moratorium

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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.

References in periodicals archive ?
Shelby passed its six-month moratorium after a test well was built less than 500 feet from a residence close to the 25 Mile-Dequindre intersection.
The petition, which was circulated by the Land Stewardship Project (LSP) since mid-January, calls for a two-year moratorium on frac sand mining in southeastern Minnesota, as well as tougher statewide standards for the industry.
Like other cities across Lane County and the state, Coburg weighed in on whether to impose a one-year moratorium on medical marijuana dispensaries within its borders.
While Bank of America Corp said that it would not resume foreclosure proceedings until the eligibility details of Obama's Homeowner Affordability and Stability Plan are released, Wells Fargo said it has extended its foreclosure moratorium to March 13.
After making sure that I understood the meaning of moratorium, I was deeply disappointed with the continued activity concerning the blessing of same sex unions, both from bishops and from those in particular dioceses in the Anglican Church of Canada.
City Councilwoman Jan Perry initially proposed such a moratorium in June.
The moratorium movement is changing the politics of death.
The following excerpt is a copy of the letter sent to the governors of the 36 capital punishment states without moratoriums on executions:
Already 100,000 people have signed on to Moratorium 2000's international campaign, which is being coordinated in the U.
The ITFA provides a moratorium, for the period beginning Oct.
The temporary moratoriums, where approved, would expire on May 1, 2015, although cities can adopt shorter ones.