Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Preference
1. The act of favoring one person or thing over another; the person or thing so favored. 2. Priority of payment given to one or more creditors by a debtor; a creditor's right to receive such priority. 3. Bankruptcy. PREFERENTIAL TRANSFER.
cumulative preference share
See cumulative preferred stock under STOCK. cumulative preferred stock See STOCK.
dividend preference
The right of a holder of preferred shares to receive a dividend before the company pays dividends to holders of common shares. See preferred stock under STOCK.
insider preference
A transfer of property by a bankruptcy debtor to an insider more than 90 days before but within one year after the filing of the bankruptcy petition.
liquidation preference
A preferred shareholder's right, once the corporation is liquidated, to receive a -specified distribution before common shareholders receive anything. voidable preference See PREFERENTIAL TRANSFER.
parental-preference doctrine
The principle that a fit parent, who is willing and able to care for a minor child, should be granted custody instead of someone who is not the child's parent. - Also termed parental-presumption rule.
preference shares
See preferred stock under STOCK.
surrender of a preference
Bankruptcy. The yielding of a voidable conveyance, transfer, assignment, or encumbrance by a creditor to the trustee as a condition of allowing the creditor's claim.
tax-preference items
Certain items that, even though deducted in arriving at taxable income for regular tax purposes, must be considered in calculating a taxpayer's alternative minimum tax. See alternative minimum tax under TAX.
trial-setting preference
See special setting under SETTING.
voidable preference
See PREFERENTIAL TRANSFER