Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Averaging down
securities. An investment strategy in which shares in the same company are purchased at successively lower prices to achieve a lower average cost than the first purchase.
Bare ownership
see trust ownership under ownership.
Beneficial ownership
see ownership.
Clerk of the Crown in Chancery
The head of the permanent staff of the Crown Office in Chancery (of the Central Office), responsible for reading the title of Bills in the House of Lords, sending out writs of summons to peers, and issuing election writs.
Coowner
n. A person who is in concurrent ownership, possession, and enjoyment of prop erty with one or more others; a tenant in common, a joint tenant, or a tenant by the entirety. - coown, ub. - coownership, rr .
Court for Consideration of Crown Cases Reserved
Hist. A court established in 1848 to review questions of law arising in criminal cases. 9 Trial judges posed the postverdict questions of law to the Court, which decided whether error had been committed. The Court was abolished in 1907, and its jurisdiction was transferred to the Court of Criminal Appeal. -Also termed Court for Crown Cases Reserved . "It was an old practice for the judge, in case of a conviction, if he felt a doubt as to the law, to respite judgment or sentence, and discuss the matter informally with the other judges. If they thought that the prisoner had been improperly convicted, he was pardoned. Statutory authority was given to this practice in 1848 by the establishment of the court for Crown Cases Reserved. All the judges were members of this court; and five, of whom the Lord Chief Justice must be one, formed a quorum." 1 William Holdsworth, A History of English Law 217 (7th ed. 1956).
Crown
See KING.
Crown Court
An English court having jurisdiction over major criminal cases. ( Crown Courts date from 1971, when they assumed the criminal jurisdiction of the Assize Courts and all the jurisdiction of the Courts of Quarter Sessions.
Crown case
English law. A criminal action.
Crown land
Demesne land of the Crown; esp., in England and Canada, land belonging to the sovereign personally, or to the government, as distinguished from land held under private ownership. - Also termed demesne land of the Crown. See demesne land.
Crown loan
Tax. An interest-free demand loan, usu. from parent to child, in which the borrowed funds are invested and the income from the investment is taxed at the child's rate. ( This type of loan is named for one Harry Crown of Chicago, reputedly one of the first persons to use it. See kiddie tax under TAX.
Downside
Securities. A period of declining stock prices.
Downsizing
Reducing the number of employees, usu. to decrease labor costs and to increase efficiency. downstream merger. See MERGER. down trend. See DOWNSIDE TREND.
Hanse Towns
(hans). Hist. The collective name of certain German cities - including Ldbeck, Hamburg, and Bremen - that allied in the 12th century to protect and further their mutual commercial interests. 0 This alliance was usu. called the Hanseatic League. The League framed and promulgated a code of maritime law known as the Laws of the Hanse Towns, or Jus Hanseaticum Maritimum. The League's power peaked in the 14th century, then gradually declined until 1669, when the last general assembly was held.
Hanse Towns, laws of the.
Hist. The laws of the Hanseatic towns, esp. that of Ldbeck, published in German at Lubeck in 1597 and revised and enlarged in 1614.
Hazantown agreement
A type of collective-bargaining agreement used in the garment industry, governing the relationship between a jobber and the contractors that produce the jobber's garments. ( The agreement does not govern the relationship between the jobber and its own employees. It governs the relationship between the jobber and the contractors that manufacture the garments that the jobber sells, including agreements that the jobber will use only unionized contractors, will ensure that salaries and bonuses are appropriately paid, and will contribute to employeebenefit funds maintained on behalf of the contractor's employees. This term gets its name from Hazantown, Inc., the jobber involved in Danielson u. Joint Bd. of Coat, Suit & Allied Garment Workers' Union, 494 F.2d 1230 (2d Cir. 1974). - Also termed jobber's agreement.
Home Owners Warranty.
A warranty and insurance program that, among other coverage, insures a new home for ten years against major structural defects. ( The program was developed by the Home Owners Warranty Corporation, a subsidiary of the National Association of Home Builders. Builders often provide this type of coverage, and many states provide similar warranty protection by statute. - Abbr. HOW. - Also spelled Home Owners' Warranty.
Homeowners' association
1. An association of people who own homes in a given area and have united to improve or maintain the area's quality. 2. An association formed by a land developer or homebuilder to manage and maintain property in which they own an undivided, common interest. 0 homeowners' associations - which are regulated by statute in many states - are commonly formed by restrictive covenant or a declaration of restrictions. - also spelled homeowners association.
Landowner
One who owns land. land patent. See PATENT (2;
Lockdown
The temporary confinement of prisoners in their cells during a state of heightened alert caused by an escape, riot, or other emergency.
Markdown
A reduction in a selling price.
Master of the Crown Office
English law. A Supreme Court officer who is appointed by the Lord Chief Justice. ( Formerly, the Master was the Queen's Coroner and attorney, who was originally appointed by the Lord Chancellor to prosecute criminal cases in the name of the Crown.
Own
ub. To have or possess as property; to have legal title to.
Owner
One who has the right to possess, use, and convey something; a proprietor. See OWNERSHIP.
Ownership
The collection of rights allowing one to use and enjoy property, including the right to convey it to others. ( Ownership implies the right to possess a thing, regardless of any actual or constructive control. Ownership rights are general, permanent, and inheritable. Cf. POSSESSION; TITLE (1)."Possession is the de facto exercise of a claim; ownership is the de jure recognition of one. A thing is owned by me when my claim to it is maintained by the will of the state as expressed in the law; it is possessed by me, when my claim to it is maintained by my own self-assertive will. Ownership is the guarantee of the law; possession is the guarantee of the facts. It is well to have both forms if possible; and indeed they normally co-exist." John Salmond, Jurisprudence 311 (Glanville L. Williams ed., 10th ed. 1947).
Paydown
A loan payment in an amount less than the total loan principal.
Shareowner
See SHAREHOLDER.
Shutdown
A cessation of work production, esp. in a factory.
Slowdown
An organized effort by workers to decrease production to pressure the employer to take some desired action.
Town
1. A center of population that is larger and more fully developed than a village, but that (traditionally speaking) is not incorporated as a city. 2. The territory within which this population lives. 3. Collectively, the people who live within this territory. Cf. CITY. "A town is a precinct anciently containing ten families, whereupon in some countries they are called tithings, within one of which tithings every man must be dwelling, and find sureties for his good behaviour, else he that taketh him into his house is to be amerced in the leet." Sir Henry Finch, law, or a Discourse Thereof 80 (1759).
Townhouse
A dwelling unit having usu. two or three stories and often connected to a similar structure by a common wall and (particularly in a planned-unit development) sharing and owning in common the surrounding grounds. - Also termed townhome.
Township
1. In a government survey, a square tract six miles on each side, containing thirtysix square miles of land. 2. In some states, a civil and political subdivision of a county.
Townsite
A portion of the public domain segregated by proper authority and procedure as the site for a town.
U.S.-owned foreign corporation
A foreign corporation in which 50% or more of the total combined voting power or total value of the stock is held directly or indirectly by U.S. citizens. IRC (26 USCA) § 904(g)(6). ( If the dividend or interest income paid by a U.S. corporation is classified as a foreign source, the U.S. corporation is treated as a U.S.owned foreign corporation. IRC (26 USCA) § 861.
U.S: owned foreign corporation
See coRPoRATION.
address to the Crown.
Upon a reading of a royal speech in Parliament, the ceremonial resolution by Parliament expressing thanks to the sovereign for the gracious speech. 0 Formerly, two members were selected in each house for moving and seconding the address. With the commencement of the 189() gle resolution was adopted.
adjoining owner
A person who owns land abutting another's; ABUTTER.
amendment on court's own motion
a change to a pleading or other document by the judge without a motion from a party.
beneficial owner
1. One recognized in equity as the owner of something because use and title belong to that person, even though legal title may belong to someone else; esp., one for whom property is held in trust. - Also termed equitable owner. 2. A corporate shareholder who has the power to buy or sell the shares, but who is not registered on the corporation's books as the owner.
beneficial ownership
A beneficiary's interest in trust property.
bonitarian ownership
Roman law. A type of a uitable ownership recognized by a praetor was conveyed by an informal transfer, or by a formal transfer by one not the true owner.
buy-down
n. Money paid by the buyer of a house to reduce the mortgage-interest payments.
claim of ownership
1. The possession of a piece of property with the intention of claiming it in hostility to the true owner. 2. A party's manifest intention to take over land, regardless of title or right. - Also termed claim of right; claim of title.
contents unknown
A statement placed on a bill of lading to show that the carrier does not know what is inside shipped containers. ( Carriers use this phrase in an attempt to limit their liability for damage to the goods shipped.
contingent ownership
Ownership in which title is imperfect but is capable of becoming perfect on the fulfillment of some condition; conditional ownership.
copyright owner
One who holds exclusive rights to copyrighted material. 17 USCA § 101.
corporeal ownership
The actual ownership of land or chattels.
county town
See COUNTY SEAT.
cramdown
n. Court confirmation of a Chapter 11 bankruptcy plan despite the opposition of certain creditors. 0 Under the Bankruptcy Code, a court may confirm a plan - even if it has not been accepted by all classes of creditors - if the plan (1) has been accepted by at least one impaired class, (2) does not discriminate unfairly, and (3) is fair and equitable. 11 USCA § 1129(b). - cram down, vb. See IMPAIRMENT.
crown jewel
A company's most valuable asset, esp. as valued when the company is the subject of a hostile takeover. ( A common antitakeover device is for the target company to sell its crown jewel to a third party so that the company will be less attractive to an unfriendly suitor. See SCORCHED-EARTH DEFENSE.