Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Ademptio
n. [Latin] Roman law. See ADEMPTION.
Ademption
n. Wills & estates. The destruction or extinction of a legacy or bequest by reason of a bequeathed asset's ceasing to be part of the estate at the time of the testator's death; a beneficiary's forfeiture of a legacy or bequest that is no longer operative. -Also termed extinguishment of legacy. -adeem (a-deem), ub. Cf ADVANCEMENT; LAPSE
Exemption
1. Freedom from a duty, liability, or other requirement. See IMMUNITY. 2. A privilege given to a judgment debtor by law, allowing the debtor to retain certain property without liability. 3. Tax. An amount allowed as a deduction from adjusted gross income, used to determine taxable income. Cf. DEDUCTION (2).
Garmon preemption
Labor law. A doctrine prohibiting state and local regulation of activities that are actually or arguably (1) protected by the National Labor Relations Act's rules relating to the right of employees to organize and bargain collectively, or (2) prohibited by the National Labor Relations Act's provision that governs unfair labor practices. San Diego Bldg. Trades Council v. Garmon, 359 U.S. 236, 79 S.Ct. 773 (1959). - Also termed Garmon doctrine. See COLLECTIVE BAR. GAINING; UNFAIR LABOR PRACTICE.
In pretio emptionis et venditionis naturaliter licet contrahentibus se circumvenire.
In setting the price for buying and selling, it is naturally allowed to the contracting parties to get the better of each other.
Machinists preemption
Labor law. The doctrine prohibiting state regulation of an area of labor activity or management-union relations that Congress has intentionally left unregulated. Lodge 76, Int'l Assn of Machinists v. Wisconsin Employment Relations Comm'n, 427 U.S. 132, 96 S.Ct. 2548 (1976).
Preemption
n. 1. The right to buy before others. See RIGHT OF PREEMPTION. 2. The purchase of something under this right. 3. An earlier seizure or appropriation. 4. The occupation of public land so as to establish a preemptive title. 5. Constitutional law. The principle (derived from the Supremacy Clause) that a federal law can supersede or supplant any inconsistent state law or regulation. -Also termed (in sense 5) federal preemption. -preempt, ub. - preemptive, adj. See CoMPLETE-PREEMPTION DOCTRINE.
Redemption
n. 1. The act or an instance of reclaiming or regaining possession by paying a specific price. 2. Bankruptcy. A debtor's right to repurchase property from a buyer who obtained the property at a forced sale initiated by a creditor. 3. Securities. The reacquisition of a security by the issuer. ( Redemption usu. refers to the repurchase of a bond before maturity, but it may also refer to the repurchase of stock and mutual-fund shares. - Also termed (in reference to stock) stock redemption; stock repurchase. 4. Property. The payment of a defaulted mortgage debt by a borrower who does not want to lose the property. - redeem, ub. - redeemable, redemptive, redemptional adj.
Redemptioner
A person who redeems; esp., one who redeems real property under the equity of redemption or the right of redemption. See EQUITY OF REDEMPTION; RIGHT OF REDEMPTION.
Solutio pretii emptionis loco habetur
The payment of the price stands in the place of a sale.
Vulla emptio sine pretio esse potest
There can be no sale without a price.
ademption by extinction.
An ademption that occurs because the property specifically described in the will is not in the estate at the testator's death.
ademption by satisfaction
An ademption that occurs because the testator, while alive, has already given property to the beneficiary with the intention of rendering the testamentary gift inoperative. adeo (ad-ee-oh). [Latin] So; as. adequacy test. See IRREPARABLE-INJURY RULE.
clog on the equity of redemption
An agreement or condition that prevents a defaulting mortgagor from getting back the property free from encumbrance upon paying the debt or performing the obligation for which the security was given. See EQUITY OF REDEMPTION.
coemptio
[Latin] Roman law. A form of civil marriage in which the husband "purchased" from a woman's father - by fictitious sale - the right to exercise marital power (manus) over the woman. ( The importance of coemptio as a method of civil marriage had faded by the end of the Republic period. Cf. CONFARREATIO; USUS (2).
coemption
n. 1. The act of purchasing the entire quantity of any commodity. 2. cOEMPTIO. - coemptional, coemptive, adj.
complete-preemption doctrine
The rule that a federal statute's preemptive force may be so extraordinary and all-encompassing that it converts an ordinary state-common-law complaint into one stating a federal claim for purposes of the well-pleaded-complaint rule.
dependency exemption
An exemption granted to an individual taxpayer for each dependent whose gross income is less than the exemption amount and for each child who is younger than 19 or, if a student, younger than 24.
emptio
n. [Latin "purchase"] Roman & civil law. The act of buying; a purchase. - Also spelled emtio.
emptio bonorum
[Latin "purchase of goods"] A type of forced assignment for the benefit of creditors, involving a public sale of an insolvent debtor's estate whereby the purchaser succeeded to all the debtor's property, rights, and claims, and became responsible for the debtor's debts and liabilities to an extent fixed before the transfer.
emptio et venditio
[Latin "purchase and sale"] A contract of sale. -Also termed emptio venditio. See VENDITIO.
emptio rei speratae
[Latin "purchase of a hoped-for thing"] The purchase of a thing not yet in existence or not yet in the seller's possession; e.g., a future crop. ( The price of such a purchase typically depended on the actual yield and thus could fluctuate.
emptio spei
[Latin "purchase of a hope"] An emptio rei speratae in which the price is fixed, regardless of actual gain.
emptio venditio
See emptio et venditio.
equity of redemption
Real estate. The right of a mortgagor in default to recover property before a foreclosure sale by paying the principal, interest, and other costs that are due. 0 A defaulting mortgagor with an equity of redemption has the right, until the foreclosure sale, to reimburse the mortgagee and cure the default. In many jurisdictions, the mortgagor also has a statutory right to redeem within six months after the foreclosure sale, and the mortgagor becomes entitled to any surplus from the sale proceeds above the amount of the outstanding mortgage. - Also termed right of redemption. See CLOG ON THE EQUITY OF REDEMPTION.
exemption clause
A contractual provision providing that a party will not be liable for damages for which that party would otherwise have ordinarily been liable. Cf. INDEMNITY CLAUSE. "An exemption clause may take many forms, but all such clauses have one thing in common in that they exempt a party from a liability which he would have borne had it not been for the clause. In some cases an exemption clause merely relieves a party from certain purely contractual obligations, for example, the duties of a seller in a contract of sale regarding the quality and fitness of the goods. In other cases exemption clauses go further and protect the party not merely from contractual liability but even from liability which would otherwise have arisen in tort. For example, a shipping company's ticket may exempt the company from liability to the passenger for any injuries, however caused. Now if the passenger is injured as a result of the negligence of the company's employees, that would, in the normal way, give rise to an action in tort for negligence, quite apart from the contract." P.S. Atiyah, An Introduction to the Law of Contract 167 (3d ed. 1981).
exemption equivalent
The maximum value of assets that one can transfer to another before incurring a federal gift and estate tax.
exemption law
A law describing what property of a debtor cannot be attached by a judgment creditor or trustee in bankruptcy to satisfy a debt. See EXEMPT PROPERTY1 ex empto (eks emp-toh) [Latin] Roman & civil law. Out of purchase; founded on purchase.
federal preemption
See PREEMPTION (5).
personal exemption
An amount allowed as a deduction from an individual taxpayer's adjusted gross income.
preemption claimant
One who has settled on land subject to preemption, intending in good faith to acquire title to it.
preemption right
The privilege to take priority over others in claiming land subject to preemption. ( The privilege arises from the holder's actual settlement of the land.
redemptio operis
[Latin "redemption of work"] Civil law. A cc tract in which a worker agrees to perform labor or services for a operis under LOCATI!
redemption period
The statutory period during which a defaulting mortgagor may recover. property after a foreclosure or tax sale by paying the outstanding debt of redemption price . See PRICE
redemption price
1 The price of a bond that has not reached maturity, purchased at the issuer's option. 2. The price of shares when a mutual-fund shareholder sells shares back to the fund. - Also termed liquidating price; repurchase price.
right of preemption
A potential buyer's contractual right to have the first opportunity to buy, at a specified price, if the seller chooses to sell. ( For example, if Beth has a right of preemption on Sam's house for five years at $100,000, Sam can either keep the house for five years (in which case Beth's right expires) or, if he wishes to sell during those five years, offer the house to Beth, who can either buy it for $100,000 or refuse to buy, but if she refuses, Sam can sell to someone else. - Also termed first option to buy. Cf. RIGHT OF FIRST REFUSAL.
right of redemption
See EQUITY OF REDEMPTION.
sale with right of redemption
A sale in which the seller reserves the right to retake the goods by refunding the purchase price.
statutory redemption
The statutory right of a defaulting mortgagor to recover property, within a specified period, after a foreclosure or tax sale, by paying the outstanding debt or charges. ( The purpose is to protect against the sale of property at a price far less than its value. See REDEMPTION PERIOD.
statutory right of redemption
The right of a mortgagor in default to recover property after a foreclosure sale by paying the principal, interest, and other costs that are owed, together with any other measure required to cure the default. ( This statutory right exists in many states but is not uniform. See REDEMPTION.
stock redemption
See REDEMPTION (3).
surtax exemption
1. An exclusion of an item from a surtax. 2. An item or an amount not subject to a surtax. See surtax under TAX.
tax redemption
See REDEMPTION.
waiver of exemption
1. A debtor's voluntary relinquishment of the right to an exemption from a creditor's levy or sale of any part of the debtor's personal property by judicial process. 2. The contractual clause expressly providing for such a waiver.