Register

Legal Dictionary of Pakistan

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

Nominal asset

an asset whose value is difficult to assess, such as a judgment or claim.

nominal

adj. 1. Existing in name only <the king was a nominal figurehead as he had no power>. 2. (Of a price or amount) trifling, esp. as compared to what would be expected < the lamp sold for a nominal price of ten cents>. 3. Of or relating to a name or term <a nominal definition>. - nominally, adv.

nominal account

See ACCOUNT.

nominal account (nahm-a-nal)

An incomestatement account that is closed into surplus at the end of the year when the books are balanced.

nominal asset

See ASSET.

nominal capital

The minimum value of the shares that a company is authorized by its association documents to issue. - Also termed authorized capital.

nominal consideration

Consideration that is so insignificant as to bear no relationship to the value of what is being exchanged (e.g., $10 for a piece of real estate). ( Such consideration can be valid, since courts do not ordinarily examine the adequacy of consideration (although they do often inquire into such issues as fraud and duress). - Also termed peppercorn.

nominal consideration.

See CONSIDERATION

nominal damages

See DAMAGES.

nominal partner

See PARTNER.

nominal partner.

A person who is held out as a partner in a firm or business but who has no actual interest in the partnership. -Also termed ostensible partner; partner by estoppel.

nominal party

See PARTY (2).

nominal party.

A party who, having some interest in the subject matter of a lawsuit, will not be affected by any judgment but is nonetheless joined in the lawsuit to avoid procedural defects. ( An example is the disinterested stakeholder in a garnishment action. - Also termed formal party. Cf. real party in interest.

nominal rate

The interest rate stated in a loan agreement or on a bond, with no adjustment made for inflation. - Also termed coupon rate; face rate; started rate.

nominal sentence

A criminal sentence in name only; an exceedingly light sentence.

nominal trust

See passive trust under TRUST.

nominal value

See PAR VALUE.

nominal yield

See YIELD.

nominal-payee rule

Commercial law. The rule that validates any person's indbrsement of an instrument (such as a check) when the instrument's drawer intended for the payee to have no interest in the instrument. UCC ยง 3-404(b).