Active Debt - Law Dictionary Search Results
Home Dictionary Name: active debt Page: 2trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
collateral
collateral 1 a : accompanying as a secondary fact, activity, or agency but subordinate to a main consideration b : not directly relevant or material [a evidentiary matter] [a issue] 2 : belonging to the same ancestral stock but not in a direct line of descent compare lineal 3 a : of, relating to, or being collateral used as a security (as for payment of a debt) b : secured by collateral [a loan] col·lat·er·al·ly adj n 1 : a collateral relative 2 : property pledged by a borrower to protect the interests of the lender in the event of the borrower's default ;specif under Article 9 of the Uniform Commercial Code : property subject to a security interest ...
liability
liability pl: -ties 1 : the quality or state 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 be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
partner
partner : one of two or more persons associated as joint principals in carrying on a business for the purpose of enjoying a joint profit : a member of a partnership ;specif : a partner in a law 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 who has no management authority and whose liability is limited to the amount of his or her investment compare general partner in this entry partner in com·men·dam [-in-kə-men-dəm, -kō-men-dÄ m] in the 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 often not made public called also dormant partner ...
Consumer
Consumer, 'consumer' would include 'any person who consumes electrical energy supplied by a person who generates electrical energy for his own consumption', Jiyajee Rao Cotton Mills Ltd. v. State of Madhya Pradesh, AIR 1963 SC 414: (1962) Supp 1 SCR 282.The definition of the word 'consumer' shows that it would include a person who consumes energy generated by himself. The proposition that in the matter of the levy of electricity tax the Court should differentiate between cases wherein the energy consumed has been generated by someone other than the consumer and those wherein such energy has been generated by the consumer himself cannot, therefore, be countenanced, State of Mysore v. West Coast Papers Mills Ltd., (1975) 3 SCC 448: AIR 1975 SC 5: (1975) 2 SCR 127.The word 'consumer' is a comprehensive expression. It extends from a person who buys any commodity to consume either as eatable or otherwise from a shop, business house, corporation, store, fair price shop to use of private or p...
Habeas corpus ad subjiciendum
Habeas corpus ad subjiciendum (that you have the body to answer). This, the most celebrated prerogative writ in the English law, is a remedy for a person deprived of his liberty. It is addressed to him who detains another in custody, and commands him to produce the body, with the day and cause of his caption and detention, and to do, submit to, and receive whatever the judge or Court shall consider in that behalf. The writ is applied for either by motion to a Court or application to a judge, supported by an affidavit of the facts. (See (English) Crown Office Rules, 1906, rr. 216-230.) If a probable ground be shown that the party is imprisoned without a cause and has a right to be delivered, this writ ought of right to be granted to every man committed or detained in prison or otherwise restrained, though by command of the sovereign, the Privy Council, or any other power. Therefore there is an absolute necessity of express-ing upon every commitment the reason for which it is made, that ...
Special trust
Special trust, where the machinery of a trust is introduced for the execution of some purpose particularly pointed out, and the trustee is not a mere passive depositary of the estate, but is called upon to exert himself actively in the execution of the settlor's intention; as where a conveyance is made to trustees upon trust to sell for payment of debts. See USES....
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