Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Accounting Series Release
A bulletin providing the Securities and Exchange Commission's requirements for accounting and auditing procedures to be followed in reports filed with that gency. - Abbr. ASR.
Assignable, adj. That can be assigned; transferable from one person to another, so that the transferee has the same rights as the transferor had <assignable right>. Cf. Negotiable. Assignable lease
see lease.
Assignment of lease
an assignment in which a lessee transfers the entire un expired remainder of the lease term, as distinguished from a sublease transferring only a portion of the remaining term.
Headlease
See HEADLEASE.
Lease
vb. 1. To grant the possession and use of (land, buildings, rooms, movable property, etc.) to another in return for rent or other consideration <the city leased the stadium to the football team>. 2. To take a lease of; to hold by a lease <Carol leased the townhouse from her uncle>.
Leaseback
n. The sale of property on the understanding, or with the express option, that the seller may lease the property from the buyer immediately upon the sale. - Also termed sale and leaseback.
Leasehold
n. A tenant's possessory estate in land or premises, the four types being the tenancy for years, the periodic tenancy, the tenancy at will, and the tenancy at sufferance. ( Although a leasehold has some of the characteristics of real property, it has historically been classified as a chattel real. - Also termed leasehold estate; leasehold interest. See TENANCY. Cf. FREEHOLD.
May it please
the court. An introductory phrase that lawyers use when first addressing a court, esp. when presenting oral argument to an appellate court.
Release
n. 1. Liberation from an obligation, duty, or demand; the act of giving up a right or claim to the person against whom it could have been enforced <the employee asked for a release from the noncompete agreement>. -Also termed discharge; surrender. 2. The relinquishment or concession of a right, title, or claim. 3. A written discharge, acquittance, or receipt <Jones signed the release before accepting the cash from Hawkins>. 4. A written authorization or permission for publication <the newspaper obtained a release from the witness before printing his picture on the front page>. b. The act of conveying an estate or right to another, or of legally disposing of it <the release of the easement on February 14>. 6. A deed or document effecting a conveyance <the legal description in the release was defective. See deed of release under DEED. 7. The action of freeing or the fact of being freed from restraint or confinement < he became a model citizen after his release from prison>. 8. A document giving formal discharge from custody <after the sheriff signed the release, the prisoner was free to go>. - release, ub.
Releasee
1. One who is released, either physically or by contractual discharge. 2. One to whom an estate is released.
Sublease
n. A lease by a lessee to a third party, conveying some or all of the leased property for a shorter term than that of the lessee, who retains a reversion in the lease. - Also termed subtenancy and (esp. in England) underlease. -sublease, sublet, vb.
Underlease
See SUBLEASE.
assignable lease
A lease that can be transferred by a lessee. See SUBLEASE.
capital lease
See LEASE-PURCHASE AGREEMENT.
chief lease
See HEADLEASE.
commercial lease
A lease for business purposes.
community lease
A lease in which a number of lessors owning interests in separate tracts execute a lease in favor of a single lessee.
concurrent lease
A lease that begins before a previous lease ends, entitling the new lessee to be paid all rents that accrue on the previous lease after the new lease begins, and to appropriate remedies against the holding tenant. "A landlord who has granted a lease may nevertheless grant another lease of the same land for all or some of the period of the first lease. The second lease does not deprive the lessee under the first lease of the right to possession of the property, but is, in reality, a lease of the reversion. Because the two leases operate concurrently during at least some part of their respective durations, they are known as 'concurrent leases'." Peter Butt, Land Law 233 (2d ed. 1988).
conditional release
1. A discharge from an obligation based on some condition, the failure of which defeats the release. 2. An early discharge of a prison inmate, who is then subject to the rules and regulations of parole.
deed of release
A deed that surrenders full title to a piece of property upon payment or performance of specified conditions.
durable lease
A lease that reserves a rent payable annually, usu. with a right of reentry for nonpayment.
edge lease
Oil & gas. A lease located on the edge of a field.
enclosed please find
See TRANSMITTAL LETTER.
finance lease
A fixed-term lease used by a business to finance capital equipment. ( The lessor's service is usu. limited to financing the asset, and the lessee pays maintenance costs and taxes and has the option of purchasing the asset at lease-end for a nominal price. Finance leases strongly resemble security agreements and are written almost exclusively by financial institutions as a way to help a commercial customer obtain an expensive capital item that the customer might not otherwise be able to afford. UCC § 2A-103(1)(g). - Also termed full payout lease "By carving out the 'finance lease' for special treatment, the drafters of Article 2A have recognized a distinct species of lease that is written almost exclusively by financial institutions and - although treated as a true lease - does not normally carry with it certain of the responsibilities that the typical lessor bears under Article 2A." 2 James J. White & Robert S. Summers, Uniform Commercial Code § 13-3, at 4 (4th ed. 1995)."A finance lease is the product of a three-party transaction. The supplier manufactures or supplies the goods pursuant to the lessee's specification, perhaps even pursuant to a purchase order, sales agreement, or lease agreement between the supplier and the lessee. After the prospective finance lease is negotiated, a purchase order, sales agreement, or lease agreement is entered into by the lessor (as buyer or prime lessee) or an existing order, agreement, or lease is assigned by the lessee to the lessor, and the lessor and the lessee then enter into a lease or sublease of the goods. Due to the limited function usually performed by the lessor, the lessee looks almost entirely to the supplier for representations, covenants, and warranties. If a manufacturer's warranty carries through, the lessee may also look to that. Yet, this definition does not restrict the lessor's function solely to the supply of funds; if the lessor undertakes or performs other functions, express warranties, covenants, and the common law will protect the lessee." UCC § 2A-102 cmt. at 14-15 (Proposed Final Draft, 30 Apr. 1999).
full payout lease.
See finance lease under LEASE.
full-service lease
A lease in which the lessor agrees to pay all maintenance expenses, insurance premiums, and property taxes.
full-service lease.
See LEASE.
graduated lease
A lease in which rent varies depending on future contingencies, such as operating expenses or gross income.
graduated lease.
See LEASE.
gross lease
A lease in which the lessee pays a flat amount for rent, out of which the lessor pays all the expenses (such as gas, water, and electricity).
gross lease.
See LEASE.
ground lease
A long-term (usu. 99-year) lease of land only. ( Such a lease typically involves commercial property, and any improvements built by the lessee usu. revert to the lessor. - Also termed ground-rent lease; land lease.
ground lease.
See LEASE.
ground-rent lease.
See ground lease under LEASE.
headlease.
A primary lease under which a sublease has been granted. - Also spelled head lease. - Also termed primary lease; chief lease.
indeterminate conditional release
A type of release from prison granted upon the fulfillment of certain conditions. ( The release remains revocable if additional conditions are breached.
index lease
A lease that provides for increases in rent according to the increases in the consumer price index.
land lease
See ground lease.
lease agreement
See LEASE (3).
lease and release
Hist. A method of transferring seisin without livery, whereby the owner and the transferee would enter into a lease for a term of years, to take effect only when the transferee entered the property, whereupon the owner would release all interest in the property to the transferee by written instrument. 0 Once the transferee owned both the term and the freehold interest, the two interests would merge to form one estate in fee simple. This lease-and-release procedure was fully acceptable to the courts, on the theory that livery of seisin to one already occupying the land was unnecessary.
lease contract
See LEASE (3;
lease for years
See tenancy for a term under TENANCY.
lease insurance
See INSURANCE,
lease insurance.
An agreement to indemnify a leaseholder for the loss of a favorable lease terminated by damage to the property from a peril covered by the policy. ( The amount payable is the difference between the rent and the actual rental value of the property, multiplied by the remaining term of the lease.
lease-lend
See LEND-LEASE.
lease-purchase agreement
A rent-to-own purchase plan under which the buyer takes possession of the goods with the first payment and takes ownership with the final payment; a lease of property (esp. equipment) by which ownership of the property is transferred to the lessee at the end of the lease term. 0 Such a lease is usu. treated as an installment sale. Under a capital lease, the lessee is responsible for pay- ing taxes and other expenses on the property. - Also termed lease-to-purchase agreement; hire purchase agreement; capital lease. Cf. operating lease under LEASE.
leasehold estate
See LEASEHOLD.
leasehold improvements
Beneficial changes to leased property (such as a parking lot or driveway) made by or for the benefit of the lessee. ( The phrase is used in a condemnation proceeding to determine the share of compensation to be allocated to the lessee.
leasehold interest
1 LEASEHOLD; esp., for purposes of eminent domain, the lessee's interest in the lease itself, measured by the difference between the total remaining rent and the rent the lessee would pay for similar space for the same period. 2. A lessor's or lessee's interest under a lease contract. UCC § 2A-103. 3. WORKING INTEREST. leasehold mortgageSee MORTGAGE.
leasehold mortgage
A mortgage secured by a lessee's leasehold interest.