Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Secured
adj. 1. (Of debt or obligation) supported or backed by security or collateral. 2. (Of a creditor) protected by a pledge, mortgage, or other encumbrance of property that helps ensure financial soundness and confidence. See SECURITY.
secured bond
See BOND (3).
secured claim
A claim held by a creditor who has a lien or a right of setoff against the debtor's property.
secured creditor
See CREDITOR.
secured debt
See DEBT.
secured loan
A loan that is secured by property or securities. - Also termed collateral loan.
secured note
See NOTE (1).
secured party
See secured creditor under CREDITOR.
secured transaction
A business arrangement by which a buyer or borrower gives collateral to the seller or lender to guarantee payment of an obligation. ( Article 9 of the UCC deals with secured transactions. See SECURITY AGREEMENT.
unsecured bail bond
A bond that holds a defendant liable for a breach of the bond's conditions (such as failure to appear in court), but that is not secured by a deposit of or lien on property. See RECOGNIZANCE. 3. A long-term, interest-bearing debt instrument issued by a corporation or governmental entity usu. to provide for a particular financial need; esp., such an instrument in which the debt is secured by a lien on the issuer's property. Cf. DEBENTURE. "Typically debt securities are notes, debentures, and bonds. Technically a 'debenture' is an unsecured corporate obligation while a 'bond' is secured by a lien or mortgage on corporate property. However, the word 'bond' is often used indiscriminately to cover both bonds and debentures A 'bond' is a long term debt security while a 'note' is usually a shorter term obligation. Bonds are historically bearer instruments, negotiable by delivery, issued in multiples of $1,000 with interest payments represented by coupons that are periodically clipped and submitted for payment." Robert W. Hamilton, The Law of Corporations in a Nutshell 128 (3d ed. 1991).
unsecured bond
See DEBENTURE (3).
unsecured claim
1. A claim by a creditor who does not have a lien or a right of setoff against the debtor's property. 2. A claim by a creditor who has a lien on or right of setoff against the debtor's property worth less than the amount of the debt.6. Patents. A formal statement describing the novel features of an invention and defining the scope of the patent's protection <claim no. 3 of the patent describes an electrical means for driving a metal pin>. Cf. SPECIFICATION (3).
unsecured creditor
A creditor who, upon giving credit, takes no rights against specific property of the debtor. - Also termed general creditor.
unsecured debt
See DEBT.
unsecured note
See NOTE (1).
unsecured note.
A note not backed by collateral. 2. A scholarly legal essay shorter than an article and restricted in scope, explaining or criticizing a particular set of cases or a general area of the law, and usu. written by a law student for publication in a law review. - Also termed comment; lawnote. Cf. ANNOTATION. 3. A minute or memorandum intended for later reference; MEMORANDUM (1).