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Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Equipment

n. The articles or implements used for a specific purpose or activity (esp. a business operation). ( Under the UCC, equipment includes goods if (1) the goods are used in or bought for a business enterprise (including farming or a profession) or by a debtor that is a nonprofit organization or a governmental subdivision or agency, and (2) the goods are not inventory, farm products, or consumer goods. UCC ยง 9-109(2).

equipment trust

See EQUIPMENT TRUST.

equipment trust bond

A bond secured by tangible property, such as an airplane. ( A trustee usu. holds title to the equipment, which is leased to the issuer. - Also termed equipment trust certificate.

equipment trust certificate

A security, usu. issued by a railroad, to pay for new equipment. ( Title to the equipment is held by a trustee until the note has been paid off. - Also termed car trust certificate; trust certificate.