Legal Dictionary of Pakistan

Arrangement with creditors

bankruptcy. A debtor's agreement with creditors for the settlement, satisfaction, or extension of time for payment of debts. See bankruptcy plan.

Assignment for the benefit of creditors

assignment of a debtor's property to another person in trust so as to consolidate and liquidate the debtor's assets for payment to creditors, any surplus being returned to the debtor this procedure serves as a state-law substitute for federal bankruptcy proceedings. The debtor is not discharged from unpaid debts by this procedure since creditors do not agree to any discharge.

Attaching creditor

see creditor.

Bank credit

see credit

Commodity Credit Corporation

A federal agency that, through loan subsidies and loan purchases, supports prices of agricultural products to help sell the products in domestic and foreign markets. - Abbr. CCC.

Consumer Credit Code

See UNIFORM CONSUMER CREDIT CODE.

Consumer Credit Protection Act

A federa, statute that safeguards the consumer in connection with the use of credit by (1) requiring full disclosure of the terms of the loan agreement, including finance charges, (2) restricting the garnishment of wages, and (3) regulating the use of credit cards (15 USCA §§ 1601-1693). 0 Many states have adopted consumer-credit-protection acts. - Also termed Truth in Lending Act (abbr. TILA). See UNIFORM CONSUMER CREDIT CODE.

Credit

n. 1. Belief; trust <the jury gave credit to Benson's version>. 2. One's ability to borrow money; the faith in one's ability to pay debts < a customer with good credit>. 3. The time that a seller gives the buyer to make the payment that is due <30 days' credit>. 4. The availability of funds either from a financial institution or under a letter of credit <the bank extended a line of credit to the customer .

Creditor

1. One to whom a debt is owed; one who gives credit for money or goods. - Also termed debtee. 2. A person or entity with a definite claim against another, esp. a claim that is capable of adjustment and liquidation. 3. Bankruptcy. A person or entity having a claim against the debtor predating the order for relief concerning the debtor. 4. Roman law. One to whom any obligation is owed, whether contractual or otherwise. Cf. DEBTOR.

Creditorum appellatione non hi tantum accipiuntur qui pecuniam crediderunt, sed omnes quibus ex qualibet causa debetur

Under the name of creditors are included not only those who have lent money, but also all to whom a debt is owed from any cause.

Creditrig

n. [fr. Latin credere "to lend, entrust"] Archaic. Civil law. A female creditor. credit sale. See SALE.

Debitorum pactionibus creditorum petitio nec tolli nee minui potest

The creditors' suit can be neither quashed nor diminished by the contracts of their debtors.

Discredit

ub. To destroy or impair the credibility of (a witness, a piece of evidence, or a theory); to lessen the degree of trust to be accorded to (a witness or document). - discredit, n.

Equal Credit Opportunity Act

A federal statute prohibiting a creditor from discriminating against an applicant on the basis of race, color, religion, national origin, age, sex, or marital status with respect to any aspect of a credit transaction. 15 USCA §§ 1691 et seq.

Fair Credit Billing Act

A federal law that facilitates the correction of billing errors by credit-card companies and makes those companies more responsible for the quality of goods purchased by cardholders. 15 USCA §§ 1666-1666j.

Farm Credit Administration

The federal agency responsible for supervising the federal farm-credit system. - Abbr. FCA. See FEDERAL FARM CREDIT SYSTEM. farmee. See FARMOUTEE.

Federal Farm Credit Banks Funding Corporation

A federal corporation that manages the sale of federal farm-credit-system securities in the money and capital markets and also provides advisory services to banks in the federal farm credit system.

Full Faith and Credit Clause.

U.S. Const. art. IV, § 1, which requires states to give effect to the legislative acts, public records, and judicial decisions of other states. full hearing. See HEARING.

In judicio non creditur nisi juratis

In court no one is trusted except those sworn.

Juratus creditur in judicio

In judgment a person who has sworn an oath is believed.

Quod non legitur non creditur

What is not read is not believed.

Sapientis judicis est cogitare tantum sibi esse permissum, quantum commissum et creditum

It is the mark of a wise judge to suppose that he is permitted only so much as has been committed and entrusted to him.

Semper qui non prohibet pro se intervenire mandare creditur

A person who does not prohibit the intervention of another in his behalf is always believed to authorize it.

Tuta est custodia quae sibimet creditur

The guardianship is secure that is entrusted to itself alone.

Uniform Consumer Credit Code

A uniform law. designed to simplify and modernize the consumer credit and usury laws, to improve consumer understanding of the terms of credit transactions, to protect consumers against unfair practices, and the like. ( This Code has been adopted by only a few states. - Abbr. UCCC; U3C. - Also termed Consumer Credit Code. See CONSUMER CREDIT PROTECTION ACT.

Uniform Customs and Practice for Commercial Documentary Credits

A publication of the International Chamber of Commerce that codifies widespread customs of bankers and merchants relating to the mechanics and operation of letters of credit. 0 Courts look to this publication to supplement and help interpret primary sources of credit law, such as UCC Article 5. - Abbr. UCP.

Velle non creditur qui obsequitur imperio patris vel domini

A person is not presumed to act of his own will who obeys the orders of his father or his master.

acceptance credit

See time letter of credit under LETTER OF CREDIT.

accredit (a-kred-it), vb. 1. To give official authorization or status to. 2. To recognize (a school) as having sufficient academic standards to qualify graduates for higher education or for profession

accredited investor. An investor treated under the Securities Act of 1933 as being knowledgeable and sophisticated about financial matters, esp. because of the investor's large net worth. 0 In a secur

See REPRESENTATIVE.

accredited representative.

A person with designated authority to act on behalf of another person, group, or organization, usu. by being granted that authority by law or by the rules of the group or organization <as an officer of the union, she was the accredited representative of the employees in the wage dispute>.

accumulated-earnings credit

See CREDIT (7)

advice of credit

notice by an advising bank of the issuance of a letter of credit.

attaching creditor

A creditor who has caused an attachment to be issued and levied on the debtor's property.

bank credit

Credit that a bank makes available to a borrower.

bill of credit. 1.

Legal tender in the form of paper, issued by a state and involving the faith of the state, designed to circulate as money in the ordinary uses of business. 2. LETTER OF CREDIT.

bona fide judgment creditor

One who recovers a judgment without engaging in fraud or collusion.

bona fide judgment creditor.

See JUDGMENT CREDITOR.

bond creditor

A creditor whose debt is secured by a bond.

certificate creditor

A creditor of a municipal corporation who receives a certificate of indebtedness rather than payment because the municipality cannot pay the debt. Cf. warrant creditor.

child- and dependent-care tax credit

A tax credit available to a person who is employed full-time and who maintains a household for a dependent child or a disabled spouse or dependent.

circular letter of credit.

See LETTER OF CREDIT.

clean letter of credit

See LETTER OF CREDIT.

commercial credit company

See commercial finance company under FINANCE COMPANY.

commercial letter of credit

A letter of credit used as a method of payment in a sale of goods (esp. in an international transaction), with the buyer being the issuer's customer and the seller being the beneficiary, so that the seller can obtain payment directly from the issuer instead of from the buyer.

conditional creditor

See CREDITOR.

confirmed letter of credit

A letter of credit that directly obligates a financing agency (such as a bank) doing business in the seller's financial market to a contract of sale. UCC § 2-325(3).

consumer credit

Credit extended to an individual to facilitate the purchase of consumer goods and services.

consumer-credit sale

A sale in which the seller extends credit to the consumer. ( A consumer-credit sale includes a lease in which the lessee's rental payments equal or exceed the retail value of the item rented.

consumer-credit transaction

A transaction by which a person receives a loan for buying consumer goods or services. ( Consumer-credit transactions are usu. subject to regulations enacted for the consumer's protection.