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 ?
Several environmental groups that had urged the Obama administration to impose a leasing moratorium have filed a legal challenge to the termination of the moratorium in Montana federal court.
Late last year, LTFRB chair Martin Delgra said it may be time to lift the moratorium as he cited the country's swelling population and economic growth.
A 90-day moratorium was placed on the company's operations on May 11, 2015 for breaking the nation's banking act.
The United Nations, the European Union, Amnesty International and Human Rights Watch have called on Pakistan to bring back the moratorium on the death penalty.
The prime minister removed the moratorium on terrorrelated cases, but not on other offenses in the wake of December 16 attack on a school in Peshawar which killed at least 141 people, mostly students.
The amendment states that the moratorium area will be narrowed and limited by Masaliyev, Jibek-Jolu avenues and Tokombayev, Shabdan Batyr, Kurmanjan Datka, Fuchik, Sadyrbayev streets.
Dayton, they said, has the authority to enact a regional moratorium on frac sand mining through the use of the Critical Areas Act.
I'm not opposed to the uses of medical marijuana," said Councilor Jerry Behney, who supported the moratorium.
The moratorium will remain in place until January 1, 2020.
After a five-year unofficial moratorium on executions, Pakistan's new government has said it intends to resume the heinous practice of sending people to the gallows," said Ali Dayan Hasan, Pakistan director at Human Rights Watch.
Campaigners were outraged when the Welsh Government imposed the short-term moratorium earlier this month and vowed to meet the health minister Mark Drakeford AM.
By a unanimous vote, the council Tuesday night agreed to advertise the moratorium, reversing its action of the previous week when it simply referred the item to its Municipal Operations Committee for study.