Auctioneers - Law Dictionary Search Results
Home Dictionary Name: auctioneers Page: 3 Page 3 of about 63 results (0.002 seconds)licitation
licitation [Latin licitatio, from licitari to bid a price, from licere to be for sale] : the act of offering for sale or bidding at an auction ;specif in the civil law of Louisiana : a mode of partitioning property held in common by sale at auction ...
Finder of goods
Finder of goods, in a public place or shop, acquires a special property in them, available against all the world, except the true owner, who may recover them at anytime within six years; the finder is bound, however, before appropriating them to his own use, to take all the means in his power to discover the owner. If the property had not been designedly abandoned, and the finder knew who the owner was, or with due exertion could have discovered him, he is guilty of larceny if he keep and appropriate the Articles to his own use, see R. v. Thurborn, (1849) 1 Den CC 387; R. v. Ashwell, (1886) 16 QBD 215.Goods found on private property belong to the owner of such property, see South Staffordshire Water Co. v. Sharman, (1896) 2 QB 44, where two rings found in the mud of a pool by a workman employed amongst others to clean the pool out were recovered from the workman by the owners of the pool; and goods found buried in the earth belong to the Crown as against the finder, but not as against ...
Innkeeper
Innkeeper, means a person who, for compensation, keeps open a public house for the lodging and entertainment of travellers. A keeper of a boarding house is usually not considered an innkeeper, Black's Law Dictionary, 7th Edn., p. 792.Innkeeper, proprietor of a common inn for the accommodation of travelers in general.All persons are deemed innkeepers who keep houses where a traveler is furnished, for profit, with everything which he has occasion for whilst on his way. They are bound to take in all travelers and wayfaring persons, and to entertain them for a reasonable time [see Lamond v. Richard, (1897) 1 QB 541] if they can accommodate them, at a reasonable charge, provided they behave themselves properly; and they have a lien upon the goods of their guests for board and lodging, but may not detain their persons or seize their clothing in actual wear. They are also liable for any loss of or injury to goods, money, and baggage of their guests; and responsible for the acts of their serva...
Lay system
Lay system, means a system in which a fishing vessel's catch is sold at auction, and then the proceeds are provided first to the provider of supplies and then to the master and crew. Black's Law Dictionary, 7th Edn., p. 896...
Licence
Licence [fr. licentia, Lat.], a permission given by one man to another to do some act which without such permission it would be unlawful for him to do. It is a personal right, and is not transferable, but dies with the man to whom it is given. It can as a rule be revoked by the licensor unless the licensee has paid money for it (Odgers on the Common Law, pp. 25, 574). As to the nature and effect of the licence granted to the purchaser of a ticket for a theatre or other similar entertainment, see Hurst v. Picture Theatres, (1915) 1 KB 1, and the authorities there referred to, and Allen & Sons v. King, (1916) 2 AC 54. It may be either written or verbal; when written, the paper containing the authority is often called a licence. A licence amounting to or coupled with an interest in an incorporeal hereditament must be under seal [see Wood v. Leadbitter, (1845) 13 M&W 838], or it may be revocable, but see Lowe v. Adams, (1901) 1 Ch 598.A licence is necessary before doing many acts, as to ma...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Open market
Open market, if the transactions of sale and pur-chase are effected under conditions enabling every person desirous of purchasing the goods in question to place orders with such manufacturing unit and obtain supplies, they will constitute purchases 'from the open market'. The Supreme Court in in this context referred with advantage to the following observations of Swinfen Eady, J. in Inland Revenue Commissioners v. Clay, (1914) 3 KB 466: (1914-1915) All ER Rep 882 (888), where the Court of Appeal had to consider the scope of the expression 'open market' occurring in s. 25(1) of the Finance Act, 1910 (10 Edw 7, c 8): The market is to be the open market, as distinguished from an offer to a limited class only, such as the members of the family. The market is not necessarily an auction-sale. The s. means such amount as the land might be expected to realize if offered under conditions enabling every person desirous of purchasing to come in and make an offer, and if proper steps were taken t...
Opening biddings
Opening biddings. Before 1867, where estates were sold, under the decree of a Court of Equity, the Court considered itself to have a greater power over the contract than if the contract were made between party and party; and as the aim of the Court was to obtain as great a price as possible for the estate, it would open the biddings after the estate was sold, and put up the estate for sale again.But the Sale of (English) Land by Auction Act, 1867, has, by s. 7, abolished this inconvenient practice (under which biddings were opened even more than once), with an exception for cases of fraud or improper management of a sale, in which upon the application of any person interested in the land, 'the Court may either open the biddings, holding such bidder bound by his bidding, or discharge him from being the purchaser, and order the land to be resold', see Delves v. Delves, (1875) LR 20 Eq 77....
Order
Order, does not mean only final order, Kanhikkamthoppu Parambil Radha v. Kondarappott Velayudhan, AIR 1994 Ker 412.Order, mandate, precept, command; also a class or rank.General orders are promulgated by courts for the proper regulation of their own proceedings, as the Consolidated 'Rules of the Supreme Court, 1883,' which are divided into orders, and subdivided into rules, which are amended from time to time; and particular orders are made to enforce a payment of money, to enforce obedience to justice, and compel that which is right to be performed.An order in a proceeding under Order XXI, Rule 90 is a 'judgment' inasmuch as such a proceeding raises a controversy between the parties therein affecting their valuable rights and the order allowing the application certainly deprives the purchaser of rights accrued to him as a result of the auction-sale, Redhey Shyam v. Shyam Behari Singh, (1970) 2 SCC 405: AIR 1971 SC 2337.The word 'order' which appears in a statute dealing with sales tax...
Reserve Price
Reserve Price, Indicates the object behind fixing the reserve price viz. to limit the authority of the auctioneer. In the present case, the board resolution is meant to guide the officers of the second respondent. The resolution prescribes the guidelines for fixing the reserve price. The concept of reserve price is not synonymous with valuation of the property. These two terms operate in different spheres. An invitation to tender is not an offer. It is an attempt to ascertain whether an offer can be obtained with a margin, Pollock and Mulla on Indian Contract and Specific Reliefs Acts (2001), 12th Edn., p. 50; see Anil Kr. Srivastava v. State of Uttar Pradesh, (2004) 8 SCC 671....
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