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 ?
Regulatory moratoria have emerged as a tool for political control at the state level as well.
Given the frequency with which regulatory moratoria are cropping up at both the federal and state levels, one might expect that scholars would have studied this emerging tool.
Regardless of the reason for the dearth of scholarly attention, the lack of scrutiny needs to be remedied given the prevalence with which executive and legislative actors at both the federal and state levels are attempting to impose moratoria. This Article aims to supply the remedy by situating regulatory moratoria within the existing literature on political control of the administrative state and by providing the first comprehensive discussion of the emergence and use of regulatory moratoria.
The main goal of this Article is descriptive: to trace the rise of regulatory moratoria and proposals for moratoria at both the federal and state levels and to describe the different contexts in which regulatory moratoria have arisen.
and gas activity, including moratoria, were revisited as options for
suspensions are different from moratoria. While both measures
(suspension and moratoria) have some similar policy implications, the
Several states directed their state courts to grant moratoria in deserving cases, but little guidance was provided to the courts about how to determine which borrowers deserved relief.
The 27 states that adopted foreclosure moratoria during 1933 and 1934 are listed in Table 1, and the geographic distribution of states with moratoria is shown in Figure 4.
Foreclosure moratoria generally applied to both farm and nonfarm residential mortgages.
"Unfortunately, they're not using moratoria for emergencies.
TO LEARN MORE ABOUT THE TAHOE CASE AND MORATORIA, VISIT OUR WEB SITE AT WWW.BUILDERONLINE.COM, CLICK ON INSIDE BUILDER MAGAZINE" AND THEN ON "ARTICLE LINKS."