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Simple English definitions for legal terms
time order
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A quick definition of time order:
A time order is a command or instruction given by a court or judge. It can be a final decision or a temporary order that relates to an intermediate matter in a case. There are different types of orders, such as a filiation order that determines paternity, a support order that directs payment for child support, or a stop order that instructs a broker to buy or sell securities at a specified price. A time order can also become a market or limited-price order at a specific time.A more thorough explanation:
Definition: A command or instruction given by a court or judge that relates to some intermediate matter in a case, not disposing of the merits, but adjudicating a preliminary point or directing some step in the proceedings. It can also refer to an investor's instruction to buy or sell securities.
- Interim order: A temporary court decree that takes effect until something else occurs.
- Stop order: An order to buy or sell when the security's price reaches a specified level (the stop price) on the market.
The first example illustrates how a time order can be a temporary court decree that is issued during the pendency of a case, before the final order or judgment has been entered. The second example illustrates how a time order can be an investor's instruction to buy or sell securities at a specific time or price.