Asset - Law Dictionary Search Results
Home Dictionary Name: asset Page: 5Obligor
Obligor, he who enters into an obligation or bond; a debtor.It means a person liable to a originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect ofa financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(q)]Means (1) One who has undertaken an obligation is owed; a promisee or creditor. (2) One who is obliged to do something, Black's Law Dictionary, 7th Edn., p. 1104.Means a person liable to the originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect of a financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(q)]...
loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
legacy
legacy pl: -cies [Medieval Latin legatio, from Latin legare to bequeath] : a gift of property by will ;specif : a gift of personal property by will : bequest see also ademption compare devise conjoint legacy in the civil law of Louisiana : a legacy by a single disposition to more than one legatee or of indivisible property to more than one legatee de·mon·stra·tive legacy [di-mÄ n-strə-tiv-] : a legacy payable from a designated fund or asset or from the general assets of the estate to the extent the specified fund or asset fails to satisfy the legacy general legacy : a legacy payable out of the general assets of the estate legacy under a universal title in the civil law of Louisiana : a legacy that consists of a specified proportion (as one-half), a specified type (as movables), or a specified proportion of a specified type of the testator's property par·tic·u·lar legacy in the civil law of Louisiana : any legacy that is not a universa...
Goodwill
Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that every affirmative advantage as contrasted with negative advantage that has been acquired in carrying on the business whether connected with the premises of business or its name or style, everything connected with or carrying the benefit of the business, Ramnik Vallabhdas Madhwani v. Taraben Pravinlal Madhwani, (2004) 1 SCC 407: AIR 2004 SC 1084 (Partnership Act, 1932, s. 55).A business's reputation, patronage, and other intan-gible assets that are considered when apprising the business, esp. for purchase; The ability to earn income in excess of the an come that would be expected from the business veined as a mere collec-tion of assets, Black's Law Dictionary, 7th Edn., p. 703.The advantage or benefit which is acquired by a business, beyond the mere value of the capital, stock, funds, or property employed therein, incon-sequence of the general public patronage and ...
Marshalling
Marshalling, the act of arranging or of putting into proper order.The doctrine of marshalling assets and securities depends upon the principle that a person, having two funds out of which to satisfy his demands, shall not, by his election, prejudice a person who has only one such fund. If, therefore, one who has a claim upon two funds resorts to the only fund upon which another has a claim, the latter stands in his place for so much against the fund to which otherwise he could not have access: the object being that every claimant shall be satisfied as far as, by any arrangement consistent with the nature of the several claims, the property which they seek to affect can be applied in satisfaction of such claims.In the administration of the estate of deceased persons, marshalling consists of arranging the assets so as to give effect to the priority of debts, as to legal assets on the one hand, and to the order of assets on the other. now that all the assets are liable to be applied for t...
Net wealth
Net wealth, 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, Commissioner of Wealth Tax v. Bishwanath Chatterjee, AIR 1976 SC 1492 (1494): (1976) 3 SCC 385: (1976) 3 SCR 1096. [Wealth Tax Act, 1957, ss. 2(m) and 21(5)]It means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date which have been incurred in relation to the said assets. [Wealth-tax Act, 1957 (27 of 1957), s. 32 (m)]A coparcenary has unity of possession but not unity of owners...
administrator
administrator 1 : a person appointed by a probate court to manage the distribution of the assets in the estate of a person who has died without leaving a valid will or leaving a will that does not name an executor able or willing to perform see also administratrix letters of administration at letter compare executor, personal representative administrator ad litem : an administrator appointed to represent an estate that is a necessary party to a lawsuit administrator cum testamento annexo : administrator with the will annexed in this entry administrator de bo·nis non [-dē-bō-nis-nÄ n, -dā-bō-nis-nōn] : an administrator appointed to administer the remaining assets in the estate when the preceding administrator or executor can or will no longer perform administrator pen·den·te li·te [-pen-den-tē-lī-tē, -pen-den-tā-lē-tā] : special administrator in this entry administrator with the will annexed : an ...
Actual cost
Actual cost, The accepted accountancy rule for determining the cost of fixed assets is to include all expenditure necessary to bring such assets into existence and to put them in working condition. In case money is borrowed by a newly started company which is in the process of constructing and erecting its plant, the interest incurred before the commencement of production on such borrowed money can be capitalised and added to the cost of the fixed assets which have been created as a result of such expenditure. The above rule of accountancy should, in our view, be adopted for determining the actual cost of the assets in the absence of any statutory definition or other indication to the contrary, Challapalli Sugar Limited v. Commissioner of Income Tax, (1975) 3 SCC 572: AIR 1975 SC 97 (101)....
Net-worth
Net-worth, means the sum total of the paid-up capital and free reserves. [Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), s. 3 (1) (ga)]The concept of 'Net Worth' always denotes the excess of the book value of all assets over liabilities and market value of the assets is never taken into consideration; in fact the market value of assets which gives the 'current worth' becomes a relevant factor when in liquidation the question has to be considered whether the company possesses assets which would be sufficient to meet all its creditors or not, Commissioner of Income Tax v. Mahindra and Mahindra Limited, AIR 1984 SC 1182 (1193): (1983) 4 SCC 392: (1983) 3 SCR 773....
waste
waste 1 : destruction of or damage to property that is caused by the act or omission of one (as a lessee, mortgagor, or life tenant) having a lesser estate and is usually to the injury of another (as an heir, mortgagee, or remainderman) with an interest in the same property [an action for ] ame·lio·rat·ing waste [ə-mēl-yə-rā-ti-] : waste that leads to improvement of property (as by clearing the way for rebuilding something) called also ameliorative waste permissive waste : waste caused by the failure of a tenant to take ordinary or proper care of the property voluntary waste : waste caused by the intentional commission of a destructive act by a tenant 2 : a reduction of the value of assets (as in a trust) caused by a failure to exercise proper care or sound judgment in managing them ;esp : a transfer of corporate assets (as through excessive executive compensation or a merger) for no legitimate business purpose or for less than what a person ...
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