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.
Double recovery
See RECOVERY.
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.
Modified Accelerated Cost Recovery System.
See ACCELERATED COST RECOVERY SYSTEM.
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.
action for the recovery of land.
See EJECTMENT.
capital recovery
The collection of charged-off bad debt that has been previously written off against the allowance for doubtful accounts.
common recovery
Hist. An elaborate proceeding, full of legal fictions, by which a tenant in tail disentailed a fee-tail estate. ( The action facilitated land transfer by allowing a potential transferee who was barred by law from receiving land to "recover" the land by suing the actual owner. Common recoveries, which were abolished early in the 19th century, were originally concocted by the clergy as a way to avoid the land-conveyance restrictions imposed by mortmain acts. - Also termed feigned recovery. See MORTMAIN STATUTE. Cf. CESSIO IN JURE; PRAECIPE QUOD REDDAT.
double recovery
1. A judgment that erroneously awards damages twice for the same loss, based on two different theories of recovery. 2. Recovery by a party of more than the maximum recoverable loss that the party has sustained.
feigned recovery
See COMMON RECOVERY.
market-recovery program
See JOB-TARGETING PROGRAM.
recoveree.
Hist. The party against whom a judgment is obtained in a common recovery. See COMMON RECOVERY,
recoveror.
Hist. The demandant who obtains a judgment, in a common recovery. See COMMON RECOVERY.
recovery.
1. The regaining or restoration of something lost or taken away. 2. The obtainment of a right to something (esp. damages) by a judgment or decree. 3. An amount awarded in or collected from a judgment or decree.
single-recovery rule
See ONE-SATISFACTION RULE.
suffering a recovery
Hist. A conveyor's act of allowing, for the purposes of a conveyance, a fictitious action to be brought by the conveyee and a judgment to be recovered for the land in question.