Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Audit letter
a client's written request for its attorney to give its financial auditors information about matters such as pending or threatened litigation. (the attorney usu. Sends the response (called an audit response) directly to the financial auditors. See audit response. Audit-letter response. See audit response.
Back-title letter
a letter from a title insurer advising an attorney of the condition of title to land as of a certain date. 0 with this information, the attorney can begin examining the title from that date forward.
Counterletter
Civil law. A document by which a record owner of real property acknowledges that another actually owns the property. Counterletters are used when the property is to be reconveyed after a period. See simzdated contract under CONTRACT.
Letter
n. [French "letter"] Hist. A formal instrument granting some authority.
administration letters.
See LETTERS OF ADMINISTRATION.
blackletter law.
One or more legal principles that are old, fundamental, and well settled. The term refers to the law printed in books set in Gothic type, which is very bold and black. -Also termed hornbook law.
circular letter of credit.
See LETTER OF CREDIT.
clean letter of credit
See LETTER OF CREDIT.
comfort letter
1. Securities. A letter from a certified public accountant certifying that no false or misleading information has been used in preparing a financial statement accompanying a securities offering. 2. Corporations. A letter, esp. from a parent corporation on behalf of a subsidiary, stating its support (but short of a guarantee) for the activities and commitments of another corporation.
commercial letter of credit
A letter of credit used as a method of payment in a sale of goods (esp. in an international transaction), with the buyer being the issuer's customer and the seller being the beneficiary, so that the seller can obtain payment directly from the issuer instead of from the buyer.
commitment letter
A lender's written offer to grant a mortgage loan. ( The letter generally outlines the loan amount, the interest rate, and other terms.
confirmed letter of credit
A letter of credit that directly obligates a financing agency (such as a bank) doing business in the seller's financial market to a contract of sale. UCC § 2-325(3).
cover letter
See TRANSMITTAL LETTER.
dead letter
1 A law or practice that, although not formally abolished, is no longer used, observed, or enforced. 2. A piece of mail that can be neither delivered nor returned because it lacks correct addresses for both the intended recipient and the sender.
decoy letter
A letter prepared and mailed to detect a criminal who has violated the postal or revenue laws. decreasing term insuranceee INSURANCE.
deficiency letter
An SEC letter to a registrant of a securities offering, detailing the ways in which the registration statement fails to meet federal disclosure requirements. - Also termed letter of comment; letter of comments.
demand letter
A letter by which one party explains its legal position in a dispute and requests that the recipient take some action (such as paying money owed), or else risk being sued. a Under some statutes (esp. consumerprotection laws), a demand letter is a prerequisite for filing a lawsuit.
determination letter
A letter issued by the Internal Revenue Service in response to a taxpayer's request, giving an opinion about the tax significance of a transaction, such as whether a nonprofit corporation is entitled to tax-exempt status. - Also termed ruling letter.
dimissory letters
1. Hist. Eccles. law. Documents allowing a clergy member to leave one diocese for another. 2. Eccles. law. Documents provided by one bishop to enable another bishop to ordain a candidate already ordained in the former bishop's diocese.
documentary letter of credit
A letter of credit that is payable when presented with another document, such as a certificate of title or invoice. - Abbr. DL/C. Cf. clean letter of credit.
drop letter
A letter addressed to someone in the delivery area of the post office where the letter was posted.
export letter of credit
A commercial letter of credit issued by a foreign bank, at a foreign buyer's request, in favor of a domestic exporter.
general letter of credit
See LETTER OF CREDIT. i
guaranty letter of credit
See standby letter of credit.
guaranty letter of credit.
See standby letter of credit under LETTER OF CREDIT. guaranty of collection. See GUARANTY.
import letter o f credit
A commercial letter of credit issued by a domestic bank, at animporter's request, in favor of a foreign seller.
import letter of credit.
See LETTER OF CREDIT.
information letter
A written statement issued by the Department of Labor - in particular, by the Pension and Welfare Benefits Administration - that calls attention to a well-established interpretation or principle of ERISA, without applying it to a specific factual situation.
irrevocable letter of credit
See LETTER OF CREDIT.
letter contract
In federal contract law, a written contract with sufficient provisions to permit the contractor to begin performance.
letter missive
1 Hist. A letter from the king (or queen) to the dean and chapter of a cathedral, containing the name of the person whom the king wants elected as bishop. 2. Hist. After a lawsuit is filed against a peer, peeress, or lord of Parliament, a request sent to the defendant to appear and answer the suit. 3. Civil law. The appellate record sent by a lower court to a superior court. - Also termed letter dimissory.
letter of advice
A notice that a draft has been sent by the drawer to the drawee. UCC § 3-701. letter of attorney. See POWER OF ATTORNEY (1).
letter of attornment
A grantor's letter to a tenant, stating that the leased property has been sold and directing the tenant to pay rent to the new owner. See ATTORNMENT (1). letter of comment. See DEFICIENCY LETTER.
letter of credence
A document that accredits a diplomat to the government of the country to which he or she is sent. - Abbr. LC; L/C. -Also termed letters of credence.
letter of credit
An instrument under which the issuer (usu. a bank), at a customer's request, agrees to honor a draft or other demand for payment made by a third party (the beneficiary), as long as the draft or demand complies with specified conditions, and regardless of whether any underlying agreement between the customer and the beneficiary is satisfied. o Letters of credit are governed by Article 5 of the UCC. - Abbr. LC; L/C. - Often shortened to credit. - Also termed circular letter of credit; circular note; bill of credit "There is some confusion over the exact nature of credits. They resemble a number of commercial devices that are not credits. Often, there is confusion between letters of credit and guaranties, and occasionally between letters of credit and lines of credit. In the credit transaction itself, it is important to distinguish the credit from other contracts and from the acceptance. Generally, the broad credit transaction consists of three separate relationships. These include those that are (1) between the issuer and the beneficiary; (2) between the beneficiary and the account party; and (3) between the account party and the issuer. The first is the letter-of-credit engagement. The second is usually called the underlying contract, and the third is called the application agreement." John F. Dolan, The Law of Letters of Credit 9 2.01, at 2-2 (1984). "A credit is an original undertaking by one party (the issuer) to substitute his financial strength for that of another (the account party), with that undertaking to be triggered by the presentation of a draft or demand for payment and, often, other documents. The credit arises in a number of situations, but generally the account party seeks the strength of the issuer's financial integrity or reputation so that a third party (the beneficiary of the credit) will give value to the account party." John F. Dolan, The Law of Letters of Credit 9 2.02, at 2-3 (1984).
letter of exchange
See DRAFT (1;
letter of intent
A written statement detailing the preliminary understanding of parties who plan to enter into a contract or some other agreement; a noncommittal writing preliminary to a contract. ( A letter of intent is not meant to be binding and does not hinder the parties from bargaining with a third party. Business people typically mean not to be bound by a letter of intent, and courts ordinarily do not enforce one; but courts occasionally find that a commitment has been made. - Abbr. LOl. -Also termed memorandum of intent. Cf. precontract under CONTRACT.
letter of license
English law. An agreement signed by all the creditors of a financially troubled business that does the following: (1) grants the debtor more time to pay debts, (2) permits the debtor to continue business in the hope of overcoming its financial distress, and (3) protects the debtor from arrest, lawsuit, or other interference while the letter is in effect. See ARRANGEMENT WITH CREDITORS.
letter of recal
1 A document sent from one nation's executive to that of another, stating that the former executive is summoning a minister back to his or her own country. 2. A manufacturer's letter to a buyer of a particular product, asking the buyer to bring the product back to the dealer for repair or replacement.
letter of recredentials
A formal letter from the diplomatic secretary of state of a host country to a foreign minister or ambassador who has been recalled. ( The letter officially accredits the foreign minister back to his or her home country.
letter of request
A document issued by one court to a foreign court, requesting that the foreign court (1) take evidence from a specific person within the foreign jurisdiction or serve process on an individual or corporation within the foreign jurisdiction and (2) return the testimony or proof of service for use in a pending case. See Fed. R. Civ. P. 28. Pl. letters of request. - Also termed letter rogatory (rog-ator-ee); rogatory letter; requisitory letter (rikwiz-a-tor-ee).
letter of the law
The strictly literal meaning of the law, rather than the intention or policy behind it. - Also termed litera legis. Cf. SPIRIT OF THE LAW.
letter of undertaking
An agreement by which a shipowner - to avoid having creditors seize the ship and release it on bond - agrees to post security on the ship, and to enter an appearance, acknowledge ownership, and pay any final decree entered against the vessel whether it is lost or not. "Such informal or extra-legal agreements save court costs and the marshal's fees, avoid the annoyance of having the vessel even temporarily arrested and may well be cheaper than the usual surety bond .... In Continental Grain Co. u. Federal Barge Lines, Inc., [268 F.2d 240 (5th Cir. 1959), offd, 364 U.S. 19, 80 S.Ct. 1470 (1960)], Judge Brown commented that a letter of undertaking given by a shipowner would be treated 'as though, upon the libel being filed, the vessel had actually been seized, a claim filed, a stipulation to abide decrees with sureties executed and filed by claimant, and the vessel formally released. Any other course would imperil the desirable avoidance of needless cost, time and inconvenience to litigants, counsel, ships, clerks, marshals, keepers and court personnel through the ready acceptance of such letters of undertakings.' [268 F.2d at 243]. If, as Judge Brown suggests, the informal agreement is treated as having the same effect as a formal release under bond or stipulation, few questions relating to their use will ever have to be litigated." Grant Gilmore & Charles L. Black, Jr., The Law of Admiralty § 9-89, at 800-01 (2d ed. 1975).
letter rogatory
See LETTER OF REQUEST.
letter ruling
Tax. A written statement issued by the IRS to an inquiring taxpayer, explaining the tax implications of a particular transaction. - Also termed private letter ruling.
letter security
See restricted security.
letter stock
See restricted security under sECU. RITY.
letter-book
A merchant's book for holding correspondence. letter contract. See CONTRACT.
letters ad colligendum bona defuncti
n. [Law Latin] Hist. An authorization from a judicial officer to an approved person to collect and maintain the goods of a person who died intestate. ( These letters were issued only if no representative or creditor existed to exercise this function.
letters close
See LETTERS SECRET.