Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Marketable
adj. Of commercially acceptable quality; fit for sale and in demand by buyers. -Also termed merchantable. marketable security. See SECURITY. marketable title. See TITLE (2).
marketable security
A security that the holder can readily sell on a stock exchange or an over-the-counter market.
marketable title
A title that a reasonable buyer would accept because it appears to lack any defect and to cover the entire property that the seller has purported to sell. - Also termed merchantable title; clear title; good title.
marketable-title act
A state statute providing that a person can establish good title to land by searching the public records only back to a specified time (such as 40 years ago). See marketable title under TITLE (2).
nonmarketable security
1. A security that cannot be sold on the market (such as government bonds) and can be redeemed only by the holder. 2. A security that is not of investment quality.
unmarketable title
A title that a reasonable buyer would refuse to accept because of possible conflicting interests in or litigation over the property. - Also termed bad title; unmerchantable title; nonmerchantable title. 3. The heading of a statute or other legal document <the title of the contract was "Confidentiality Agreement">.