Instalment - Definition - Law Dictionary Home Dictionary Definition instalment

Definition :

Instalment, a portion of a debt. When a debt is divided into two or more parts, payable at different times, each part is called an instalment, and the debt is said to be payable by instalments. A provision making the balance of instalments payable on default in payment of one instalment is not a penalty, and there is no objection to it in point of law, Wallingford v. Mutual Society, (1880) 5 App Cas 685. Where, in a county Court, judgment has been obtained for not more than 20l., exclusive of costs, the Court may order payment by instal-ments, (English) County Courts Act, 1934, s. 96, replacing (English) County Courts Act, 1888, s. 105, as amended by s. 18(1) of the (English) County Courts Act, 1919.

As to delivery by instalments of goods sold, see s. 31 of the Sale of Goods Act, 1893, by which, 'unless otherwise agreed, the buyer is not bound to accept delivery by instalments'; and see HIRE PUR-CHASE.

An instalment due according to the terms of an allotment of shares in a limited company is not a 'call', Croskey v. Bank of Wales, (1863) 4 Giff 314.