Admitted Asset - Law Dictionary Search Results
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asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Commercial assets
Commercial assets, of a building society comprise the society's class 1, class 2 and 3 assets. The aggregate of a society's class 1, class 2 and class 3 assets constitutes the total commercial assets of the society. Class 1 assets comprise class 1 advances secured on land in the United Kingdom or on land in the Isle of Man, the Channel Island or Gibraltar. Class 2 assets comprise class 2 advances secured on land in the United Kingdom or on land in the Isle of Man, the Channel Islands or Gibraltar. Class 3 assets comprise loons for mobile homes, Halsbury's Laws of England, Vol. (2), para 762, p. 464....
Assets
Assets [fr. assetz, Nor.-Fr., i.e., satis, Lat.; assez, Fr., sufficient; in Old English it was commonly written asseth], the property of a deceased person, which is chargeable with, and applicable to the payment of, his debts and legacies; the property of any person, with reference to bankruptcy, available for division amongst his creditors; the whole property of a person, without any such reference. For purposes of the administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised all property to which the personal representative became entitled virtute officii and for which he would have been answerable in an action at common law brought against him by a creditor; they were administered in accordance with certain rules of priority. Equitable assets, on the other hand were those which would only be made available for the payment of debts through the operation of a decree or order of a Court of Equity; t...
Non-performing asset
Non-performing asset, means an asset or account of a borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss asset, in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2 (1) (o)]...
Fixed assets
Fixed assets, 'Fixed assets' in general comprise those assets which are held for the purpose of conducting a business, in contradistinction to those assets which the proprietor holds for the purpose of converting into cash, and they include real estate, building, machinery, etc. Union of India v. United Collieries Ltd., AIR 1985 SC 192 (195): (1985) 1 SCC 305: (1985) 2 SCR 209. [Coal mines (Nationaliza-tion) Act, (26 of 1973), s. 2(h)(xii)]...
Floating assets
Floating assets, where there is a fixed charge over assets, such as the subsidiary shares, the fact that the charger is entitled to enjoy the fruits of the asset, such as the distribution rights, should not lead to the charge as it covers those assets being characterized as floating, Atlantic Computer System Plc (in re:), (1992) Ch 505. See also Arthur D Little Ltd. (in administration) v. Ableco Finance LLC, (2003) LR 217 (Ch): (2002) EWHC 701 (Ch)....
Notice of admit
Notice of admit. The parties to a suit may, by their solicitors, agree to admit at the trial documents and facts; and such agreement often saves trouble and expense, where there is no ground for disputing them.'Either party may call on the other by notice of admit any document saving all just exceptions, and in case of refusal, or neglect to admit, the costs of proving the document shall be paid by the party neglecting or refusing, whatever the result of the cause may be, unless at the hearing or trial the judge shall certify that the refusal was reasonable; and no costs of proving any document are allowed unless notice be given, except where the omission to give the notice is a saving of expense' (R.S.C., Ord. XXXII., r. 2). This rule is frequently acted upon. There is another (rule 4), providing for a notice to admit facts first introduced in 1883, and not so much used....
Tax admitted
Tax admitted, the expression 'tax admitted' in the proviso to s. 9(1) of the U.P. Sales Tax Act, 1948 means that admitted in the memorandum of appeal, s. 9 can be made wholly useless. All that an assessee has to do is not to admit his liability in the memorandum of appeal, whatever his stand might have been before the assessing authority. Ordinarily no interpretation should be placed on a provision which would have the effect of making the provision either otios or a dead letter. Further, to find out the true meaning of the expression 'tax admitted' one must take into consideration the remaining words of the proviso namely 'or such instalments thereof as may become payable'. Those words furnish a key to the interpretation. If one of the conditions for maintainability of the appeal is payment of the instalments which have become payable under r. 41(2), it means that the admission that has got to be taken into consideration is that made before the assessing authority and not before the a...
liquid asset
liquid asset a cash asset or an asset that is easily converted into cash. Source: U.S. Department of Housing and Urban Development ...
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