their payments. ( Most transactions are reflected solely by computerized book entries, and clearinghouse statements are submitted showing the net balance to be paid to reconcile the member firm's accounts.
clear and convincing evidence
See EVIDENCE.
clear and convincing proof
See clear and convincing evidence under EVIDENCE.
clear annual value
See VALUE.
clear chance
See LAST-CLEAR-CHANCE DOCTRINE,
clear error
A trial judge's decision or action that appears to a reviewing court to have been unquestionably erroneous. ( Even though a clear error occurred, it may not warrant reversal.
clear market value
See fair market value under VALUE.
clear residue
The income deriving from funds used to pay a decedent's debts, administration expenses, and general legacies. - Also termed true residue.
clear title
1. A title free from any encumbrances, burdens, or other limitations. 2. See marketable title. - Also termed good title.
clear value
See VALUE.
clear-and-present-danger test
Constitutional law. The doctrine allowing the government to restrict the First Amendment freedoms of speech and press if necessary to prevent immediate and severe danger to interests that the government may lawfully protect. 0 This test was formulated by Justice Oliver Wendell Holmes in Schenck v. United States, 249 U.S. 47, 39 S.Ct. 247 (1919).
clear-reflection-of-income standard
Tax. An income-accounting method that the IRS can force on a taxpayer if the method used does not clearly reflect income. IRC § 446(b).
clear-view doctrine
See PLAIN-VIEW DOCTRINE.
clearance card
A letter given by an employer to a departing employee, stating the duration and nature of the employment and reasons for leaving. 0 The clearance card is not necessarily a recommendation.
clearing account
Banking. An account (usu. a temporary one) containing amounts to be transferred to another account before the end of an accounting period.
clearing agent
Securities. A person or company acting as an intermediary in a securities transaction or providing facilities for comparing data with respect to securities transactions. ( The term includes a custodian of securities in connection with the central handling of securities. Securities Exchange Act § 3(a)(23)(A) (15 USCA § 78c(a)(23)(A)). - Also termed clearing agency.
clearing agreement
A contract whose purpose is to facilitate the collective settlement of monetary claims between creditors and debtors in different currency areas, without resort to foreign-exchange reserves.
clearing corporation
See CORPORATION.
clearing loan
See LOAN
clearing.
1. Banking. The exchanging of checks and balancing of accounts. 2. Maritime law. The departure of a ship from port, after complying with customs, health laws, and other local regulations. See CLEARANCE (1).
clearings
Banking. Checks or other items drawn on a local bank and presented for payment through a clearinghouse or directly to the drawee bank. See CLEARINGHOUSE (1).
clearly-erroneous standard
The standard of review that an appellate court usu. applies in judging a trial court's treatment of factual issues. 0 Under this standard, a judgment is reversible if the appellate court is left with the firm conviction that an error has been committed.
free and clear
adj. Unencumbered by any liens; marketable <free and clear title>.
last-clear-chance doctrine
Torts. The rule that a plaintiff who was contributorily negligent may nonetheless recover from the defendant if the defendant had the last opportunity to prevent the harm but failed to use reasonable care to do so (in other words, if the defendant's negligence is later in time than the plaintiff's). ( This doctrine allows the plaintiff to rebut the contributory-negligence defense in the few jurisdictions where contributory negligence completely bars recovery. - Also termed discovered peril doctrine; humanitarian doctrine; last-opportunity doctrine; subsequent-negligence doctrine; supervening-negligence doctrine.
manifest-error-or-clearly-wrong rule
In some jurisdictions, the doctrine that an appellate court cannot set aside a trial court's finding of fact unless a review of the entire record reveals that the finding has no reasonable basis.
nuclear-nonproliferation treaty
See nonproliferation treaty under TREATY.
stock clearing
The actual exchange of money and stock between buyer and seller, typically performed by a clearing corporation.
stock clearing corporation
A New York Stock Exchange subsidiary that is a central agency for securities deliveries and payments between member firms.