Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Balloon payment
see payment.
Balloon-payment mortgage
see. Mortgage
Copayment
A fixed amount that a putrertt h to a healthcare provider according to the termof the patient's health plan. - Often shortened
Payment
1. Performance of an obligation, usu. by the delivery of money. ( Performance may occur by delivery and acceptance of things other than money, but there is a payment only if money or other valuable things are given and accepted in partial or full discharge of an obligation. 2. The money or other valuable thing so delivered in satisfaction of an obligation.
advance payment
A payment made in anticipation of a contingent or fixed future liability or obligation.
balloon payment
A final loan payment that is usu. much larger than the preceding regular payments and that discharges the principal balance of the loan. See balloon note under NOTE (1).
balloon payment mortgage
A mortgage requiring periodic payments for a specified time and a lump-sum payment of the outstanding balance at maturity.
conditional payment
See PAYMENT.
constructive payment
A payment made by the payor but not yet credited by the paye(e. For example, a rent check mailed on the first of the month is a constructive payment even though the landlord does not deposit the check until ten days later.
deferred payment
A principal-and-interest payment that is postponed; an installment payment.
deferred-payment annuity
See deferred annuity under ANNUITY.
direct payment
See PAYMENT.
down payment
The portion of a purchase price paid in cash (or its equivalent) at the time the sale agreement is executed. Cf. BIND. ER (2); EARNEST MONEY.
due course, payment in
See PAYMENT IN DUE COURSE.
ex gratis payment
A payment not legally required; esp., an insurance payment not required to be made under an insurance policy.
facility-of-payment clause
An insurance-policy provision allowing the appointment of a person to receive payment from the insurer on the beneficiary's behalf.
giving in payment
Civil law. The act of discharging a debt by giving something to the creditor (with the creditor's consent) other than what was originally called for. 0 The phrase is a translation of the French dation en paiement and derives from the Roman datio in solutum. See DATION EN PAIEMENT. Cf. ACCORD AND SATISFACTION.
graduated payment adjustable-rate mortgage
A mortgage combining features of the graduated-payment mortgage and the ad justable-rate mortgage. - Abbr. GPARM.
graduated payment mortgage
A mortgage whose initial payments are lower than its later payments. ( The payments are intended to gradually increase, as the borrower's in come increases over time.
graduated-payment adjustable-rate mortgage.
See MORTGAGE. graduated-payment mortgage. See MORTGAGE.
guarantor of payment
One who guarantees payment of a negotiable instrument when it is due without the holder first seeking payment from another party. 0 A guarantor of payment is liable only if "payment guaranteed" or equivalent words are added to the guarantor's indorsement. guarantor trust. See TRUST.
guaranty of payment.
A guaranty that is not conditioned on the creditor's exhausting legal remedies against the principal debtor before suing the guarantor.
imputation of payment
Civil law. The act of applying or directing payment to principal or interest.
involuntary payment
A payment obtained by fraud or duress.
limited payment life insurance
Life insurance that requires premium payments for less than the life of the agreement.
limited-payment life insurance
See INSURANCE.
lump-sum payment
A payment of a large amount all at once, as opposed to smaller payments over time.
lump-sun payment
See PAYMENT.
nonpayment.
Failure to deliver money or other valuables, esp. when due, in discharge of an obligation. Cf. PAYMENT (1).
part payment.
A buyer's delivery of money or other thing of value to the seller, and its acceptance by the seller, when the money or the value of the thing does not equal the full sum owed.
payment bond
See BOND (2). payment date. See DATE.
payment bond.
A bond given by a surety to cover any amounts that, because of the general contractor's default, are not paid to a subcontractor or materialman. "[T]he bond serves two purposes: it assures the owner a lien-free project, and it induces suppliers and subcontractors to accept work on the project, perhaps at a lower price, because of the assurance that they will be paid. Since no additional charge is generally made for a payment bond when a performance bond is being purchased, the two are usually issued simultaneously." Grant S. Nelson, Real Estate Finance Law ยง 12.2, at 881 (3d ed. 1994).
payment date
The date on which stock dividends or interest checks are paid to shareholders.
payment in due course
A payment to the holder of a negotiable instrument at or after its maturity date, made by the payor in good faith and without notice of any defect in the holder's title. See HOLDER IN DUE COURSE.
payment intangible
See INTANGIBLE.
payment into court
A party's money or property deposited with a court for distribution after a proceeding according to the parties' settlement or the court's order. See INTERPLEADER.
periodic-payment-plan certificate
See XI TIFICATE.
prepayment clause
A loan-document provision that permits a borrower to satisfy a debt before its due date, usu. without paying a penalty.
prepayment penalty
A charge assessed against a borrower who elects to pay off a loan before it is due.
presentment for payment
Production of an instrument to the drawee, acceptor, or maker for payment. ( This type of presentment must be made on the date when the instrument is due.
suit to compel payment
See SUIT FOR EXONERATION.
transfer payment
A governmental payment to a person who has neither provided goods or services nor invested money in exchange for the payment. ( Examples include unemployment compensation and welfare payments.