Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
STRIP
abbr. SEPARATE TRADING OF REGISTERED INTEREST AND PRINCIPAL OF SECURITIES.
Strip
n. 1. The act of separating and selling a bond's coupons and corpus separately. 2. The act of a tenant who, holding less than the entire fee in land, spoils or unlawfully takes something from the land.
lien-stripping
Bankruptcy. The practice of splitting a mortgagee's secured claim into secured and unsecured components and reducing the claim to the market value of the debtor's residence, thereby allowing the debtor to modify the terms of the mortgage and reduce the amount of the debt. ( The U.S. Supreme Court has prohibited lien-stripping in all Chapter 7 cases (Nobelman v. American Savs. Bank, 508 U.S. 324, 113 S.Ct. 2106 (1993)) and in Chapter 13 cases involving a debtor's principal residence (Dewsnup v. Timm, 502 U.S. 410, 112 S.Ct. 773 (1992)), and the Bankruptcy Reform Act of 1994 modified the Bankruptcy Code to prohibit lien-stripping in Chapter 11 cases involving an individual's principal residence.
strip search
A search of a person conducted after that person's clothes have been removed, the purpose usu. being to find any contraband the person might be hiding.