Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Account
A detailed statement of the debits and credits between parties to a contract or to a fiduciary relationship; a reckoning of monetary dealings <the trustee balanced the account at the end of each month>. 0 In wills and estates, an account is a brief financial statement of the manner in which an executor or administrator has performed the official duties of collecting the estate's assets and paying those who are entitled. An account charges the executor or administrator with the value of the estate as shown by the inventory, plus any increase, and credits the executor with expenses and costs, duly authorized disbursements, and the executor's commission. - Abbr. acct.; a/c. 2. A course of business dealings or other relations for which records must be kept <open a brokerage account>. 3. ACCOUNTING (3) <the principal filed an action for account against his agent>. - Also spelled (archaically) accom pt. "The action of account lies where one has received goods or money for another in a fiduciary capacity, to ascertain and recover the balance due. It can only be maintained where there is such a relationship between the parties, as to raise an obligation to account, and where the amount due is uncertain and unliquidated." Benjamin J. Shipman, Handbook of Common-Law Pleading § 56, at 144 (Henry Winthrop Ballantine ed., 3d ed. 1923).4. ACCOUNTING (4) <the contractor filed an action for account against the nonpaying customer. 5. A statement by which someone seeks to explain an event <Fred's account of the holdup differed significantly from Martha's > . account in trust. An account established by an individual to hold the account's assets in trust for someone else.
Accountable
adj. Responsible; answerable <the company was held accountable for the employee's negligence>. - accountability, n. accountable receipt. See RECEIPT.
Accountant
A person authorized under applicable law to practice public accounting; a person whose business is to keep books or accounts, to perform financial audits, to design and control accounting systems, and to give tax advice. 0 For some purposes, the term includes a professional accounting association, a corporation, and a partnership, if they are so authorized.
Accounting
The act or a system of establishing or settling financial accounts; esp., the process of recording transactions in the financial records of a business and periodically extracting, sorting, and summarizing the recorded transactions to produce a set of financial records. - Also termed financial accounting. 2. A rendition of an account, either voluntarily or by court order. 0 The term frequently refers to the report of all items of property, income, and expenses prepared by a personal representative, trustee, or guardian and given to heirs, beneficiaries, and the probate court. 3. A legal action to compel a defendant to account for and pay over money owed to the plaintiff but held by the defendant (often the plaintiff's agent); ACCOUNTING FOR PROFITS. - Also termed account render; account. 4. More broadly, an action for the recovery of money for services performed, property sold and delivered, money loaned, or damages for the nonperformance of simple contracts. 9 Such an action is available when the rights of parties will be adequately protected by the payment of money. - Also termed action on account; account; action of book debt. 5. Commercial law. An equitable proceeding for a complete settlement of all partnership affairs, usu. in connection with partner misconduct or with a winding up. See WINDING UP. 6. Secured transactions. A record that (1) is authenticated by a secured party, (2) indicates the aggregate unpaid secured obligation as of a date no more than 35 days before or after the date of the record, and (3) identifies the components of the obligations in reasonable detail. UCC § 9-102(a)(2).
Accounting Research Bulletin.
A publication containing accounting practices recommended by the American Institute of Certified Public Accountants. - Abbr. ARB.
Accounting Series Release
A bulletin providing the Securities and Exchange Commission's requirements for accounting and auditing procedures to be followed in reports filed with that gency. - Abbr. ASR.
Assigned account
see account
Assignment of account
an assignment that gives the assignee the right to funds in an account, usu. To satisfy a debt.
Bank account
see accounts,
Bank discount
the interest that a bank °, ducts in advance on a note. See discoi?n'l _ bank draft see draft
Bank-account trust
see totten trust under trust,
Bean counter.
slang. A person who makes decisions using numerical calculations; esp., an accountant.
Count
n. Procedure. 1. The part of an indictment charging the suspect with a distinct offense. 2. In a complaint or similar pleading, the statement of a distinct claim. Cf. DECLARATION (7). "This word . . . is in our old law-books used synonymously with declaration . . . . But when the suit embraces two or more causes of action (each of which of course requires a different statement), or when the plaintiff makes two or more different statements of one and the same cause of action, each several statement is called a count, and all of them, collectively, constitute the declaration." 1 John Bouvier, A Law Dictionary 245 (1839).
Counter
Hist. An advocate or professional pleader; one who counts (i.e., orally recites) for a client. ( Counters had coalesced into an identifiable group practicing before the Common Bench by the beginning of the 13th century. They were the leaders of the medieval legal profession, and over time came to be known as serjeants at law. - Also spelled countor; contor; counteur. See SERJEANT AT LAW.
Counteraction
See COUNTERCLAIM.
Counteraffidavit
See AFFIDAVIT.
Counterbond
See BOND (2).
Counterclaim
See COUNTERCLAIM. cross-claim. See CROSS-CLAIM.
Counterdeed
A secret deed, executed either before a notary or under a private seal, that voids, invalidates, or alters a public deed.
Counterfeisance
Archaic. The act of counterfeiting.
Counterfeit
vb. To forge, copy, or imitate (something) without a right to do so and with the purpose of deceiving or defrauding; esp., to manufacture fake money (or other security) that might be used in place of the genuine article. o Manufacturing fake food stamps is considered counterfeiting. - counterfeit, n. - counterfeit, adj. "Literally a counterfeit is an imitation intended to pass for an original. Hence it is spurious or false, and to counterfeit is to make false. For this reason the verbs counterfeit and forge are often employed as synonyms and the same is true to some extent of the corresponding nouns. No error is involved in this usage but it is important to distinguish between the words as far as possible when used as the labels of criminal offenses. In the most restricted sense, [c]ounterfeiting is the unlawful making of false money in the similitude of the genuine. At one time under English statutes it was made treason. Under modern statutes it is a felony." Rollin M. Perkins & Ronald N. Boyce, Criminal Law 431-32 (3d ed. 1982).
Counterfeiter
A person who makes an unauthorized imitation of something (esp. a document, currency, or another's signature) with the intent to deceive or defraud.
Counterfoil
n. A detachable part of a writing on which the particulars of the main part are summarized. ( The most common example is a check stub, on which the date, the payee, and the amount are typically noted.
Counterletter
Civil law. A document by which a record owner of real property acknowledges that another actually owns the property. Counterletters are used when the property is to be reconveyed after a period. See simzdated contract under CONTRACT.
Countermand
n. An action that has the effect of voiding something previously ordered; a revocation. -- countermand (kown-tar-mand or kown-), ub.
Counteroffer
n. Contracts. An offeree's new offer that varies the terms of the original offer and that therefore rejects the original offer. -counteroffer, ub. - counterofferor, n. See MIRROR-IMAGE RULE.
Counterpart
1 In conveyancing, a corresponding part of an instrument <the other half of the indenture - the counterpart - could not be found>. 2. One of two or more copies or duplicates of a legal instrument <this lease may be executed in any number of counterparts, each of which is considered an original>. "Formerly 'part' was used as the opposite of 'counterpart,' in respect to covenants executed in duplicate, but now each copy is called a 'counterpart.' " 2 Stewart Rapalje & Robert L. Lawrence, A Dictionary of American and English Law 927 (1883).
Counterpromise
n. A promise made in exchange for another party's promise <a promise supported by a counterpromise is binding in its inception>. - counterpromise, vb.
Countersign
vb. To write one's own name next to someone else's to verify the other signer's identity. - countersignature, n .
Countertrade
A type of international trade in which purchases made by an importing nation are linked to offsetting purchases made by the exporting nation. "Countertrade is barter in modern clothes. It developed rapidly as a form of doing business with the USSR and Eastern European nations in the 1970s and 1980s, before the major economic and political reforms tended to diminish its emphasis as a means of doing business." Ralph H. Folsom & Michael W. Gordon, International Business Transactions § 2.1, at 46 (1995).
Countez
[Law French] Hist. A direction given by a clerk of a court to a crier, after a jury was sworn, to count the jury members. "Of this ignorance we may see daily instances, in the abuse of two legal terms of ancient French; one, the prologue to all proclamations, 'oyez, or hear ye,' which is generally pronounced most unmeaningly, '( yes:' the other, a more pardonable mistake, viz., when a jury are all sworn, the officer bids the crier number them, for which the word in law-french is, 'countez;' but we now hear it pronounced in very good English, 'count these.'" 4 William Blackstone, Commentaries on the Laws of England 334 n.s (1769).
Counting House of the King's Household
See BOARD OF GREEN CLOTH.
Country
1 A nation or political state. 2. The territory of such a nation or state.
County
The largest territorial division for local government within a state, generally considered to be a political subdivision and a quasicorporation. ( Every county exists as a result of a sovereign act of legislation, either constitutional or statutory, separating it from the rest of the state as an integral part of its territory and establishing it as one of the primary divisions of the state for purposes of civil administration. - Abbr. co. "A county is a part of the realm, intirely governed by one sheriff under the king, but all subject to the general government of the realm; and therefore every county is as it were an intire body of itself, so that upon a feoffment of lands in many towns in one county, livery of seisin made in one parcel in any one of the towns in the name of all, sufficeth for all the lands in all the other towns within the same county: but upon a feoffment of lands in divers counties, there must be livery of seisin in every county." Sir Henry Finch, Law, or a Discourse Thereof 79 (1759).
County auditor
an official who examines a county's accounts and financial records.
Discount
n. 1. A reduction from the full amount or value of something, esp. a price. 2. An advance deduction of interest when a person lends money on a note, bill of exchange, or other commercial paper, resulting in its present value. See PRESENT VALUE. 3. The amount by which a security's market value is below its face value. Cf. PREMIUM (3). - discount, ub
Financial Accounting Standards Board
The independent body of accountants responsible for establishing, interpreting, and improving standards for financial accounting and reporting. - Abbr. FASB.
For example, a wholesaler or distributor usu. receives a greater discount than a retailer. quantity discount
See volume discount.
General Accounting Office
The federal agency that provides legal and accounting assistance to Congress, audits and investigates federal programs, and settles certain contract claims against the United States. - Abbr. GAO.
Indian country
1. The land within the borders of all Indian reservations, the land occupied by an Indian community (whether or not located within a recognized reservation), and any land held in trust by the United States but beneficially owned by an Indian or tribe. 2. Hist. Any region (esp. during the U.S. westward migration) where a person was likely to encounter Indians.
Interest on Lawyers' Trust Accounts
A program that allows a lawyer or law firm to deposit a client's retained funds into an interest-bearing account that designates the interest payments to charitable, law-related purposes, such as providing legal aid to the poor. ( Almost all states have either a voluntary or mandatory IOLTA program. - Abbr. IOLTA.
NOW account
(now). An interest-bearing savings account on which the holder may write checks. - Also termed negotiable-orderof-withdrawal account.
Rediscount
n. 1. The act or process of discounting a negotiable instrument that has already been discounted, as by a bank. 2. (usu. pl.) A negotiable instrument that has been discounted a second time. - rediscount, vb. See DISCOUNT.
Reencounter
A hostile meeting or contest; a battle or combat. - Also spelled rencontre (ren-kon-tar).
Statement and Account Clause
The clause of the U.S. Constitution requiring the regular publication of the receipts and expenditures of the federal government. U.S. Const. art. 1, § 9, cl. 7.
Suitors' Deposit Account
An account consisting of suitors' fees paid in the Court of Chancery that, by the Chancery Act of 1872, were to be invested in government securities bearing interest at 2% per annum on behalf of the investing suitor, unless the suitor directed otherwise.
T-account
An accounting form shaped like the letter T with the account's name above the horizontal line, debits to the left of the vertical tie, and credits to the right.
Third World country
See DEVELOPING COUN. TRY.
account book
A journal in which a business's transactions are recorded. See SHOP BOOKS.
account debtor
A person obligated on an account, chattel paper, or general intangible. * The UCC exempts from the definition of account debtor a person obligated to pay a negotiable instrument, even if the instrument constitutes chattel paper. UCC § 9-105(1)(a).