Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
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
Entity
An organization (such as a business or a governmental unit) that has a legal identity apart from its members.
continuity-of-entity doctrine
See MERE-CON. TINUATION DOCTRINE.
corporate entity
A corporation's status as an organization existing independently of its shareholders. ( As a separate entity, a corporation can, in its own name, sue and be sued, lend and borrow money, and buy, sell, lease, and mortgage its property.
disregarding the corporate entity
See PIERC ING THE CORPORATE VEIL.
entity assumption
The presumption that a business is a unit separate from its owners and from other firms.
entity theory of partnership
The theory that a partnership is an entity with a legal existence apart from the partners who make it up. Cf. AGGREGATE THEORY OF PARTNERSHIP.
identity of interests.
Civil procedure. A relationship between two parties who are so close that suing one serves as notice to the other, so that the other may be joined in the suit. Fed. R. Civ. P. 15(c)(3).
identity of parties.
Civil procedure. A relationship between two parties who are so close that a judgment against one prevents later action against the other because of res judicata.
identity.
1. The identical nature of two or more things; esp., in patent law, the sameness in two devices of the function performed, the way it is performed, and the result achieved. 0 Under the doctrine of equivalents, infringement may be found even if the accused device is not identical to the claimed invention. See DOCTRINE OF EQUIVALENTS. 2. Evidence. The authenticity of a person or thing.
legal entity
A body, other than a natural person, that can function legally, sue or be sued, and make decisions through agents. ( A typical example is a corporation. Cf. LEGAL PERSON.
presumption-of-identity rule
The commonlaw rule that unless there is a specific, applicable statute in another state, a court will presume that the common law has developed elsewhere identically with how it has developed in the court's own state, so that the court may apply its own state's law. ( Today this rule applies primarily in Georgia. See Shorewood Packaging Corp. u. Commercial Union Ins., 865 F. Supp. 1577 (N.D. Ga. 1994).
public entity
A governmental entity, such as a state government or one of its political subdivisions.
special-purpose entity
A business established to perform no function other than to develop, own, and operate a large, complex project (usu. called a single purpose project), esp. so as to limit the number of creditors claiming against the project. ( A special-purpose entity provides additional protection for project lenders, which are usu. paid only out of the money generated by the entity's business, because there will be fewer competing claims for that money and because the entity will be less likely to be forced into bankruptcy. A special-purpose entity will sometimes issue securities instead of just receiving a direct loan. - Abbr. SPE. -Also termed special purpose vehicle (SPV). See BANKRUPTCY-REMOTE ENTITY; SINGLE-PURPOSE PROJECT; project financing under FINANCING.