Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assessable security
see security.
Asset-backed security
see security.
Bearer security.
see security.
Diplomatic Security Service
A bureau of the U.S. Department of State having responsibility for protecting the Secretary of State and domestic and foreign dignitaries, as well as for investigating criminal activities such as identity-document fraud involving U.S. passports and visas. 0 The Service now employs some 800 special agents (members of the U.S. Foreign Service), who are located throughout the United States and in scores of embassies worldwide.
Employee Retirement Income Security Act
A federal statute that regulates private pension plans and employee benefit plans and that established the Pension Benefit Guaranty Corporation. 29 USCA §§ 1001 et seq. - Abbr. ERISA.
McCarran Internal Security Act
See MCCAR. RAN ACT.
Security
n. 1. Collateral given or pledged to guarantee the fulfillment of an obligation; esp., the assurance that a creditor will be repaid (usu. with interest) any money or credit extended to a debtor. 2. A person who is bound by some type of guaranty; SURETY. 3. The state of being secure, esp. from danger or attack. 4. An instrument that evidences the holder's ownership rights in a firm (e.g., a stock), the holder's creditor relationship with a firm or government (e.g., a bond), or the holder's other rights (e.g., an option). 0 A security indicates an interest based on an investment in a common enterprise rather than direct participation in the enterprise. Under an important statutory definition, a security is any interest or instrument relating to finances, including a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in a profit-sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of these things. A security also includes any put, call, straddle, option, or privilege on any security, certificate of deposit, group or index of securities, or any such device entered into on a national securities exchange, relating to foreign currency. 15 USCA § 77b(1). Cf. SHARE (2); STOCK (4). "Securities differ from most other commodities in which people deal. They have no intrinsic value in them- selves - they represent rights in something else. The value of a bond, note or other promise to pay depends on the financial condition of the promisor. The value of a share of stock depends on the profitability or future prospects of the corporation or other entity which issued it; its market price depends on how much other people are willing to pay for it, based on their evaluation of those prospects." David L. Ratner, Securities Regulation in a Nutshell 1 (4th ed. 1992). "What do the following have in common: scotch whiskey, self-improvement courses, cosmetics, earthworms, beavers, muskrats, rabbits, chinchillas, fishing boats, vacuum cleaners, cemetery lots cattle embryos, master recording contracts, animal feeding programs, pooled litigation funds, and fruit trees? The answer is that they have all been held to be securities within the meaning of federal or state securities statutes. The vast range of such unconventional investments that have fallen within the ambit of the securities laws' coverage is due to the broad statutory definition of a 'security' . . . . " 1 Thomas Lee Hazen, Treatise on the Law of Securities Regulation § 1.5, at 28-29 (3d ed. 1995).
Security Council
A body of the United Nations, consisting of five permanent members (China, France, Russia, the United Kingdom, and the United States) and ten additional members elected at stated intervals, charged with the responsibility of maintaining international peace and security, and esp. of preventing or halting wars by diplomatic, economic, or military action.
Social Security Act
A federal law, originally established in 1935 in response to the Great Depression, creating a system of benefits, including old-age and survivors' benefits, and establishing the Social Security Administration. 42 USCA §§ 401-433.
Social Security Administration
A federal agency created by the Social Security Act to institute a national program of social insurance. - Abbr. SSA.
adjustment security
A stock or bond that is issued during a corporate reorganization. ( The security holders' relative interests are readjusted during this process.
adjustment security.
See SECURITY.
agency security.
see government security under security.
assessable security
A security on which a charge or assessment covering the obligations of the issuing company is made. ( Bank and insurance-company stock may be assessable.
asset-backed security
A debt security (such as a bond) that is secured by assets that have' been pooled and secured by the assets from the pool.
bearer security
An unregistered security payable to the holder. Cf. bearer bond under BOND (3).
callable security
See redeemable securctt _rn-der SECURITY.
certificated security
A security that is a recognized investment vehicle, belongs to or is divisible into a class or series of shares, and is represented on an instrument payable to the bearer or a named person.
client security fund
See FUND (1)
client-security fund
A fund established usu. by a state or a state bar association to compensate persons for losses that they suffered because of their attorneys' misappropriation of funds or other misconduct.
collateral security
A security, subordinate to and given in addition to a primary security, that is intended to guarantee the validity or convertibility of the primary security.
consolidated security
(usu. pl.) A security issued in large enough numbers to provide the funds to retire two or more outstanding issues of debt securities.
conversion security
The security into which a convertible security may be converted, usu. common stock.
convertible security
A security (usu. a bond or preferred stock) that may be exchanged by the owner for another security, esp. common stock from the same company, and usu. at a fixed price on a specified date. - Also termed (specif.) convertible debt; convertible stock.
coupon security
A security with detachable interest coupons that the holder must present for payment as they mature. ( Coupon securities are usu. in denominations of $1,000, and they are negotiable.
debt security
A security representing funds borrowed by the corporation from the holder of the debt obligation; esp., a bond, note, or debenture. a Generally, a debt security is any security that is not an equity security. See BOND (3).
divisional security
A special type of security issued to finance a particular project.
equity security
A security representing an ownership interest in a corporation, such as a share of stock, rather than a debt interest, such as a bond; any stock or similar security, or any security that is convertible into stock or similar security or carrying a warrant or right to subscribe to or purchase stock or a similar security, and any such warrant or right.
etstanding security
See SECURITY.
exempt security
A security that need not be registered under the provisions of the Securities Act of 1933 and is exempt from the margin requirements of the Securities Exchange Act of 1934.
fixed-income security
A security that pays a fixed rate of return, such as a bond with a fixed interest rate or a preferred stock with a fixed dividend.
government security
A security issued by a government, a government agency, or a government corporation; esp., a security (such as a Treasury bill) issued by a U.S. government agency, with the implied backing of Congress. - Also termed government-agency security; agency security.
government security.
See SECURITY
government-agency security.
See government security under SECURITY. government agent. See AGENT.
heritable security
Scots law. A debt instrument secured by a charge on heritable property. See heritable bond under BOND (2).
heritable security.
See SECURITY.
high-grade security
A security issued by a company of sound financial condition and having the ability to maintain good earnings (e.g., a utility company security).
high-grade security.
See SECURITY.
hybrid security
A security with features of both a debt instrument (such as a bond) and an equity interest (such as a share of stock). ( An example of a hybrid security is a convertible bond, which can be exchanged for shares in the issuing corporation and is subject to stock-price fluctuations.
hybrid security.
See SECURITY.
insecurity clause
A loan-agreement provision that allows the creditor to demand immediate and full payment of the loan balance if the creditor has reason to believe that the debtor is about to default, as when the debtor suddenly loses a significant source of income. Cf. ACCELERATION CLAUSE.
internal security.
The field of law dealing with measures taken to protect a country from subversive activities.
internal-security act.
A statute illegalizing and controlling subversive activities of organizations whose purpose is believed to be to overthrow or disrupt the government. 0 In the United States, many provisions in such statutes have been declared unconstitutional. One such law was repealed in 1993. See 50 USCA § 781.
investment security
An instrument issued in bearer or registered form as a type commonly recognized as a medium for investment and evidencing a share or other interest in the property or enterprise of the issuer.
job security
Protection of an employee's job, often through a union contract. -
junior security
See SECURITY,
landed security
A mortgage or other encumbrance affecting land.
letter security
See restricted security.
listed security
See SECURITY.
listed security exchange
An organized secondary security market operating at a designated location, such as the New York Stock Exchange.