Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Automatic perfection
see perfection.
Perfectum est cui nihil deest secundum suae perfectionis vel naturae modum
That is perfect which lacks nothing according to the measure of its perfection or nature.
automatic perfection
The self-operative perfection of a purchase-money security interest without filing or without possession of the collateral. ( The security interest is perfected simply by the attachment of the security interest, without any additional steps. See purchase-money security interest under SECURITY INTEREST.
perfection
Validation of a security interest as against other creditors, usu. by filing a statement with some public office or by taking possession of the collateral. Cf. ATTACHMENT (4).
temporary perfection
The continuous perfection of a security interest for a limited period. ( For example, a security interest in proceeds from the original collateral is perfected for ten days after the debtor receives the proceeds; the interest will become unperfected after this ten-day period unless certain statutory requirements are met. On most instruments, a secured party who advances new value under a written security agreement obtains a 21-day perfection period, even if the secured party does not file a financing statement and the collateral remains with the debtor. UCC ยง 9-304(4).