Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Lessee
One who has a possessory interest in real or personal property under a lease; TENANT.
Sublessee
A third party who receives by lease some or all of the leased property from a lessee. - Also termed subtenant and (esp. in England) undertenant.
lessee in the ordinary course of business
A person that, in good faith and without knowledge that the lease is in violation of a third party's ownership rights, security interest, or leasehold interest, leases in the ordinary course from a person in the business of selling or leasing goods of that kind. UCC § 2A-102(a)(26). ( The UCC specifically excludes pawnbrokers from the definition.
lessee's interes
The appraised value of leased property from the lessee's perspective for purposes of assignment or sale. ( The value is usu. the property's market value minus the lessor's interest. Cf. LESSOR'S INTEREST.
merchant lessee
A lessee who is a merchant of goods similar to those being leased. UCC § 2A-102(a)(31).