Bare Act Search Results

Usurious Loans Act, 1918 Section 3

Title: Reopening of Transactions

State: Central

Year: 1918

.....This section shall apply to any suit, whatever its form may be, if such suit is substantially one for the recovery of a loan or for the enforcement of any agreement or security in respect of a loan {Ins.by Act 28 of 1926, s, 3.}[or for the redemption of any such security]. (4) Nothing in this section shall affect the rights of any transferee for value who satisfies the Court that the transfer to him was bona fide, and that he had at the time of such transfer no notice of any fact which would have entitled the debtor as against the lender to relief under this section. For the purposes of this sub-section, the word " notice " shall have the same meaning as is ascribed to it in section 4 of the Transfer of Property Act, 1882. (5) Nothing in this section shall be construed as derogating from the existing powers or jurisdiction of any Court.

Usurious Loans Act, 1918 Complete Act

State: Central

Year: 1918

.....rates. This subject has engaged the attention of the Government of India frequently in the past and in 1899 sections 16and19 of the Indian Contract Act. 1872, were amended so as to enunciate more clearly the principle on which a contract can be avoided on the ground of undue influence. Those amendments had' the effect of conferring on the Courts in India equitable jurisdiction in cases relating to usurious contracts in which the element of undue influence is established, but where undue influence cannot be established the result has been to emphasize the rigidity of section 2 of the Usury Laws Repeal Act (XXVIII of 1855), however exorbitant the demand, and however unconscionable the bargain. Further there has been a tendency on the part of the Courts to place upon the word "unconscionable" in section 16 of the Indian Contract Act the, technical meaning which it has acquired in English equity, and consequently to limit their own powers of interference. Lastly the particular transaction before the Court is often merely one of a series and unless there is power to go behind it and examined antecedent agreements and attendant circumstances there is little hope of the Courts.....

The Usurious Loans Act, 1918 Complete Act

State: Punjab

Year: 1918

THE USURIOUS LOANS ACT, 1918 THE USURIOUS LOANS ACT, 1918 (ACT No. 10 OF 1918) Contents S. No Subject 1. Short title and extent 2. Definitions 3. Re-opening of transactions 4. Insolvency Proceedings An Act to give additional powers to Court to deal in certain cases with usurious loans of money or in kind. [22nd March, 1918] 1 2 3 4 Year No. Short title Whether affected by letter legislation 1918 10 The Usurious Loans Act, 1918 Amended in part by Act, 28 of 1926 Amended in its application to Punjab by east Punjab Act 4 of 1948. Amended in part by the Indian Independence (Adaptation of Central Act and Ordinance) Order 1948. Amended Part by the Adaptation of Laws No. 3) Order, 1956. Extended to the territories which immediately before the 1st November 1956 were comprised in the Patiala and East Punjab State Union and shall be deemed to have been extended to and enforced in the transferred territories from the 30the December, 1960 by Punjab Act No. 18 of 1962.2 Whereas it is expedient to give additional powers to Courts to deal in certain cases with usurious loans of.....

Usurious Loans Act, 1918 Section 1

Title: Short Title and Extent

State: Central

Year: 1918

(1) This Act may be called the Usurious Loans Act, 1918. (2) It extends to the whole of India except{Subs.By the Adaptation of Laws (No.3) Order, 1956 , for "Part B States".} [the territories which , immediately before the 1st November , 1956 , were comprised in Part B States] {The words "including British Baluchistan" omitted by the A.O.1948.} (3) The State Government may , by notification in the Official Gazette , direct that it shall not apply to any area , class of persons , or class of transactions which it may specify in its notification.

Usurious Loans Act, 1918 Section 2

Title: Definitions

State: Central

Year: 1918

In this Act , unless there is anything repugnant in this subject or context,-- "Interest" means rate of interest and includes the return to be made over and above what was actually lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise "Loan" means a loan whether of money or in kind and includes any transaction which is, in the opinion of the Court in substance a loan. " Suit to which this Act applies" means any suit (a) for the recovery of a loan made after the commencement of this Act; or (b) for the commencement of any security taken or any agreement , whether by way of settlement of account or otherwise , made, after the commencement of this Act, in respect of any loan made either before or after the commencement of this Act; {Ins. By Act 28 of 1926 , s.2} [or (c) for the redemption of any security given after the commencement of this Act in respect of any loan made either before or after the commencement of this Act]

Usurious Loans Act, 1918 Complete Act

Title: Usurious Loans Act, 1918

State: Central

Year: 1918

Preamble1 - USURIOUS LOANS ACT, 1918 Section1 - Short title and extent Section2 - Definitions Section3 - Reopening of Transactions Section4 - Insolvency Proceedings