Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
advance
the furnishing of money or goods before any consideration is received in return. 2. the money or goods furnished.
advance bill.
A bill of exchange drawn before the shipment of the goods.
advance directive
a durable power of attorney that takes effect upon one's incompetency and designates a surrogate decision-maker for healthcare matters. see power of attorney. 2. a legal document explaining one's wishes about medical treatment if one becomes incompetent or unable to communicate. - also termed medical directive; physician's directive; written directive. cf. living will.
advance payment
A payment made in anticipation of a contingent or fixed future liability or obligation.
advance premium
A payment made before the start of the period covered by the insurance policy.
advance sheets
a softcover pamphlet containing recently reported opinions by a court or set of courts. ( advance sheets are published during the interim between an opinion's announcement and its inclusion in a bound volume of law reports. cf. slip opinion (1) under opinion;report. as a bound volume of any series of reports is not published until sufficient matter has accumulated to fill it necessarily results in the holding of the first decisions rendered after the preceding volume has been lied, until there are enough more to justify the publication of the next volume. even after enough material- been accumulated to ell a volume, there is necessarily considerable time consumed in its printing, indexing, and binding before the book is ready for delivery. hence, it is customary, as soon as a part of the volume has come from the press, to issue such part in pamphlet form; and these paper-bound copies are known as
advance-decline index
A stock-market indicator showing the cumulative net difference between stock-price advances and declines.
advance-decline index.
see index (2).
advancement
a payment or gift to an heir (esp. a child) during one's lifetime as an advance share of one's estate, with the intention of extinguishing the heir's claim to the estate under intestacy laws.advance ub. cf ademption.
further advance
1. A second or later loan to a mortgagor by a mortgagee, either on the same security as the original loan or on an additional security. 2. Equity practice. The agreed conversion of arrears of interest on a mortgage security into principal. further assurance See ASSURANCE.
future advance
Money secured by an original security agreement even though it is lent after the security interest has attached.
future-advance clause.
A contractual term in a security agreement covering additional loaned amounts on present collateral or collateral to be acquired in the future, regardless of whether the secured party is obliged to make the advances; esp., a provision in an open-end mortgage or deed of trust allowing the borrower to borrow additional sums in the future, secured under the same instrument and by the same security. ( This type of clause makes a new security agreement unnecessary when the secured creditor makes a future loan to the debtor.
future-advances mortgage
A mortgage in which part of the loan proceeds will not be paid until a future date.
future-advances mortgage.
See MORTGAGE,
subsequent-advance rule
Bankruptcy. The principle that a preferential transfer by the debtor will not be avoided or rescinded by the debtor's bankruptcy trustee if (1) the creditor extended new value to the debtor after receiving the preferential transfer, (2) the new value is unsecured, and (3) the new value remains unpaid after its transfer. 11 USCA ยง 547(c)(4).