Asset - Law Dictionary Search Results
Home Dictionary Name: asset Page: 8Cock oven plant
Cock oven plant, 'Coke oven plant' means the plant and equipment with which the manufacture of hard coke has been or is being, carried on, and includes-(i) all lands, building, works, machinery and equipment, vehicles, railways, tramways and sidings, belonging to, or in the coke oven plant, (ii) all workshop belonging to the coke oven plant, including buildings, machinery, instruments, stores, equipment of such workshops and the lands on which such workshops stand, (iii) all coke in stock or under production, and other stores, stocks and instruments, belonging to the coke oven plant, (iv) all power stations belonging to the coke oven plant or operated for supplying electricity for the purpose of working the coke oven plant or a number of coke oven plants, (v) all lands, buildings and equipment belonging to the coke oven plant where the washing of coal is carried on, (vi) all other fixed assets, movable or immovable, and current assets belonging to a coke oven plant, whether within its ...
Secured creditor
Secured creditor, means any bank or financial institution or any consortium or group of banks or financial institutions and includes, (i) debenture trustee appointed by any bank or financial institution; or (ii) securitisation company or recon-struction company; or (iii) any other trustee holding securities on behalf of a bank or financial institution, in whose favour security interest is created for due repayment by any borrower of any financial assistance. [Securitisation and Recon-struction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zd)]Secured creditor, means any bank or financial institution or any consortium or group of banks or financial institutions and includes--(i) debenture trustee appointed by any bank or financial institution; or(ii) securitization company or reconstruction company; or(iii) any other trustee holding securities on behalf of a bank or financial institution, in whose favour security interest is created for due r...
Scheme
Scheme, a 'scheme' is a carefully arranged and systematic programme of action. A transaction under which, one party deposits with the other or lends to that other a sum of money on promise of being paid interest at a rate higher than the agreed rate of interest cannot, without more, be a money circulation scheme' within the meaning of s. 2(c) of the Act, howsoever high the promised rate of interest may be in comparison with the agreed rate, State of West Bengal v. Swapan Kumar Guha, AIR 1982 SC 949 (953): (1982) 1 SCC 561: (1982) 3 SCR 121.Means a scheme inviting subscription to security receipt proposed to be issued by a securitisation company or reconstruction company under that scheme. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(y)]1. A systematic plan; a connected or orderly arrangement, esp. of related concepts 2. An artful plot or plan usu. to deceive others, Black's Law Dictionary, 7th Edn., p. 1346....
Revenue deficit
Revenue deficit, means difference between revenue expenditure and revenue receipts which indicates increase in liability of the State Government without corresponding increase in assets of the Government. [Gujarat Fiscal Responsibility Act, 2005, s. 2(g)]Means the amount of excess of revenue expenditure over revenue receipts in a financial year. [Rajasthan Agricultural Produce Market Act, 2005, s. 2(m)]Means the difference between revenue expediture and revenue receipts of the State Government [Madhya Pradesh Rajkoshiya Uttardayitva Avam Budget Prabandhanam Adhiniyam, 2005, s. 2(i)]Means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of that Govern-ment. [Fiscal Responsibility and Budget Manage-ment Act, 2003 (39 of 2003), s. 2(e)]...
Race of diligence
Race of diligence, A first come, first served disposition of assets, Black's Law Dictionary, 7th Edn.Means a first-come, first-served disposition of assets, Black's Law Dictionary, 7th Edn., p. 1265....
Owner's equity
Owner's equity, is the residual claim of the owners of the business on its assets after recognition of the liabilities of the business. Owner's equity repre-sents the amounts contributed by the owners to the business, plus the accumulated income of the business since its formation, less any amounts that have been distributed to the owners, Accounting and Finance for Lawyers in a Netshell, Charles H. Meyer, 4 (1995).Means the aggregate of the owners' financial interest in the assets of a business entity; the capital contributed by the owners plus any retained earnings. Also termed (in a corporation) shareholders' equity; stockholders' equity, Black's Law Dictionary, 7th Edn., p. 1131....
Occupancy
Occupancy, mere possession or use either by agreement or otherwise without other claim (if any) to the ownership or enjoyment of property, also taking possession of land to which no one else lays claim or without leave of the owner.The right of occupancy has been confined by the laws of England within a very narrow compass, e.g., where a person was tenant pur autre vie, or had an estate granted to himself only (without mentioning his heirs) for the life of another man, and died without alienation, during the life of the cestui que vie, or him by whose life it was holden; in this case, he that entered first on the land was called the occupant or common occupant and might lawfully retain the possession so long as the cestui que vie lived, by right of occupancy, see Re Michell, Moore v. Moore, (1892) 2 Ch 96. The title of common occupancy is now, in effect abolished, for it is enacted by the Wills Act, 1837, s. 3, that an estate pur autre vie, of whatever tenure, and whether it be an inco...
Liquidator
Liquidator. A person appointed to conduct the winding-up of a company under the (English) Companies Act, 1929. Liquidators are of three kinds:--(1) Appointed by the court in a winding-up by the Court. pending appointment the Official Receiver in Bankruptcy is to act as Official Receiver and Liquidator in the winding-up (s. 185). By s. 186, in England, liquidators other than the Official Receiver must provide security to the satisfaction of the Board of Trade. His duties comprise the collection of the company's property, and this property or any part of it may vest in him on his application. He may bring or defend actions relating to that property in his own official name (s. 190). Powers which he may exercise subject to the sanction of the court or a Committee of Inspection are setout in s. 191(1); sub-s. (2) of that section gives a list of powers for which such sanction is not required. The duties of a liquidator are to collect, administer, and distribute the assets, having regard to ...
Distribution, Statute of
Distribution, Statute of (22 & 23 Car. 2, c. 10), now only applied to intestacies prior to 1926, repealed by (English) Administration of Estates Act, 1925 (see WIDOW), explained by the Statute of Frauds, 29 Car. 2, c. 3, enacts that the surplusage of intestates' personal estate (except of femes covert, the administration and enjoyment of whose estates belonged, at Common Law, to their husbands-but see MARRIED WOMEN'S PROPERTY) shall, after the expiration of one year from the death of the intestate, be distributed in the following manner: one-third shall go to the widow of the intestate, and the residue in equal proportions to his children, or, if dead, to their representatives, that is, their lineal descendants; if there be no children or legal representative subsisting ,then a moiety shall go to the widow, and a moiety to the next of kindred in equal degree, and their representatives; if no widow, the whole shall go to the children; if neither widow nor children, the whole shall be di...
Demonstrative legacy
Demonstrative legacy, means where a testator bequeaths a certain sum of money, or a certain quantity of any other commodity and refers to a particular fund or stock so as to constitute the same the primary fund or stock out of which payment is to be made, the legacy is said to be demonstrative. [Succession Act, 1925 (39 of 1925), s. 150]A legacy of quantity is ordinarily a general legacy; but there are legacies of quantity in the nature of specific legacies, as of as much money, with reference to a particular fund for payment. This kind of legacy is called by the civilians a demonstrative legacy, and it is so far general, and differs so much in effect from one properly specific, that if the fund be called in or fail, the legatee will not be deprived of his legacy, but be permitted to receive it out of the general assets; yet the legacy is so far specific that it will not be liable to abate with general legacies upon a deficiency of assets, Consult Roper on Legacies; Theobald on Wills....
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