PET

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PET

abbreviation for POTENTIALLY EXEMPT TRANSFER.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
It is, however, this dog-lover's admittedly biased opinion that a dog usually makes a better resident pet, primarily for two reasons: 1) Cats can be affectionate - if you're lucky enough to find a "lap cat," but a dog that doesn't like to be petted and be around people is a rare animal (excuse the pun), while a cat with those characteristics is much more common.