Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Accelerated Cost Recovery System
An accounting method that is used to calculate as,,l depreciation and that allows for the faster re covery of costs by assigning the asset a shoru-r useful life than was previously permitted under the Internal Revenue Code. 0 This system iq; -plies to property put into service from 1981 t c 1986. It was replaced in 1986 by the Modifu~<i Accelerated Cost Recovery System. - Abbr. ACRS.
Asset-coverage test
accounting. A bond-indenture restriction that permits additional borrowing only if the ratio of assets (typically net tangible assets) to debt (typically long-term debt) does not fall below a specified minimum.
Board of Governors.
See FEDERAL RESERVE BOARD OF GOVERNORS.
Carryover basis
the basis of property transferred by gift or in trust, equaling the transferor's basis. - also termed substituted basis.
Clam factum id videtur esse, quod quisque, quum controversiam haberet, habiturumve se putaret, fecit
That is considered done secretly which someone did when he had a legal dispute or thought he would have one.
Controver
Hist. A person who concocts false news.
Controversy
1.A disagreement or a dispute, esp. in public. 2. A justiciable dispute. 3. Constitutional law. A case that requires a definitive determination of the law on the facts alleged for the adjudication of an actual dispute, and not merely a hypothetical, theoretical, or speculative legal issue. - Also termed (in senses 2 & 3) actual controversy. See CASE-OR-CONTROVERSY REQUIREMENT.
Controvert
ub. To dispute or contest; esp., to deny (as an allegation in a pleading) or oppose in argument <the allegations in Peck's pleadings were never adequately controverted>.
Cover
n. The purchase on the open market, by the buyer in a breach-of-contract dispute, of goods to substitute for those promised but never delivered by the seller. ( Under UCC § 2-712, the buyer can recover from the seller the difference between the cost of the substituted goods and the original contract price.
Coverage
n. 1. Inclusion of a risk under an insurance policy; the risks within the scope of an insurance policy. - cover, ub.
Discovery
n. 1. The act or process of finding or learning something that was previously unknown <after making the discovery, the inventor immediately applied for a patent>. 2. Compulsory disclosure, at a party's request, of information that relates to the litigation <the plaintiff filed a motion to compel discovery>. ( The primary discovery devices are interrogatories, depositions, requests for admissions, and requests for production. Although discovery typically comes from parties, courts also allow limited discovery from nonparties. 3. The facts or documents disclosed <the new associate spent all her time reviewing discovery>. -discover, vb. - discoverable, adj."Discovery has broad scope. According to Federal Rule 26, which is the model in modern procedural codes, inquiry may be made into 'any matter, not privileged, that is relevant to the subject matter of the action.' Thus, discovery may be had of facts incid
Double recovery
See RECOVERY.
Estover
1. Wood that a tenant is allowed to take for fuel, the manufacture or repair of agricultural instruments, and the erection and maintenance of fences and hedges; necessary supplies. See common of estovers under COMMON. 2. The tenant's right to obtain that wood. 3. ALIMONY.
Estoveria sunt ardendi, arandi, construendi et claudendi
Estovers (tenants' rights t o material at hand) are for burning, plowing,, building, and fencing.
Federal Reserve Board of Governors
The board that supervises the Federal Reserve System and sets national monetary and credit policy. ( The Board consists of seven members appointed by the President and confirmed by the Senate for 14-year terms. - Abbr. FRB.
Festinatio justitiae est noverca infortunii.
The hurrying of justice is the stepmother of misfortune.
Fine and Recovery Act
Hist. A statute, enacted in 1833, that abolished the use of fines as a method of conveying title to land. See FINE (1). 3 & 4 Will. 4, ch. 74.
Foreign Sovereign Immunities Act
A federal statute providing individuals with a right of action against foreign governments, under certain circumstances, to the extent the claim arises from the private, as opposed to the public, acts of the foreign state. 28 USCA §§ 1602-1611. - Abbr. FSIA. See RESTRICTIVE PRINCIPLE OF SOVEREIGN IMMUNITY.
Government National Mortgage Association.
A federally owned corporation that purchases, on the secondary market, residential mortgages originated by local lenders and that issues federally insured securities backed by these mortgages. - Abbr. GNMA. - Also termed Ginnie Mae.
Government Printing Office.
A U.S. government office that prints and publishes federal laws, regulations, forms, and other federal-government documents. - Abbr. GPO. government secret. See GOVERNMENTAL SECRET.
Intragovernmental
adj. Within a government; between a single government's departments or officials.
Maynover
n. [Law French] Hist. A work by hand; something produced by manual labor.
Modified Accelerated Cost Recovery System.
See ACCELERATED COST RECOVERY SYSTEM.
Mover
, n. Slang. A stock that experiences spectacular market price changes; a very unstable stock.
Newly discovered evidence.
See EVIDENCE.
Over
adj. (Of a property interest) intended to take effect after the failure or termination of a prior estate; preceded by some other possessory interest <a limitation over> <a gift over>.
Overage
n. 1. An excess or surplus, esp. of goods or merchandise. 2. A percentage of retail sales paid to a store's landlord in addition to fixed rent.
Overdraft.
1. A withdrawal of money from a bank in excess of the balance on deposit. 2. The amount of money so withdrawn. - Abbr. OD; o/d. 3. A line of credit extended by a bank to a customer (esp. an established or institutional customer) who might overdraw on an account.
Overdraw
, ub. To draw on (an account) in excess of the balance on deposit; to make an overdraft.
Overhead
n. Business expenses (such as rent, utilities, or support-staff salaries) that cannot be allocated to a particular product or service; fixed or ordinary operating costs. - Also termed administrative expense; office expense.
Overinclusive
adj. (Of legislation) extending beyond the class of persons intended to be protected or regulated; burdening more persons than necessary to cure the problem <an overinclusive classification>.
Overinsurance
1. Insurance (esp. from the purchase of multiple policies) that exceeds the value of the thing insured. 2. Excessive or needlessly duplicative insurance.
Overissue
n. An issue of securities beyond the authorized amount of capital or credit.
Overreaching
n. 1. The act or an instance of taking unfair commercial advantage of another, esp. by fraudulent means. 2. The act or an instance of defeating one's own purpose by going too far. - overreach, ub.
Overrule
ub. 1. To rule against; to reject <the judge overruled all of the defendant's objections. 2. (Of a court) to overturn or set aside (a precedent) by expressly deciding that it should no longer be controlling law <in Brown u. Board of Education, the Supreme Court overruled Plessy u. Ferguson>. Cf. VACATE (1). "If a decision is not a recent one, and especially if it seems to be very poor, it should not be relied upon without ascertaining whether it may not have been expressly or impliedly overruled by some subsequent one; that is, whether the court may not have laid down a contrary principle in a later case." Frank Hall Childs, Where and How to Find the Law 94 (1922) "Overruling is an act of superior jurisdiction. A precedent overruled is definitely and formally deprived of all authority. It becomes null and void, like a repealed statute, and a new principle is authoritatively substituted for the old." John Salmond, Jurisprudence 189 (Glanville L. Williams ed., 10th ed. 1947).
Overseas Private Investment Corporation.
A corporation created by the federal government to finance and insure overseas investments by U.S. companies. ( Chartered in 1969, the corporation is a for-profit entity that is not federally funded, but its insurance commitments are backed by the full faith and credit of the federal government. - Abbr. OPIC.
Oversubscription
A situation in which there are more subscribers to a new issue of securities than there are securities available for purchase.
Overt
adj. Open and observable; not concealed or secret <the conspirators' overt acts>.
Overtime
1. The hours worked by an employee in excess of a standard day or week. 0 Under the Fair Labor Standards Act, employers must pay extra wages (usu. 1'fz times the regular hourly rate) to certain employees (usu. nonsalaried ones) for each hour worked in excess of 40 hours per week. 2. The extra wages paid fox excess hours worked.
Overtry
ub. (Of a trial lawyer) to try a lawsuit by expending excessive time, effort, and other resources to explore minutiae, esp. to present more evidence than the fact-trier can assimilate, the result often being that the adversary gains arguing points by disputing the minutiae
Overturn
ub. To overrule or reverse <the court overturned a long-established precedent>.
Poverty
1 The condition of being indigent; the scarcity of the means of subsistence <war on poverty>. 2. Dearth of something desirable <a poverty of ideas>.
Prover
Hist. A person charged with a felony who attempts to obtain a pardon by confessing and naming accomplices.
Quieta non movere
Not to disturb what is settled.
Recover
vb. 1. To get back or regain in full or in equivalence <the landlord recovered higher operating costs by raising rent>. 2. To obtain by a judgment or other legal process <the plaintiff recovered punitive damages in the lawsuit>. 3. To obtain (a judgment) in one's favor <the plaintiff recovered a judgment against the defendant. 4. To obtain damages or other relief; to succeed in a lawsuit or other legal proceeding <the defendant argued that the plaintiff should not be allowed to recover for his own negligence>.
Recoverable
adj. Capable of being recovered, esp. as a matter of law <court costs and attorney's fees are recoverable under the statute. - recoverability, n.
Sovereign
n. 1. A person, body, or state vested with independent and supreme authority. 2. The ruler of an independent state. - Also spelled souran. See SOVEREIGNTY. sovereign immunity See IMMUNITY (1).
Sovereignty
1 Supreme dominion, authority, or rule. 2. The supreme political authority of an independent state. 3. The state itself. "It is well to [distinguish] the senses in which the word Sovereignty is used. In the ordinary popular sense it means Supremacy, the right to demand obedience. Although the idea of actual power is not absent, the prominent idea is that of some sort of title to exercise control. An ordinary layman would call that person (or body of persons) Sovereign in a State who is obeyed because he is acknowledged to stand at the top, whose will must be expected to prevail, who can get his own way, and make others go his, because such is the practice of the country. Etymologically the word of course means merely superiority, and familiar usage applies it in monarchies to the monarch, because he stands first in the State, be his real power great or small." James Bryce, Studies in History and Jurisprudence 504-05 (1901).
Spillover
See EXTERNALITY.
Stare decisis et non quieta movere
Literally, to stand by previous decisions and not to disturb settled matters.( To adhere to precedents, and not to depart from established principles.