Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

amortize

vb. 1. to extinguish (a debt) gradually, often by means of a sinking fund. 2. to arrange to extinguish (a debt) by gradual increments. 3. hist. to alienate or convey lands to corporation (that is, in mortmain). - also spelled amortise. see mortmain.

amortized loan

A loan calling for periodic payments that are applied first to interest and then to principal, as provided by the terms of the note. See AMORTIZATION (1).

amortized mortgage

see mortgage.