Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Act of Settlement.
Hist. An act of Parliament (12 & 13 Will. 3, ch. 2, 1700) that resolved the question of royal succession unsettled after the Glorious Revolution of 1688. 0 The question was resolved by limiting the Crown to members of the House of Hanover who were Protestant. The Act also provided that the sovereign must be a member of the Church of England, and it established that judges would hold office during good behavior rather than at the will of the sovereign.
Real Estate Settlement Procedures Act
A federal law that requires lenders to provide home buyers with information about known or estimated settlement costs. 12 USCA ยงยง 2601-2617. - Abbr. RESPA. See REGULATION X.
Resettlement
n. 1. The settlement of one or more persons in a new or former place. 2. The reopening of an order or decree for the purpose of correcting a mistake or adding an omission.
Settlement
n. 1. The conveyance of property -or of interests in property - to provide for one or more beneficiaries, usu. members of the settlor's family, in a way that differs from what the beneficiaries would receive as heirs under the statutes of descent and distribution <in marriage settlements, historically, the wife waived her right to claim dower or to succeed to her husband's property>. 2. An agreement ending a dispute or lawsuit <the parties reached a settlement the day before trial>. 3. Payment, satisfaction, or final adjustment <the seller shipped the goods after confirming the buyer's settlement of the account>. 4. CLOSING <the settlement on their first home is next Friday>. 5. Wills & estates. The complete execution of an estate by the executor <the settlement of the tycoon's estate was long and complex . - settle, ub.
aiatical settlement
[fr. Latin uiaticus "relating to a road or journey"] A transaction in which a terminally or chronically ill person sells the benefits of a lifeinsurance policy to a third party in return for a lump-sum cash payment equal to a percentage of the policy's face value. ( Viatical settlements are common with AIDS patients, many of whom sell their policies at a 20% to 40% discount, depending on life expectancy. When the insured (called the "viator") dies, the investor receives the insurance benefit.
deed of settlement
1. A deed to settle something, such as the distribution of property in a marriage. 2. English law. A deed formerly used to form a joint-stock company.
equity to a settlement
A wife's equitable qui right, arising when her husband sues in equity for the reduction of her equitable estate to his own possession, to have all or part of that estate settled upon herself and her children. -Also termed wife's equity; wife's settlement.
family settlement
See FAMILY ARRANGEMENT.
final settlement
Wills & estates. A court order discharging an executor's duties after an estate's execution.
final settlement.
See SETTLEMENT
follow-the-settlements doctrine
Insurance. The principle that an indemnitor must accede to the actions of the indemnitee in adjusting and settling claims; esp., the principle that a reinsurer must follow the actions of the reinsured.
forced resettlement
Int'Z law. The involuntary transfer of individuals or groups within the jurisdiction of a country whether inside its own territory or into or out of occupied territory.
full settlement
A settlement and release of all pending claims between the parties.
full settlement.
See SETTLEMENT
hilo settlement.
See HIGH-LOW AGREEMENT.
integrated property settlement
A contract, incorporated into a divorce decree, that divides up the assets of divorcing spouses.
judicial settlement
See SETTLEMENT.
marriage settlement
See MARITAL AGREEMENT, PRENUPTIAL AGREEMENT.
nuisance settlement
A settlement in which the defendant pays the plaintiff purely for economic reasons - as opposed to any notion of responsibility - because without the settlement the defendant would spend more money in legal fees and expenses caused by protracted litigation than in paying the settlement amount. ( The money paid in such a settlement is often termed nuisance money.
offer of settlement
. See OFFER OF COMPROMISE.
out-of-court settlement
The settlement and termination of a pending suit, arrived at without the court's participation.
property settlement
1 A judgment in a divorce case determining the distribution of the marital property between the divorcing parties. 2. MARITAL AGREEMENT.
settlement class
See CLASS (4).
settlement credit
Civil procedure. A court's reduction of the amount of a jury verdict - or the effect of the verdict on nonsettling defendants - to account for settlement funds the plaintiff has received from former defendants or from other responsible parties.
settlement date
1 The date on which an investor must pay the broker for securities purchased. 2. The date on which a seller must deliver negotiable certificates for securities sold.
settlement option
See OPTION.
settlement option. Insurance.
A life-insurance-policy clause providing choices in the method of paying benefits to a beneficiary, as by lump-sum payment or periodic installments. stock option See STOCK OPTION.
settlement sheet
See CLOSING STATEMENT (2).
settlement statement
See CLOSING STATEMENT (2).
settlement value
See VALUE.
settlement value.
The present value of a claim if settled immediately as opposed to pursuing it further through litigation.
settlement-first method
A means by which to apply a settlement credit to a jury verdict, by first reducing the amount of the verdict by subtracting the amount of all settlements the plaintiff has received on the claim, then reducing the remainder by the percentage of the plaintiff's comparative fault. See SETTLEMENT CREDIT. Cf. FAULT-FIRST METHOD.
strict settlement
Hist. A property settlement that aimed to keep the estate within the family by creating successive interests in tail and shielding remainders from destruction by the interposition of a trust.
structured settlement
A settlement in which the defendant agrees to pay periodic sums to the plaintiff for a specified time.
viatical settlement
See SETTLEMENT.
voluntary settlement
A property settlement made without valuable consideration -other than love and affection - from the beneficiary.
wife's settlement
See EQUITY TO A SETTLEMENT.