Active Debt - Law Dictionary Search Results
deduction
right to take from the mass of the succession before any of it is partitioned (as for a debt owed by the deceased to the heir) … : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a
Property
instruments evidencing title to, or interest in, such property or assets, and includes cash and bank account. [Unlawful Activities (Prevention) Act, 1967 (37 of 1967), s. 2(h)] Includes any property over which or the profits of which … of Bihar v. Kameshwar Singh, AIR 1952 SC 252. Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse,
trust
to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted in the law. active trust : a trust in which legal title remains in the trustee who has a duty to act … a spendthrift who is paid income therefrom and that cannot be reached by creditors to satisfy the spendthrift's debts tentative trust : totten trust in this entry testamentary trust : a trust created in a will to
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discharge
: a wrongful discharge that is done in retaliation for an employee's conduct (as reporting an employer's criminal activity) and that clearly violates public policy wrongful discharge : discharge of an employee for illegal reasons or for … discharged by either cancellation or surrender "J. D. Calamari and J. M. Perillo"] b : to release (a debtor in bankruptcy) from liability for his or her debts 2 : to release from confinement, custody, or care
partner
civil law of Louisiana : limited partner in this entry si·lent partner : a partner who takes no active part in conducting the partnership business but who receives a share of its profits and whose existence is … firm dormant partner : silent partner in this entry general partner : a partner whose liability for partnership debts and obligations is unlimited compare limited partner in this entry lim·it·ed partner : a partner in a venture
sale
purchase the item and takes a security interest in the item with the buyer receiving title when the debt has been fully paid off compare absolute sale in this entry execution sale : a sale carried out … consideration 3 : a selling of goods at lower than usual prices 4 pl a : operations and activities involved in promoting and selling goods and services [vice-president of s] b : gross receipts c : income
liability
of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not … an individual esp. for injuries that occur on the individual's property or as a result of the individual's activities premises liability : liability arising from injuries or losses occurring on one's premises primary liability : liability imposed
Consumer
class of people who are affected by pricing policies, financing practices, quality of goods and services, credit reporting, debt collection, and other trade practices for which state and federal consumer protection laws are enacted', Lucknow Development Authority … the Directive, R (Khatun) v. Newham LBC (CA), (2004) 3 WLR 417. That in spite of the commercial activity, whether a person would fall within the definition of consumer, Kalpavruksha Charitable Trust v. Toshniwal Brothers (Bombay) Pvt.
Company
was eroded by the emergence of new social value which recognised the role of the State as an active participant in the social and economic life of the citizen in order to bring about general welfare and … and the consequence is that in ordinary partnerships the whole property of each partner is liable for the debts of the partnership, whereas in limited company partnerships the liability of the partner'or shareholders, as they are called'is
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