Active Trust - Law Dictionary Search Results
Home Dictionary Name: active trust Page: 2Special 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....
Bare trustee
Bare trustee, A person holding property in trust for another without any beneficial interest in or duty in regard to it except to transfer it to the person entitled. Under the (English) Law of Property Act, 1925, 1st Sched., Part II., para 3, the legal estate, if any, in a bare trustee (not being a trustee for sale) automatically vested in the person who could call for a conveyance of it. Although this simplified conveyancing where the legal estate in the trustee was only remote, it was found that great inconvenience would be caused in cases where the legal estate in the trustee related to the entirety of the property in question according to its nature, and the Law of Property Amendment Act, 1926, provided that a purchaser for money or money's worth without notice of the trust upon production of the title deeds may accept the conveyance from the trustee or persons deriving title under him. See ACTIVE TRUSTEE.Bare trustee, in relation to a deposit means person holding the deposit on tr...
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...
Commercial purpose
Commercial purpose, 'Commercial' denotes 'pertaining to commerce'; it means 'connected with, or engaged in commerce; mercantile; having profit as the main aim' whereas the word 'commerce' means 'financial transactions especially buying and selling of merchandise, on a large scale', Laxmi Engineering Works v. P.S.G. Industrial Institute, (1995) 3 SCC 583: AIR 1995 SC 1428 (1435). [Consumer Protection Act (68 of 1986), s. 2(d)]Means a hydrocarbon mixture consisting predominantly of propane, propylene or any mixture of them, Halsbury's Laws of England, Vol. 20, para 669, p. 535.Observation of the National Commission that commercial purpose would mean 'profit-making activity on a large scale', Kalpavruksha Charitable Trust v. Toshniwal Brothers (Bombay) Pvt. Ltd., (2000) 1 SCC 512....
Active supervision
Active supervision, means under the test for determining whether a private entity may claim a state-action exemption from the anti-trust laws, the right of the State to review the entity's anti-competitive acts and to disapprove those acts that do not pronote State policy, Black Law Dictionary, 7th Edn., p. 33....
Charitable purpose
Charitable purpose, includes relief of the poor, education, medical relief and the advancement of any other object of general public utility, but does not include a purpose which relates exclusively to religious teaching or worship. [Charitable Endow-ments Act, 1890 (6 of 1890), s. 2]Means relief of the poor, education, medical relief and the advancement of any other object of general public utility without the additive words 'not involving the carrying on of any activity for profit', Additional Commissioner of Income Tax v. Surat Art Silk Cloth Manufacturers Association, Surat, (1980) 2 SCR 77: (1980) 2 SCC 31: AIR 1980 SC 387.The definition of 'charitable purposes' in the West Bengal Estates Acquisition Act, 1953 follows, though not quite, the well-known definition of charity given by Lord Macnaghten in Commissioners for Special Purposes of Income Tax v. Pemsel, (1891) AC 531 (583), where four principal divisions were said to be comprised-trusts for the relief of poverty; trusts for ...
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...
Notice
Notice, the making something known to a person of which he was or might be ignorant. Notice is either (1) statutory; (2) actual, which brings the knowledge of a fact directly home to the party; or (3) constructive or implied, which is no more than evidence of facts which raise such a strong presumption of notice that equity will not allow the presumption to be rebutted. [S. 154, I.P.C. and Art. 61(2)(a) const. 56 Indian Evidence Act]Constructive notice may be subdivided into: (a) where the facts of which actual evidence is supplied give rise to a further enquiry which a man exercising ordinary caution would make equity has added constructive notice of the facts, which that inquiry would have elicited; and (b) where there has been a designed abstinence from inquiry for the very purpose of avoiding notice. See CONSTRUCTIVE NOTICE.A purchaser with notice may protect himself by purchasing the title of another bona fide purchaser for a valuable consideration without notice; for, otherwise, ...
Education
Education. Mr. Forster's Elementary Education Act, 1870 (English) (33 & 34 Vict. c. 75), is the starting point in the history of the provision by legislation of a general system of education. Before this date education had been dealt with either as a series of individual problems in respect of which provisions were made for the education of special classes of persons, or by executive, as opposed to legislative methods, as, for example, by a system of grants in aid. This Act was followed by a series of Acts, known collectively as the Education Acts, 1870 to 1919, which together established a system of free and compulsory elementary education of a non-denominational character. The initial Act established 'school boards' with powers of building and maintaining elementary schools and of regulating the attendance of school children between the ages of 5 and 13. The El. Ed. Act, 1876, declared 'the duty of the parent of every child to cause such child to receive efficient elementary educatio...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
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