Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bare ownership
see trust ownership under ownership.
Beneficial ownership
see ownership.
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 .
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;
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).
Shareowner
See SHAREHOLDER.
adjoining owner
A person who owns land abutting another's; ABUTTER.
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.
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.
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.
employee-stock-ownership plan
A profitsharing plan designed primarily to give an employee retirement benefits and a stake in the company, but also used to allow employees to purchase their employer company if it is closing. IRC (26 USCA) § 4975(e)(7)(A). -Abbr. ESOP.
equitable owner
See beneficial owner (1).
exclusive ownership
See FEE SIMPLE.
general owner
One who has the primary or residuary title to property; one who has theqwultimate ownership of property. Cf. special owner.legal owner. One recognized by law as the owner of something; esp., one who holds legal title to property for the, .benefit of another. See TRUSTEE.
homeowner's equity loan.
See LOAN.
homeowner's insurance
Insurance that covers both damage to the insured's residence and liability claims made against the insured (esp. those arising from the insured's negligence).
homeowner's insurance.
See INSURANCE.
homeowner's policy
A multiperil policy providing coverage for a variety of risks, including loss by fire, water, burglary, and the homeowner's negligent conduct.
homeowner's policy.
See INSURANCE POLICY
homeowners' association.
See ASSOCIATION.
incident of ownership
(usu. pl.) Any right of control that may be exercised over a transferred life-insurance policy so that the policy's proceeds will be included in a decedent's gross estate for estate-tax purposes <because Douglas still retained the incidents of ownership after giving his life-insurance policy to his daughter, the policy proceeds were taxed against his estate>. ( The incidents of ownership include the rights to change the policy's beneficiaries and to borrow against, assign, and cancel the policy. incident power See POWER.
incorporeal ownership
The ownership of rights in land or chattels.
incorporeal ownership.
See OWNERSHIP
joint ownership
Ownership shared by two or more persons whose interests, at death, pass to the survivor or survivors by virtue of the right of survivorship.
legal owner
See OWNER.
limited owner
A tenant for life; the owner of a life estate. See life estate under ESTATE.
naked owner
Civil law. A person whose property is burdened by a usufruct. See USUFRUCT.
owner of record
See STOCKHOLDER OF RECORD.
owner pro hac vice
See demise charter under CHARTER (4).
owner's policy
Real estate. A title-insurance policy covering the owner's title as well as the mortgagee's interest. Cf MORTGAGEE POLICY.
owners' association
The basic governing entity for a condominium or planned unit developments. ( It is usu. an unincorporated association or a nonprofit corporation.
owners' equity
The aggregate of the owners' financial interests in the assets of a business entity; the capital contributed by the owners plus any retained earnings. - Also termed (in a corporation) shareholders' equity; stockholders' equity. "Owner's equity is the residual claim of the owners of the business on its assets after recognition of the liabilities of the business. Owner's equity represents the amounts contributed by the owners to the business, plus the accumulated income of the business since its formation, less any amounts that have been distributed to the owners." Charles H. Meyer, Accounting and Finance for Lawyers in a Nutshell 4 (1995).
ownership in common
Ownership shared by two or more persons whose interests, at death, pass to the dead owner's heirs or successors.
policyowner
See POLICYHOLDER.
qualified ownership
Ownership that is shared, restricted to a particular use, or limited in the extent of its enjoyment.
qualified ownership.
See OWNERSHIP
record owner
. 1. A property owner in whose name the title appears in the public records. 2. STOCKHOLDER OF RECORD.
record owner.
See OWNER.
shipowner-negligence doctrine
The principle that a shipowner is liable for an assault on a crew member if the crew member was assaulted by a superior, in the context of an activity undertaken for the benefit of the ship's business, and if the ship's officers could reasonably have foreseen the assault.
sole and unconditional owner
See OWNER.
sole and unconditional owner. Insurance.
The owner who has full equitable title to, and exclusive interest in, the insured property.
special owner
. One (such as a bailee) with a qualified interest in property. Cf general owner.
trust ownership
A trustee's interest in trust property. - Also termed bare ownership.