Dictionary Search: "Serve" - Pakistan Law Portal

Auction with reserve

an auction in which the property will not be sold unless the highest bid exceeds a minimum price. See with reserve.

Auction without reserve

an auction in which the property will be sold to the highest bidder, no minimum price will limit bidding, the owner may not withdraw property after the first bid is received, the owner may not reject any bids, and the owner may not nullify the bidding by outbidding all other bidders. ( in an auction without reserve, the owner essentially becomes an offer or, and each successively higher bid creates a contingent contract, with the highest bid creating an enforceable agreement. - also termed absolute auction. See without reserve.

Bad-debt reserve

see reserve

Benignius leges interpretandae sunt quo voluntas earum conservetur

Laws are to be more liberally interpreted so that their intent maybe preserved.

Court for Consideration of Crown Cases Reserved

Hist. A court established in 1848 to review questions of law arising in criminal cases. 9 Trial judges posed the postverdict questions of law to the Court, which decided whether error had been committed. The Court was abolished in 1907, and its jurisdiction was transferred to the Court of Criminal Appeal. -Also termed Court for Crown Cases Reserved . "It was an old practice for the judge, in case of a conviction, if he felt a doubt as to the law, to respite judgment or sentence, and discuss the matter informally with the other judges. If they thought that the prisoner had been improperly convicted, he was pardoned. Statutory authority was given to this practice in 1848 by the establishment of the court for Crown Cases Reserved. All the judges were members of this court; and five, of whom the Lord Chief Justice must be one, formed a quorum." 1 William Holdsworth, A History of English Law 217 (7th ed. 1956).

Federal Reserve Board of Governors

The board that supervises the Federal Reserve System and sets national monetary and credit policy. ( The Board consists of seven members appointed by the President and confirmed by the Senate for 14-year terms. - Abbr. FRB.

Federal Reserve System

A network of 12 central banks supervised by the Board of Governors, who are appointed by the President and confirmed by the Senate and who set the reserve requirements for the member banks, review the discount-rate actions of the regional Federal Reserve banks, and set ceilings on the interest rates that member banks may pay. -Abbr. Fed. "The Federal Reserve System of 1913 evolved out of a search for consensus among bankers, politicians,- and some academic experts. It was a move toward 'central bank' regulation in the European sense . . . . [The System] seemed to resolve the outstanding problems in money and banking. Federal Reserve banknotes could grow with expanding commercial paper and economic prosperity, and assure a more adequate, reliable monetary growth." William A. Lovett, Banking and Financial Institutions Law in a Nutshell 14-15 (1997).

Interest reipublicae quod homines conserventur.

It is in the interest of the state that people should be protected.

Interest reipublicae ut pax in regno conservetur et quaecunque paci adversentur provide declinentur.

It is in the interest of the state to preserve peace in the kingdom and prudently to decline whatever is adverse to it.

Observe

ub. To adhere to or abide by (a law, rule, or custom) <a traffic citation for failing to observe the speed limit>.

Observer

. Int'l law. A representative of a country or international organization who attends meetings of an international body (such as the United Nations) to which the observer's country does not belong. ( Observers do not vote or sign documents, but they are sometimes allowed to participate in discussions.

Rerum ordo confunditur, si unicuique jurisdictio non servetur

The order of things is confounded if the proper jurisdiction of each is not maintained.

Reserve

n. 1. Something retained or stored for future use; esp., a fund of money set aside by a bank or an insurance company to cover future liabilities.

Reserve Board

See FEDERAL RESERVE BOARD OF GOVERNORS.

Reserve bank

see member bank.

Reserved Power Clause

See TENTH AMENDMENT.

Serve

ub. .1. To make legal delivery of (a notice or process) <a copy of the pleading was served on all interested parties>. 2. To present (a person) with a notice or process as required by law <the defendant was served with process>.

Voluntas donatoris in charta doni sui manifeste expressa observetur

The will of the donor, if clearly expressed in the deed of his gift, should be observed.

amortization reserve

An account created for bookkeeping purposes to extinguish an obligation gradually over time.

bad-debt reserve

A reserve to cover losses on uncollectible accounts receivable.

case reserved.

See CASE.

contingency reserve

See contingent fund under FUND.

depletion reserve

Accounting. A charge to income reflecting the decrease in the value of a wasting asset, such as an oil reserve.

depreciation reserve

An account, esp. of a public utility, built up to offset the depreciation of property because of time and use, so that at the end of the property's service, there is enough money to replace the property. depredation. The act of plundering; pillaging.

federal reserve note

The paper currency in circulation in the United States. ( The notes are issued by the Federal Reserve Banks, are effectively non-interest-bearing promissory notes payable to bearer on demand, and are issued in denominations of $1, $5, $10, $20, $50, $100, $500, $1,000, $5,000, and $10,000.

legal reserve

The minimum amount of liquid assets that a bank or an insurance company must maintain by law to meet depositors' or claimants' demands.

level-rate legal-reserve policy

A policy that seeks to build a reserve equal to the policy's face value by the end of the insured's life.

loss reserve

1. An insurance company's reserve that represents the estimated value of future payments, as for losses incurred but not yet reported. 2. A bank's reserve set aside to cover possible losses, as from defaulting loans.

mean reserve

In insurance, the average of the beginning reserve (after the premium has been paid for the policy year) and the ending reserve of the policy year.

policy reserve

See RESERVE.

primary reserve ratio

The ratio between a bank's required reserves (cash in vault plus deposits with Federal Reserve Banks) and its demand and time deposits.

process server

A person authorized by law or by a court to formally deliver process to a defendant or respondent. See SERVICE (1).

required reserve

The minimum amount of money, as required by the Federal Reserve Board, that a bank must hold in the form of vault cash and deposits with regional Federal Reserve Banks.

reserve account

See impound account under ACCOUNT.

reserve bank

See member bank under BANK.

reserve clause

A clause in a professional athlete's contract restricting the athlete's right to change teams, even after the contract expires. Reserve clauses are uncommon in modern professional sports. Cf. FREE AGENCY.

reserve price

The price announced at an auction as the lowest that will be entertained. See WITH RESERVE; WITHOUT RESERVE.

reserve ratio

The Federal Reserve Board's measurement of a member bank's required reserves. See required reserve under RESERVE.

reserved easement

An easement created by the grantor of real property to benefit the grantor's retained property end to burden the granted property.

reserved point of law

See POINT OF LAW.

reserved power

A political power that is not enumerated or prohibited by a constitution, but instead is reserved by the constitution for a specified political authority, such as a state government. See TENTH AMENDMENT.

reserved surplus

See appropriated surplus (1).

secondary reserve ratio

See RESERVE RATIO.

sinking-fund reserve

See RESERVE,

suspense reserve

See appropriated retained earnings under EARNINGS.

unearned premium reserve

An insurance company's reserve that represents premiums that have been received in advance but not yet applied to policy coverage. ( If a policy holder cancels coverage before the policy ex pires but has already paid a premium for the full policy period, the insurance company re funds the policyholder out of this reserve. 2. RESERVATION (3). 3. See net value under VALUE. - reserve, vb.

unearned-premium reserve