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Simple English definitions for legal terms
standing order
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A quick definition of standing order:
A standing order is a type of command or instruction given by a court or judge. It can be a written direction or a spoken one. It is usually given for a specific case, but sometimes it can apply to all cases in a court. There are many different types of orders, such as temporary orders, final orders, and orders to show cause. Some orders are about money, like orders to pay child support. Others are about actions, like orders to stop doing something. Orders can be very important in legal cases, and it's important to follow them carefully.A more thorough explanation:
A standing order is a type of court order that applies to all cases pending before a court. It is a forward-looking order that sets rules for how cases should be handled in the future. Some individual judges issue a standing order on a subject when there is no local rule bearing on it, often because a rule would not be acceptable to other judges on the court.
For example, a judge may issue a standing order that requires all parties in a case to file certain documents by a specific deadline. This order would apply to all cases pending before the judge, not just the current case.
Other types of court orders include temporary orders, final orders, and interlocutory orders. A temporary order is issued during the pendency of a suit, before the final order or judgment has been entered. A final order is dispositive of the entire case. An interlocutory order relates to some intermediate matter in the case and is any order other than a final order.
Examples of different types of orders in the context of securities include:
- Limit order: An order to buy or sell at a specified price, regardless of market price.
- Market order: An order to buy or sell at the best price immediately available on the market.
- Stop order: An order to buy or sell when the security's price reaches a specified level (the stop price) on the market.
These examples illustrate how different types of orders can be used to buy or sell securities in the stock market.