Description
-
- passu is the ablative of the Latin noun passus, "step"
- pari is the ablative singular masculine (since it must grammatically agree with passu) of the adjective par, "equal". If it were nominative, "an equal step" it would be par passus.
In law, this term is commonly used jargon. Black's Law Dictionary (8th ed., 2004) defines pari passu as "proportionally; at an equal pace; without preference."
In inheritance, an in pari passu (per capita) distribution can be distinguished from a per stirpes (by family branch) distribution. For example, suppose a testator had two children A and B. A has two children, and B has three. The testator leaves his entire estate to his grandchildren in equal shares in pari passu, each grandchild would inherit one fifth of the estate. If the testator left his entire estate to his grandchildren per stirpes (by family branch), the children of A would share one half of the estate equally between the two of them, and the children of B would share one half of the estate equally amongst the three of them. The problem with an in pari passu distribution in the example given is that, let's assume A dies before B. On A's death a distribution could not be made to his or her children: they would have to await the death of B
In pari passu, every lender retains the hepothetication under one mutual agreement.
Read more about this topic: Pari Passu
Famous quotes containing the word description:
“God damnit, why must all those journalists be such sticklers for detail? Why, they’d hold you to an accurate description of the first time you ever made love, expecting you to remember the color of the room and the shape of the windows.”
—Lyndon Baines Johnson (1908–1973)
“I was here first introduced to Joe.... He was a good-looking Indian, twenty-four years old, apparently of unmixed blood, short and stout, with a broad face and reddish complexion, and eyes, methinks, narrower and more turned up at the outer corners than ours, answering to the description of his race. Besides his underclothing, he wore a red flannel shirt, woolen pants, and a black Kossuth hat, the ordinary dress of the lumberman, and, to a considerable extent, of the Penobscot Indian.”
—Henry David Thoreau (1817–1862)
“The Sage of Toronto ... spent several decades marveling at the numerous freedoms created by a “global village” instantly and effortlessly accessible to all. Villages, unlike towns, have always been ruled by conformism, isolation, petty surveillance, boredom and repetitive malicious gossip about the same families. Which is a precise enough description of the global spectacle’s present vulgarity.”
—Guy Debord (b. 1931)