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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 ?
* The breaking of the host at the time of the consecration (par. 55).
* The omission of the name of the Supreme Pontiff or of the diocesan bishop in the Eucharistic Prayer (par. 56).
* Altering or varying the texts of the liturgy (par. 59).
* Separating the Liturgy of the Word from the Liturgy of the Eucharist by celebrating them at different times or places (par. 60).
* Entrusting the homily to a layperson (par. 64), seminarians, theological students, or "pastoral assistants" (par.
* The introduction of Creeds or Professions of Faith not in the duly approved liturgical books (par. 69).
* "To unite the sacrament of penance to the Mass in such a way that they become a single liturgical celebration." This does not preclude priests from hearing confessions while Mass is going on, however (Par. 76).
Paisley safely negotiated the 488-yard par-four 16th, then hit a great shot to the heart of the green at the 223-yard par-three 17th for par.
Engaging bottom gear to hopefully climb back at the 414-yard par-four thirteenth, he levelled out with a well-worked par.
After bunkering his tee shot at the 165-yard sixth, he splashed out to five-feet, and calmly rolled in the putt for par. After safely making the top level of the two-tiered par four seventh green, he two-putted for a par.
At the 460-yard par-four 10th he smoothly he found his fifth birdie to go five under par.
After really erratic golf, he played a super shot to the middle of the green at the short ninth, holed for his second birdie two and turned in 38 - two over par.