Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
amortization
n. 1. the act or result of gradually extinguishing a debt, such as a mortgage, usu. by contributing payments of principal each time a periodic interest payment is due.
amortization reserve
An account created for bookkeeping purposes to extinguish an obligation gradually over time.
amortization schedule
a schedule of periodic payments of interest and principal owed on a debt obligation; specif., a loan schedule showing both the amount of principal and interest that is due at regular intervals over the loan term and the remaining unpaid principal balance after each scheduled payment is made.
license in amortization
Hist. A license authorizing the conveyance of property otherwise invalid under the statutes of mortmain. See MORTMAIN.
loan-amortization schedule
A schedule that divides each loan payment into an interest component and a principal component. ( Typically, the interest component begins as the largest part of each payment and declines over time. See AMORTIZATION (1).
negative amortization
an increase in a loan's principal balance caused by monthly payments insufficient to pay accruing interest. 2. the act or result of apportioning the initial cost of a usu. intangible asset, such as a patent, over the asset's useful life. cf. depreciation