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In Commercial Law, equal; equality.

The term par refers to an equality that exists between the nominal or face value of a document—such as a bill of exchange or a share of stock—and its actual selling value. When the values are equal, the share is said to be at par; if it can be sold for more than its face value, it is above par; if it is sold for less than its nominal value, it is below par.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


n. 1) equal. 2) the face value of a stock or bond, printed on the certificate, which is the amount the original purchaser paid the issuing corporation. However, most common stocks are issued as "no-par value," and the value reflects the current market for the stock. Preferred stocks state a par value upon which the dividends are calculated, and the par value of bonds establishes the final pay-off amount upon maturity, usually many years in the future. (See: stock, common stock, preferred stock)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

PAR, comm. law. Equal. It is used to denote a state of equality or equal value. Bills of exchange, stocks, and the like, are at par when they sell for their nominal value; above par, or below par, when they sell for more or less.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Ahmed shot impressive six under par on a cloudy and windy day during the second round.
Indiza, who is also lying second in the Road to Karen Masters rankings, played a round of three under par 70 on the opening day.Wakhu set off with one under in the first nine, with an impressive four under in the second nine.
At one under par, and needing a sub-par finish, Porteous had par fours at the 15th and 16th but another bogey at the 314-yard par-four 17th.
Under Net Category Robin Bagh stands First with score of 142 (2 under par) followed by Khalid Mehmood with the net score of 143 (1 under par).
Under the Net Category, Robin Bagh stands First with score of 142 (2 under par) followed by Khalid Mehmood with the net score of 143 (1 under par).
With four par fives on the Hoylake links each played four times, that made 16 par fives in all to be negotiated, and for those 16 holes Slattery was 12 under par with 10 birdies and one eagle.
Meanwhile finishing third on his own after a fine round of one under par 71 for four over par total of 292 was Zambia's Sydney Wemba who started poorly, firing 80 in the first round though he eventually improved in the last three days with rounds of 72, 69 and his closing 71.Whilst Simon Ngige dropped to joint 11th with 295 after posting three over par in the closing round, another Kenyan Greg Snow fired two under par 70, his best in the tournament, to tie for fourth place with Portugal's Stephen Fereira on five over par 293.
Member of the Pakistans Korean bound team, Naeem added an excellent 67, five under par in his second day round to his over night 68, four under par by making a total of 135 over 36 holes, nine under par.
There is a par-five on each nine and some short par-fours, but overall this is a demanding venue where eight, nine, seven and eight under par have topped the charts in the last four years Story of last year Bill Haas and Hunter Mahan finished tied at eight under par Haas produced the shot of the season at the second extra hole - a m iraculous splash from the greenside water hazard at the 17th which rescued a par - t hen beat a bewildered Mahan with a par at the next Weather forecast The course took an early-week drenching, but clear, windless skies and plenty of sunshine are expected for the tournament days Type of player suited to challenge The fairways are difficult to hit so accurate drivers should prosper.