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Simple English definitions for legal terms
lockup
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A quick definition of lockup:
Term: LOCKUP
Definition: A lockup is a place where people who have broken the law are kept as punishment. It is like a jail. Lockup can also refer to a type of financial option where the holder has the right to sell an asset at a certain price for a specific period of time.
A more thorough explanation:
Definition: A lockup is a place where people are held in custody, usually as a form of punishment for breaking the law. It can also refer to a financial option that allows an investor to lock in a specific price for a security.
- After being arrested for theft, the suspect was taken to the local lockup.
- The city council approved the construction of a new lockup facility to address overcrowding in the current jail.
- Investors can use a lockup option to protect themselves from market fluctuations by locking in a specific price for a security.
The first two examples illustrate the use of lockup as a jail or detention facility. The third example shows how lockup can also refer to a financial option used by investors.