Accrue - Law Dictionary Search Results
Home Dictionary Name: accrue Page: 4Hire-purchase system
Hire-purchase system. A system whereby the owner of goods lets them on hire for periodic payments by the hirer upon an agreement that when a certain number of payments have been completed, the absolute property in the goods will pass to the hirer, but so that the hirer may return the goods at any time without any obligation to pay any balance of rent accruing after return, until the conditions have been fulfilled, the property remains in the owner. The instrument by which the hire-purchase is effected does not ordinarily require registration under the Bills of Sale Acts [Ex parte Crawcour, (1878) 9 Ch D 419]; and the hirer is 'reputed owner' within the Bankruptcy Act [Ex parte Brooks, (1993) 23 Ch D 261]; but the hirer does not 'agree to buy' within the Factors Act or Sale of Goods Act so as to be able to sell or pledge the goods as if he were a 'mercantile agent', Helby v. Matthews, 1895 AC 471; Brooks v. Biernstein, (1909) 1 KB 98. Distinguish from agreements such as in Lee v. Butler...
Forfeiture
Forfeiture, a penalty for an offence or unlawful act, or for some wilful omission of a tenant of property whereby he loses it, together with his title, which devolves upon others.Forfeiture resulted from the following circumstan-ces:--(1) Treason, misprision of treason, felony, murder, self-murder, pr'munire, and striking or threatening a judge. But the (English) Forfeiture Act, 1870 (33 & 34 Vict. c. 23), enacted that no conviction, etc., for treason or felony, or felo de se, shall cause any forfeiture except as consequent on outlawry. The Act also makes provision for the appointment by the Crown of administrators of the property of convicts.(2) Conveyance contrary to law, as transferring a freehold to an alien, who formerly could take lands but could not hold them; wherefore upon office found the Crown was entitled to the land. But the British Nationality and Status of Aliens Act, 1914 (substituted for the (English) Naturalization Act, 1870), subject to certain provisoes, enables ali...
Financial asset
Financial asset, means debt or receivables and includes--(i) a claim to any debt or receivables or part thereof, whether secured or unsecured; or(ii) any debt or receivables secured by, mortgage of, or charge on, immovable property; or(iii) a mortgage, charge, hypothecation or pledge of movable property; or(iv) any right or interest in the security, whether full or part underlying such debt or receivables; or(v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; or(vi) any financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforce-ment of Security Interest Act, 2002 (54 of 2002), s. 2(1)(l)]...
Offerings
Offerings, personal tithes, payable by custom to the parson or vicar of a parish, either occasionally, as at sacraments, marriages, churching of women, burials, etc.; or at constant times, as at Easter, Christmas, etc, 2 & 3 Edw. 6, cc. 13, 20 (repealed by the Church Assembly Measure, 16 & 17 Geo. 5,No. 5), and 21. Voluntary Easter offerings received by an incumbent are profits accruing to him and are assessable for income tax, Cooper v. Blakiston, 1909 AC 104....
Vested
Vested, the word 'vested' is defined in Black's Law Dictionary (7th Edn,) at p. 1557 as: 'Vested; fixed; accrued; settled; absolute; complete. Having the character or given the rights of absolute ownership; not contingent; not subject to be defeated by a condition precedent. 'Rights are 'vested' when right to enjoyment, present or prospective, has become property of some particular person or persons as present interest; mere expectancy of future benefits, or contingent interest in property founded on anticipated continuance of existing laws, does not constitute vested rights. In Webster's Comprehensive Dictionary, (International Edn.) 1397 'vested' is defined as: '[L] aw held by a tenure subject to no contingency; complete; established by law as a permanent right; vested interests', Bibi Sayeeda v. State of Bihar, AIR 1996 SC 1936 (1941): (1996) 9 SCC 516. [Bihar Land Reforms Act, 1950 (30 of 1950), s.4 (a)]...
Pecuniary causes
Pecuniary causes, such as arise either from the withholding of ecclesiastical dues, or the doing or neglecting to do some act relating to the church whereby damage accrues to the plaintiff, to obtain satisfaction for which he is permitted to institute a suit in the spiritual court, 3 Bl. Com. 88....
Per month
Per month, means an agreement to pay so much 'per month' for a stated service, means that such payment is to be made each month or monthly, and gives a cause of action as each accrues, which, once vested, is not subsequently lost or divested by the service-giver's desertion or abandonment of his contract, Taylor v. Laird, 25 LJ Ex 329; Stroud...
Principle amount
Principle amount, interest accrued and added to principal amount on date of suit is principal amount for purposes of interest and not amount of loan originally advanced, Indian Bank v. M/s Kamalalaya Cloth Store, AIR 1991 Ori 44....
Prize chit
Prize chit, includes any transaction or arrangement by whatever name called under which a person collects whether as a promoter, foreman, agent or in any other capacity, monies in one lump sum or in instalments by way of contributions or subscriptions or by sale of units, certificates or other instruments or in any other manner or as membership fees or admission fees or service charges to or in respect of any savings, mutual benefit, thrift, or any other scheme or arrangement by whatever name called , and utillilses the monies so collected or any part thereof or the income accruing from investment or other use of such monies for all or any of the following purposes, namely:-(i) giving or awarding periodically or otherwise to a specified number of subscribers as determined by lot, draw or in any other manner, prizes or gifts in cash or in kind, whether or not the recipient of the prize or gift is under a liability to make any further payment in respect or such scheme or arrangement;(ii)...
Relinquishment
Relinquishment, a relinquishment takes place when the owner withdraws himself from the property and abandons his rights thereto, CIT v. Rasiklal Maneklal, AIR 1989 SC 1333: (1989) 2 SCC 454: (1989) 2 SCR 179. (Income Tax Act, 1961, s. 45)Relinquishment, forsaking, or giving up.The abandonment of a right or thing, Black's Law Dictionary, 7th Edn., p. 1294.Means a release of a claim or portion of it. The essential features of a transaction of relinquishment can be clearly specified. In a transaction of relinquishment the property in which interest is relinquished continues to exist, the property continues to be accrued by some person or persons even after the transaction of relinquishment and the interest of the person even after relinquishing his interest in the property is either given up or abandoned or surrendered. Relinquishment also presupposes that the property in which the interest is relinquished continues to be in existence, C.I.T. v. Rasiklal, (1974) 95 ITR 656 (663)....
- << Prev.
- Next >>