Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Balloon-payment mortgage
see. Mortgage
Dismortgage
See REDEMPTION (4).
Engage
ub. To employ or involve oneself; to take part in; to embark on.
Engagement
n. 1. A contract or agreement involving mutual promises. 2. An agreement to marry; the period after which a couple has agreed to marry but before they do so.
FHA mortgage
A mortgage that is insured fully or partially by the Federal Housing Administration.
Federal Home Loan Mortgage Corporation
A corporation that purchases both conventional and federally insured first mortgages from members of the Federal Reserve System and other approved banks. - Abbr. FHLMC. -Also termed Freddie Mac.
Federal National Mortgage Association
A corporation that is chartered by the U.S. government but privately owned and managed, and that provides a secondary mortgage market for the purchase and sale of mortgages guaranteed by the Veterans Administration and those insured under the Federal Housing Administration. - Abbr. FNMA. - Also termed Fannie Mace.
Government National Mortgage Association.
A federally owned corporation that purchases, on the secondary market, residential mortgages originated by local lenders and that issues federally insured securities backed by these mortgages. - Abbr. GNMA. - Also termed Ginnie Mae.
Ship Mortgage Act
A federal law regulating mortgages on ships registered as U.S. vessels by, among other things, providing for enforcement of maritime liens in favor of those who furnish supplies or maintenance to the vessels. 46 USCA ยงยง 911 et seq.
Submortgage
See SUBMORTGAGE.
VA mortgage
A veteran's mortgage that is guaranteed by the Veterans Administration.
Watergage
n. 1. A seawall. 2. An instrument used to measure water.
Welsh mortgage
A type of mortgage, formerly common in Wales and Ireland, by which the mortgagor, without promising to pay the debt, transfers title and possession of the property to the mortgagee, who takes the rents and profits and applies them to the interest, often with a stipulation that any surplus will reduce the principal. ( The mortgagee cannot compel the mortgagor to redeem, and cannot foreclose the right to redeem, because no time is fixed for payment. The mortgagor is never in default, but may redeem at any time.
adjustable-rate mortgage
A mortgage in which the lender can periodically adjust the mortgage's interest rate in accordance with fluctuations in some external market index. - Abbr. ARM. - Also termed variablerate mortgage; flexible-rate mortgage.
adjustable-rate mortgage.
See MORTGAGE.
all-inclusive mortgage
See wraparound mortgage.
amortized mortgage
see mortgage.
balloon payment mortgage
A mortgage requiring periodic payments for a specified time and a lump-sum payment of the outstanding balance at maturity.
blanket mortgage
A mortgage covering two or more properties that are pledged to support a debt.
blanket mortgage.
See MORTGAGE.
bond and mortgage
.See BOND (3).
bulk mortgage
See MORTGAGE.
burgage-tenure
Hist. 1. A type of socage tenure in which tenants paid annual rents to the lord of the borough. See SOCAGE. 2. Scots law. The tenure by which a burgh held its land of the king, the service due being watching and warding. See WATCH AND WARD.
chattel mortgage
See MORTGAGE.
chattel-mortgage bond
A bond secured by a mortgage on personal property.
closed mortgage
See MORTGAGE.
closed-end mortgage
See MORTGAGE.
closed-end mortgage bond
A mortgage bond with provisions prohibiting the debtor from issuing additional bonds against the bond's collateral.
collateral mortgage
See MORTGAGE
collateral mortgage. Civil law.
A mortgage securing a promissory note pledged as collateral security for a principal obligation.
collateralized mortgage obligation
Securities. A bond secured by a group of mortgage obligations or pass-through securities and paid according to the payment schedule of its class (or tranche). CMOs are issued by the Federal Home Loan Mortgage Corporation, and benefit from predictable payments of interest and principal. - Abbr. CMO. See pass-through security under SECURITY; TRANCHE.
consolidated mortgage
A mortgage created by combining two or more mortgages.
construction mortgage
A mortgage used to finance a construction project.
contingent-interest mortgage
A mortgage whose interest rate is directly related to the economic performance of the pledged property.
conventional mortgage
A mortgage, not backed by government insurance, by which the borrower transfers a lien or title to the lending bank or other financial institution. ( These mortgages, which feature a fixed periodic payment of principal and interest throughout the mortgage term; are typically used for home financing. - Also termed conventional loan.
corporate-mortgage trust
A financing device in which debentures are issued and secured by property held in trust. ( An independent trustee protects the interests of those who purchase the debentures.
depegage
[French "dismemberment"] A court's application of different state laws to different issues in a legal dispute; choice of law on an issue-by-issue basis.
direct-reduction mortgage
See MORTGAGE.
dry mortgage
A mortgage that creates a lien on property but does not impose on the mortgagor any personal liability for any amount that exceeds the value of the premises.
engagement slip
A note sent by a lawyer to a court informing the court that the lawyer is professionally engaged in a second court on a given day and thus cannot appear before the first court on that day as scheduled. ( The term is used in Pennsylvania.
equitable mortgage
See MORTGAGE.
extended first mortgage
See wraparound mortgage.
first mortgage
A mortgage that is senior to all other mortgages on the same property.
first-mortgage bond
A long-term bond that has the first claim on specified assets.
first-mortgage bond.
See BOND (3).
fixed-rate mortgage
A mortgage with an interest rate that remains the same over the life of the mortgage regardless of market conditions. - Abbr. FRM.
flexible-rate mortgage
1. See adjustablerate mortgage. 2. See renegotiable-rate mortgage.
flexible-rate mortgage.
See adjustable-rate mortgage under MORTGAGE.
flip mortgage
A graduated-payment mortgage allowing the borrower to place all or some of the down payment in a savings account and to use the principal and interest to supplement lower mortgage payments in the loan's early years.
future-advances mortgage
A mortgage in which part of the loan proceeds will not be paid until a future date.