Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Pension Benefit Guaranty Corporation
The federal agency that guarantees the payment of retirement benefits covered by private pension plans that lack sufficient assets to, pay the promised benefits. - Abbr. PBGC.
absolute guaranty.
An unqualified promise that the principal will pay or perform.
conditional guaranty
See GUARANTY.
conditional guaranty.
A guaranty that requires the performance of some condition by the creditor before the guarantor will become liable.
contingent guaranty
See GUARANTY.
contingent guaranty.
A guaranty in which the guarantor will not be liable unless a specified event occurs.
continuing guaranty
See GUARANTY.
continuing guaranty.
A guaranty that governs a course of dealing for an indefinite time or by a succession of credits. - Also termed open guaranty.
fidelity and guaranty insurance
See fidelity insurance under INSURANCE.
fidelity guaranty insurance
See fidelity insurance under INSURANCE.
general guaranty
See GUARANTY
general guaranty.
1. A guaranty addressed to no specific person, so that anyone who acts on it can enforce it. 2. A guaranty for the principal's default on obligations that the principal undertakes with anyone.
guaranty
n. 1. A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another who is liable in the first instance. 0 The term is most common in finance and banking contexts. While a warranty relates to things (not persons), is not collateral, and need not be in writing, a guaranty is an undertaking that a person will pay or do some act, is collateral to the duty of the primary obligor, and must be in writing.
guaranty bond.
A bond combining the features of a fidelity and a surety bond, securing both payment and performance.
guaranty company
See surety company.
guaranty company.
See surety company under COMPANY.
guaranty fund
A private deposit-insurance fund, raised primarily by assessments on banks, and used to pay the depositors of an insolvent bank. 0 Guaranty funds preceded the FDIC's federal-deposit insurance, which began in 1933, though many funds continued until the savings-and-loan crisis in the 1980s. Massachusetts has a guaranty fund for uninsured deposits (deposits above $100,000) that are not covered by federal-deposit insurance.
guaranty fund.
See FUND (1).
guaranty insurance
An agreement to cover a loss resulting from another's default, insolvency, or specified misconduct. - Also termed surety insurance. "The term 'guaranty insurance' is generic in its scope and signification, and embraces within it those subsidiary species of insurance contracts known as 'fidelity,' 'commercial,' and 'judicial' insurances . . . . In legal acceptation guaranty insurance is an agreement whereby one party (called the 'insurer') for a valuable consideration (termed the 'premium') agrees to indemnify another (called the 'insured') in a stipulated amount against loss or damage arising through dishonesty, fraud, unfaithful performance of duty or breach of contract on the part of a third person ... sustaining a contractual relationship to the party thus indemnified." Thomas Gold Frost, A Treatise on Guaranty Insurance ยง 1, at 11 (2d ed. 1909).
guaranty insurance.
See INSURANCE.
guaranty letter of credit
See standby letter of credit.
guaranty letter of credit.
See standby letter of credit under LETTER OF CREDIT. guaranty of collection. See GUARANTY.
guaranty of collection.
A guaranty that is conditioned on the creditor's having first exhausted legal remedies against the principal debtor before suing the guarantor.
guaranty of payment.
A guaranty that is not conditioned on the creditor's exhausting legal remedies against the principal debtor before suing the guarantor.
guaranty stock
A savings-and-loan association's stock yielding dividends to the holders after dividends have been paid to the depositors.
guaranty stock.
See STOCK.
guaranty treaty
An agreement between countries directly or indirectly establishing a unilateral or reciprocal guarantee. - Also termed quasi-guarantee treaty; pseudo-guarantee treaty. "In many instances where the term guarantee' is used in international treaties, the contracting parties merely intend to underline their willingness to comply with the obligation they have entered into. Obligations of this kind do not fall within the concept of guarantee in the proper sense of the term. In this particular respect, the expression pseudo-guarantees' or quasi-guarantee treaties' is used." George Ress, "Guarantee Treaties," in 2 Encyclopedia of Public International Law 634 (1995).
guaranty treaty.
See TREATY.
irrevocable guaranty
A guaranty that cannot be terminated unless the other parties consent.
limited guaranty
See GUARANTY.
limited guaranty.
An agreement to answer for a debt arising from a single transaction. - Also termed non continuing guaranty.
noncontinuing guaranty
See limited guaranty under GUARANTY.
revocable guaranty
See GUARANTY.
revocable guaranty.
A guaranty that the guarantor may terminate without any other party's consent.
special guaranty
See GUARANTY.
special guaranty.
1. A guaranty addressed to a particular person or group of persons, who are the only ones who can enforce it. 2. A guaranty that names a definite person as obligee and that can be accepted only by the person named.
specific guaranty
See GUARANTY.
specific guaranty.
A guaranty of a single debt or obligation.
title-guaranty company
See title company under COMPANY.