Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Farm
ub. 1. To cultivate land; to conduct the business of farming. 2. To lease. See FARM OUT.
Farm Credit Administration
The federal agency responsible for supervising the federal farm-credit system. - Abbr. FCA. See FEDERAL FARM CREDIT SYSTEM. farmee. See FARMOUTEE.
Farmer
A person engaged in the business of farming.
Farmers Home Administration
A division of the U.S. Department of Agriculture that makes mortgage loans to farmers, issues home-mortgage insurance, and funds public-works programs in rural areas and small towns. - Abbr. FmHA; FHA.
Farminee
See FARMOUTEE,
Farmor
See FARMOUTOR.
Farmoutee
An oil-and-gas sublessee to whom the lease is assigned for purposes of drilling a well. - Also termed farmee; farminee.
Farmoutor
An oil-andgas lessee who assigns the lease to another, who agrees to drill a well. - Also spelled farmouter. - Also termed farmor; farminor.
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.
family farmer
A person or entity whose income and debts primarily arise from a family-owned and-operated farm; esp., person who received more than 80% of gross income from a farm in the taxable year immediately preceding a Chapter 12 filing. ( Only a family farmer can file for Chapter 12 bankruptcy. 11 USCA § 101(18). See CHAPTER 12.
family-farmer bankruptcy
See CHAPTER 12.
farm let
ub. Hist. To lease; to let land for rent. ( To farm let is a phrasal verb that commonly appeared in real-property leases; it corresponds with its Latin root, ad firmam tradidi "A lease is properly a conveyance of any lands or tenements, (usually in consideration of rent or other annual recompense) made for life, for years, or at will, but always for a less time than the lessor hath in the premises: for if it be for the whole interest, it is more properly an assignment than a lease. The usual words of operation in it are, 'demise, grant, and to farm let; dimisi, concessi, et ad firmam traduti.' " 2 William Blackstone, Commentaries on the Laws of England 317-18 (1766).
farm out
vb. 1. To turn over something (such as an oil-and-gas lease) for performance by another. ( The term evolved from the Roman practice of transferring the right to collect taxes to a third party for a fee. It was later practiced in England, Scotland, and France but has been long abolished because the practice led to abuses. 2. Hist. To lease for a term. 3. To exhaust farmland, esp. by continuously raising a single crop.
farm products
Crops, livestock, and supplies used or produced in farming or products of crops or livestock in their unmanufactured states, if they are in the possession of a debtor engaged in farming. UCC § 9-109(3). Cf. growing crops under CROPS.
farmer bankruptcy
See CHAPTER 12
farming operation
Bankruptcy. A business engaged in farming, tillage of soil, dairy farming, ranching, raising of crops, poultry, or livestock, and production of poultry or livestock products in an unmanufactured state. 11 USCA § 101(21). See CHAPTER 12. farminorSee FARMOUTOR.
farmout agreement
n. Oil & gas. A transaction in which the owner of an oil-and-gas lease (the farmoutor) assigns the lease to another (the farmoutee), who agrees to drill a well on the lease. ( The farmoutor usu. retains an overriding royalty interest in the lease. - Often shortened to farmout. - Also written farm out agreement; farm-out agreement. See ASSIGNMENT.
federal farm credit bank
One of a system of federally chartered institutions created to provide credit to farm-related activities. ( The banks resulted from a merger of federal land banks and federal intermediate credit banks and are supervised by the Farm Credit Administration.
federal farm credit system
The national cooperative system of banks and associations providing credit to farmers, agricultural concerns, and related businesses. ( The system consists of the banks for cooperatives, the farm credit banks, and the Federal Farm Credit Banks Funding Corporation. It is supervised by the Farm Credit Administration and was originally capitalized by the federal government. The system is now self-funding and owned by its member-borrowers.
fee farm
Hist. A species of tenure in which land is held in perpetuity at a yearly rent (fee-farm rent), without fealty, homage, or other services than those in the feoffment. - Also termed feodi firms; firma feodi. See EMPHYTEUSIS. "Now to all appearance the term socage, a term not found in Normandy, has been extending itself upwards; a name appropriate to a class of cultivating peasants has begun to include the baron or prelate who holds land at a rent but is not burdened with military service He is sometimes said to have feodum censuale; far more commonly he is said to hold 'in fee farm.' This term has difficulties of its own, for it appears in many different guises; a feoffee is to hold in feofirma, in feufirmam, in fedfirmam, in feudo firmam, in feudo firms, ad firmam feodalem, but most commonly, in feodi firma. The Old English language had both of the words of which this term is compounded, both feoh (property) and feorm (rent); but so had the language of France, and in Norman documents the term may be found in various shapes, firmam fedium, feudifermam. But, whatever may be the precise history of the phrase, to hold in fee farm means to hold heritably, perpetually, at a rent; the fee, the inheritance, is let to farm." 2 Frederick Pollock & Frederic W. Maitland, The History of English Law Before the Time of Edward 1293 (2d ed. 1899).
fee-farm rent
1. The rent reserved, usu. onefourth or one-third of the land's value, on granting a fee farm. 2. A rent charge issuing out of a fee estate. 3. A perpetual rent on a conveyance in fee simple.