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单词 moratorium
释义

moratorium


mor·a·to·ri·um

M0418600 (môr′ə-tôr′ē-əm, mŏr′-)n. pl. mor·a·to·ri·ums or mor·a·to·ri·a (-tôr′ē-ə) 1. Law a. A lawful suspension of the payment of certain debts during a period of financial or civil distress.b. The period during which such a suspension occurs.2. A suspension of an ongoing or planned activity: a moratorium on timber cutting.
[From Late Latin morātōrium, neuter of morātōrius, delaying, from Latin morātus, past participle of morārī, to delay, from mora, delay.]
mor′a·to′ry adj.

moratorium

(ˌmɒrəˈtɔːrɪəm) n, pl -ria (-rɪə) or -riums1. (Law) a legally authorized postponement of the fulfilment of an obligation2. an agreed suspension of activity[C19: New Latin, from Late Latin morātōrius dilatory, from mora delay] moratory adj

mor•a•to•ri•um

(ˌmɔr əˈtɔr i əm, -ˈtoʊr-, ˌmɒr-)

n., pl. -to•ri•a (-ˈtɔr i ə, -ˈtoʊr-)
-to•ri•ums. 1. a suspension of activity: a moratorium on nuclear testing. 2. a legally authorized period to delay payment of money due or the performance of some other legal obligation, as in an emergency. 3. an authorized period of delay or waiting. [1870–75; < New Latin, Late Latin morātōrium, n. use of neuter of morātōrius dilatory]
Thesaurus
Noun1.moratorium - a legally authorized postponement before some obligation must be dischargeddelay, postponement, time lag, wait, hold - time during which some action is awaited; "instant replay caused too long a delay"; "he ordered a hold in the action"
2.moratorium - suspension of an ongoing activityabeyance, suspension - temporary cessation or suspension

moratorium

noun postponement, stay, freeze, halt, suspension, respite, standstill a one-year moratorium on nuclear testing
Translations
Moratoriummoratoriamoratória

moratorium


moratorium

a legally authorized postponement of the fulfilment of an obligation

Moratorium

 

a postponement of obligations established by a government for a fixed period or until the end of certain forces majeures, for example, during war or natural disaster. A general moratorium applies to all obligations; other types pertain to only certain varieties of obligation or to certain categories of debtors.

In the USSR a moratorium may be established by a decree of the Council of Ministers of the USSR or of a Union republic. Soviet civil law considers a moratorium grounds for suspending the period of limitation on civil suits (Civil Code of the RSFSR, art. 85). A general moratorium has never been declared in the USSR; during the Great Patriotic War of 1941–45, a moratorium was declared on certain obligations only.

In capitalist countries, the government resorts to moratoriums during periods of economic crisis. As a rule, such moratoriums apply to bank transactions on foreign loans. A special form of moratorium is the bank moratorium, which closes credit institutions for a certain time by order of the government. Use of the moratorium is characteristic of the present-day currency and financial crisis. For example, the devaluation of the American dollar in 1971–73 led to numerous closings of the major currency exchanges in Western Europe and Japan.

Moratorium


Moratorium

A suspension of activity or an authorized period of delay or waiting. A moratorium is sometimes agreed upon by the interested parties, or it may be authorized or imposed by operation of law. The term also is used to denote a period of time during which the law authorizes a delay in payment of debts or performance of some other legal obligation. This type of moratorium is most often invoked during times of distress, such as war or natural disaster.

Government bodies may declare moratoria for a broad range of reasons. For example, a local government may attempt to regulate property development by imposing a moratorium on the issuance of building permits. The legality of such a moratorium is generally determined by measuring its impact on the affected parties. In 1987 the U.S. Supreme Court held that certain moratoria on property development may be unconstitutional takings, thus making it more difficult for local governments to slow development in their communities (First English Evangelical Lutheran Church v. Los Angeles County, 482 U.S. 304, 107 S. Ct. 2378, 96 L. Ed. 2d 250). On the other hand, in 1995 the Court upheld a thirty-day moratorium on lawyer advertising that was challenged as an infringement of First Amendment rights (Florida Bar v. Went For It, Inc., 515 U.S. 618, 115 S. Ct. 2371, 132 L. Ed. 2d 541).

Many state legislatures have passed moratorium legislation in response to popular demand for debt relief during emergencies. The constitutionality of these statutes is determined using a two-pronged analysis. First, the courts consider the effect of the moratorium on the rights of the parties to the impaired contract. If the moratorium changes only the remedy for breach and not the terms of the contract, it is generally upheld (see Sturges v. Crowninshield, 17 U.S. [4 Wheat.] 122, 4 L. Ed. 529 [1819]). Second, if the moratorium is a response to a bona fide emergency, it is upheld (see Johnson v. Duncan, 3 Mart. 530 [La. 1815], upholding a moratorium passed when the British invaded Louisiana in 1814).

As a function of its Police Power, a state may suspend contractual rights when public welfare, health, or safety are threatened. However, this police power is limited by standards of reasonableness. During the World War I housing shortage, some New York landlords raised rents to exorbitant levels and evicted tenants who failed to pay. In response to what it perceived as a public health and safety emergency, the state legislature passed a law that limited rentals to reasonable amounts, gave courts authority to determine reasonableness, and prohibited landlords from evicting tenants willing to pay reasonable rents. The law was sustained by the U.S. Supreme Court in Marcus Brown Holding Co. v. Feldman, 256 U.S. 170, 41 S. Ct. 465, 65 L. Ed. 877 (1921).

An example of a contemporary debt moratorium is the Minnesota Mortgage Moratorium Act (1933 Minn. Laws 514), passed by the Minnesota legislature in response to a sharp rise in foreclosures on mortgaged farm property. The constitutionality of the act was challenged in Home Building & Loan Association v. Blaisdell, 290 U.S. 398, 54 S. Ct. 231, 78 L. Ed. 413 (1934), in which the Supreme Court upheld the legislation based on five criteria: a bona fide emergency existed; the statute addressed a legitimate societal interest; debt relief was granted only under limited conditions; contractual rights were reasonably protected; and the legislation was of limited duration. This act was extended until 1942. Fifty years later the Minnesota legislature responded again to public pressure to relieve farm debts by passing another Mortgage Moratorium Act (Minn. Stat. § 583.03 [Supp. 1983]).

Further readings

Amundson, Roland C., and Lewis J. Rotman. 1984. "Depression Jurisprudence Revisited: Minnesota's Moratorium on Mortgage Foreclosure." William Mitchell Law Review 10.

moratorium

n. 1) any suspension of activity, particularly voluntary suspension of collections of debts by a private enterprise, or by government or pursuant to court order. 2) In bankruptcy, a halt to the right to collect a debt. In times of economic crisis or a natural disaster like a flood or earthquake, there may be a moratorium on foreclosures or mortgage payments until the public can get back to normal activities and earnings.

moratorium


Moratorium

A temporary delay. An example of a moratorium is a delay in the payment of debt. That is, if too many people are unable to repay loans, the government may declare that no one is legally obligated to make debt service payments for a period of six months. Likewise, if a company is having a difficult year, it may declare a moratorium on research and development funding for two years in order to save money.

moratorium

the suspension of repayment of DEBT, or INTEREST, for a specified period of time. For example, the freezing of debt repayment obligations extended by advanced country governments and private banks to a developing country that is experiencing acute balance of payments difficulties or the suspension of debt payments owing to dealers in a commodity market that has suffered a dramatic price collapse. See DEBT SERVICING, INTERNATIONAL DEBT.

moratorium

A temporary cessation.Usually encountered in real estate when a local government suspends issuance of building permits in a particular area because, for example, the existing water line or sewer line capacity will not accommodate new growth.

moratorium


  • noun

Synonyms for moratorium

noun postponement

Synonyms

  • postponement
  • stay
  • freeze
  • halt
  • suspension
  • respite
  • standstill

Words related to moratorium

noun a legally authorized postponement before some obligation must be discharged

Related Words

  • delay
  • postponement
  • time lag
  • wait
  • hold

noun suspension of an ongoing activity

Related Words

  • abeyance
  • suspension
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