Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
As their interests may appear
see atima.
Authority coupled with an interest
authority given to an agent for valuable consideration. ( this authority cannot be unilaterally terminated by the principal.
Beneficial interest
a right or expectancy in something (such as a trust or an estate), as opposed to legal title to that thing. ( for example, a person with a beneficial interest in a trust receives income from the trust but does not hold legal title to the trust property. Beneficial owner see owner.
Boston interest
Interest computed by using a 30-day month rather than the exact number of days in the month. - Also termed New York interest.
Interest
n. 1. Advantage or profit, esp. of a financial nature <conflict of interest>. 2. A legal share in something; all or part of a legal or equitable claim to or right in property <right, title, and interest>.
Interest arbitration
arbitration that involves settling the terms of a contract being negotiated between the parties; esp., in labor law, arbitration of a dispute concerning what provisions will be included in a new collective-bargaining agreement. ( when the parties cannot agree on contractual terms, an arbitrator decides. This type of arbitration is most common in public-sector collective bargaining.
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.
Interest reipublicae ne maleficia remaneant impunita.
It is in the interest of the state that crimes not remain unpunished.
Interest reipublicae ne sua quis male utatur.
It is in the interest of the state that no one misuse his own property.
Interest reipublicae quod homines conserventur.
It is in the interest of the state that people should be protected.
Interest reipublicae res judicatas non rescindi.
It is in the interest of the state that judgments already given not be rescinded.
Interest reipublicae suprema hominum testaments rata haberi.
It is in the interest of the state that a person's last will should be held valid.
Interest reipublicae ut carceres sint in tuto.
It is in the interest of the state that prisons should be secure.
Interest reipublicae ut pax in regno conservetur et quaecunque paci adversentur provide declinentur.
It is in the interest of the state to preserve peace in the kingdom and prudently to decline whatever is adverse to it.
Interest reipublicae ut quilibet re sua bene utatur
It is in the interest of the state that each person make good use of his own property.
Interest reipublicae ut sit finis litium.
It is in the interest of the state that there be a limit to litigation.
Manahan-type carried interest
Oil & gas. A transaction in which the owner of a lease assigns all the working interest to someone else - who takes on specified costs of drilling and development - and the assignor retains a reversionary interest in part of the working interest, which reverts to the assignor once the assignee has recovered the specified costs during the payout period. Manahan Oil Co. u. Commissioner, 8 T.C. 1159 (1947). man-boteSee BOTE (2).
New York interest
See Boston interest under INTEREST (3).
Reipublicae interest voluntates defunctorum effectum sortiri
It is in the interest of the state that the wills of the dead should have their (intended) effect.
absolute interest
An interest that is not subject to any condition.
accrued interest
Interest that is earned but not yet paid, such as interest that accrues on real estate and that will be paid when the property is sold if, in the meantime, the rental income does not cover the mortgage payments.
add-on interest
Interest that is computed on the original face amount of a loan and that remains the same even as the principal declines. ( A $10,000 loan with add-on interest at 8% payable over three years would require equal annual interest payments of $800 for three years, regardless of the unpaid principal amount. With add-on interest, the effective rate of interest is typically about twice the stated add-on interest rate. In the example just cited, then, the effective rate of interest would be about 16%. - Also termed block interest. See add-on loan under LOAN.
admission against interest
A persons statement acknowledging a material fact that is harmful to the person's position as a litigant. 0 An admission against interest must be made either by a litigant or by one in privity with or occupying the same legal position as the litigant; as an exception to the hearsay rule, it is admissible whether or not the person is available as a witness. A declaration against interest, by contrast, is made by a nonlitigant who is not in privity with a litigant; a declaration against interest is also admissible as an exception to the hearsay rule, but only when the declarant is unavailable as a witness.
adverse interest
an interest that is opposed or contrary to that of someone else.
adverse-interest rule
the principle that if a party fails to produce a witness who is within its power to produce and who should have been produced, the judge may instruct the jury to infer that the witness's evidence is unfavorable to the party's case. - also termed empty-chair doctrine; adverse-inference rule.
agency coupled with an interest
An agency in which the agent is granted not only the power to act on behalf of a principal but al:. a legal interest in the estate or property in volved. see power coupled with an under power.
ante mortem interest
[latin] an interest existing before (but not after) a transferor's death.
appearance, n. procedure. a coming into court as a party or interested person, or as a lawyer on behalf of a party or interested person. -appear, vb.
the english courts did not, until modern times, claim jurisdiction over the person of the defendant merely by service of summons upon him. it was deemed necessary to resort to further process by attachment of his property and arrest of his person to compel 'appearance,' which is not mere presence in court, but some act by which a person who is sued submits himself to the authority and jurisdiction of the court. any steps in the action, such as giving bail upon arrest, operated as an appearance or submission." benjamin j. shipman, handbook of common-law pleading ยง 5, at 24 (henry winthrop ballantine ed., 3d ed. 1923)
block interest.
See add-on interest under interest (3).
certificate of interest
Oil & gas. A document evidencing a fractional or percentage ownership in oil-and-gas production.
common-interest doctrine
See joint-defense privilege under PRIVILEGE (3).
community of interest
1. Participation in a joint venture characterized by shared liability and shared opportunity for profit. See JOINT VENTURE. 2. A common grievance that must be shared by all class members to maintain the class action. See CLASS ACTION. 3. Labor law. A criterion used by the National Labor Relations Board in deciding whether a group of employees should be allowed to act as a bargaining unit. ( The Board considers whether the employees have similar duties, wages, hours, benefits, skills, training, supervision, and working conditions. See BARGAINING UNIT.
compound interest
Interest paid on both the principal and the previously accumulated interest. Cf. simple interest.
concurrent interest
See concurrent estate under ESTATE (4).
conflict of interest
1. A real or seeming incompatibility between one's private interests and one's public or fiduciary duties. 2. A real or seeming incompatibility between the interests of two of a lawyer's clients, such that the lawyer is disqualified from representing both clients if the dual representation adversely affects either client or if the clients do not consent.
contingent interest
See INTEREST (2).
contingent interest.
An interest that the holder may enjoy only upon the occurrence of a condition precedent.
contingent-interest mortgage
A mortgage whose interest rate is directly related to the economic performance of the pledged property.
continuity of interest
1. A doctrine covering acquisitive reorganizations whereby a target corporation's shareholders must retain a share in the acquiring corporation to qualify the exchange as a tax-deferred transaction. 2. A judicial requirement for divisive reorganizations whereby a target corporation's shareholders must retain an interest in both the distributing and the controlled corporations to qualify the exchange as a tax-deferred transaction.
controlling interest
Sufficient ownership of stock in a company to control policy and management; esp., a greater-than-50% ownership interest in an enterprise.
conventional interest
See INTEREST (3)
coupon interest rate
See coupon rate under INTEREST RATE.
declaration against interest
A statement by a person who is not a party to a suit and is not available to testify at trial, discussing a matter that is within the declarant's personal knowledge and is adverse to the declarant's interest. ( Such a statement is admissible into evidence as an exception to the hearsay rule. Fed. R. Evid. 804(b)(3). See admission against interest under ADMISSION.
deferred-interest bond
A bond whose interest payments are postponed for a time.
depletable economic interest
A mineral-land interest subject to depletion by the removal (by drilling or mining) of the mineral that is the subject of the interest.
descendibility of future interests
The legal possibility that a future interest (such as a remainder or an executory interest) can legally pass by inheritance.
direct interest
A certain, absolute interest <the juror was disqualified because she had a direct interest in the lawsuit>.
discount interest
The interest that accrues on a discounted investment instrument (such as a government bond) as it matures. ( The investor receives the interest when the instrument is redeemed.
discount interest.
See INTEREST (3).
disinterested
adj. Free from bias, prejudice, or partiality; not having a pecuniary interest <a disinterested witness>. - disinterest, disinterestedness, n.