Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Split
ub. 1. To divide (a cause of action) into segments or parts. 2. To issue two or more shares for each old share without changing the shareholder's proportional ownership interest. See STOCK SPLIT.
fee-splitting
1 The division of attorney's fees between the lawyer who handles a matter and the lawyer who referred the matter. ( Some states consider this practice unethical. 2. The division of attorney's fees between two or more lawyers who represent a client jointly but are not in the same firm. ( An attorney is prohibited from splitting a fee with a nonlawyer. -Also termed fee sharing.
gift splitting.
See split gift.
reverse stock split
See STOCK SPLIT.
share split
See STOCK SPLIT.
split fund
See dual fund.
split gift
See GIFT.
split gift.
Tax. A gift that is made by one spouse to a third person and that, for gift-tax purposes, both spouses treat as being made one-half by each spouse; a gift in which the spouses combine their annual gift-tax exclusions. ( A split gift, for example, is eligible for two annual exclusions of $10,000 each, or a total of $20,000 for one gift. See annual exclusion under EXCLUSION (1). - Also termed gift splitting; gift-splitting election.
split income
See INCOME.
split income.
An equal division between spouses of earnings reported on a joint tax return, allowing for equal tax treatment in community-property and common-law states.
split order
See ORDER (4).
split sentence
A sentence in which part of the time is served in confinement - to expose the offender to the unpleasantness of prison - and the rest on probation.
split verdict
1. A verdict in which one party prevails on some claims, while the other party prevails on others. 2. Criminal law. A verdict finding a defendant guilty on one charge but innocent on another. 3. Criminal law. A verdict of guilty for one defendant and of not guilty for a codefendant.
split-dollar insurance
See INSURANCE.
split-funded plan
A retirement plan combining elements of both life insurance and investment plans.
split-interest trust
See charitable-remainder trust.
split-level statute
A law that has connected with it officially promulgated explanatory materials, so that courts are left with two levels of documents to construe.
split-off
n. 1. The creation of a new corporation by an existing corporation that gives its shareholders stock in the new corporation in return for their stock in the original corporation. 2. The corporation created by this process. Cf. SPIN-OFF; SPLIT-UP.
split-up
n. The division of a corporation into two or more new corporations. ( The shareholders in the original corporation typically receive shares in the new corporations, and the original corporation goes out of business. Cf. SPIN-OFF; SPLIT-OFF.
splitting a cause of action
Separating parts of a demand and pursuing it piecemeal; presenting only a part of a claim in one lawsuit, leaving the rest for a second suit. ( This practice has long been considered procedurally impermissible.