Back Bond - Law Dictionary Search Results
Home Dictionary Name: back bondBack-bond
Back-bond, a deed, which, in conjunction with an absolute disposition, constitutes a trust. It expresses the nature of the right actually held by a person to whom to disposition is made. It is equivalent to the English deed of trust, Scots Law....
bond
bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...
debenture
debenture [Anglo-French debentour and Medieval Latin debentura, perhaps from Latin debentur they are owed] : an unsecured bond that is backed by the issuer's general credit rather than a specific lien called also debenture bond see also indenture compare mortgage bond at bond NOTE: Debentures are often convertible to stocks. ...
security
security pl: -ties 1 a : something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation [used his property as for a loan] b : surety see also security for costs 2 : evidence of indebtedness, ownership, or the right to ownership ;specif : evidence of investment in a common enterprise (as a corporation or partnership) made with the expectation of deriving a profit solely from the efforts of others who acquire control over the funds invested [a involves some form of investment contract] see also due diligence asset-backed security : a security (as a bond) that represents ownership in or is secured by a pool of assets (as loans or receivables) that have been securitized bearer security : a security (as a bearer bond) that is not registered and is payable to anyone in possession of it cer·tif·i·cat·ed security [sər-ti-fə-kā-təd-] : a security that belongs to or is divisible into a class or series o...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Escheat
Escheat [eschet or echet, formed from the word eschoir or echoir, Fr., to happen], a species of reversion; it is a fruit of seigniory, the Crown or lord of the fee, from whom or from whose ancestor the estate was originally derived, taking it as ultimus h'res upon the failure, natural or legal, of the intestate tenant's family.Escheat to the Crown, the Duchy of Lancaster, the Duke of Cornwall and to mesne lords has been abolished by (English) Administration of Estates Act, 1925, s. 45(1). The right of the Crown to 'bona vacantia' now includes real property under (English) A.E. Act, 1925, s. 46. See BONA VACAN-TIA.The title of the Crown was ascertained by inquiry regulated by rules under the (English) Escheat Procedure Act, 1887 (50 & 51 Vict. c. 53), which repealed, as practically inoperative, the numerous statutes from 29 Edw. 1, by which officers called 'escheators' were authorized to hold such inquiries.If differed from a forfeiture [now abolished for treason or felony by the (Engli...
company
company pl: -nies : an association of persons for carrying on a commercial or industrial enterprise compare corporation, partnership finance company : a company that makes usually small short-term loans to individuals growth company : a company that grows at a greater rate than the economy as a whole and that usually directs a relatively high proportion of income back into the business holding company : a company whose sole function is to own and control other companies investment company : a company that earns income solely or primarily by holding and investing in securities issued by other companies or by government agencies joint-stock company : a business organization whose capital is represented by shares owned by stockholders each of whom is personally liable for the company's debts limited liability company : an unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts, or obligations of the company and that ma...
Drawback
Drawback, 'drawback' means the repayment of duties or taxes previously charged on commodities, from which they are relived on exportation, State of Uttar Pradesh v. Delhi Cloth Mills, (1991) 1 SCC 454 (468).The term used in commerce to signify the remitting or paying back upon the exportation of a commodity of the duties previously paid on it.A drawback is a device resorted to for enabling a commodity affected by taxes to be exported and sold in the foreign market on the same terms as if it had not been taxed at all. It differs from a bounty in this, that the latter enables a commodity to be sold for less than its natural costs, whereas a drawback enables it to be sold exactly at its natural cost. Were it not for the system of drawbacks it would be impossible, unless when a country enjoyed some very peculiar facilities of production, to export any commodity that was more heavily taxed at home than abroad. But the drawback obviates this difficulty, and enables merchants to export commod...
Post entry
Post entry. When goods are weighed or measured, and the merchant has got an account thereof at the Custom House, and finds his entry already made too small, he must make a post or additional entry for the surplusage in the same manner as the first was done. As a merchant is always in time prior to the clearing of the vessel to make his post, he should take care not to over-enter. However, if this be the case, and an over-entry has been made and more paid or bonded for customs than the goods really landed amount to, the land-waiter and surveyor must signify the same upon oath, and a statement be made and subscribed by the person so over-entered, that neither he, nor any other to his knowledge, had any of the said goods over-entered on board the said ship, or anywhere landed them without payment of custom; which oath must be attested by the collector or comptroller, or their deputies, who then compute the duties and set down on the back of the certificate the several sums to be paid, McC...
Share and debenture
Share and debenture, 'Share' has been defined in s. 2(46) of the Companies Act to mean a share in the share capital of a company which in turn would mean that it would represent contribution of the shareholder towards the share capital of the company. On the other hand, a debenture is an instrument of debt executed by the company acknowledging its receipt to repay the same at a specified rate and also carrying an interest. It is in sum and substance a certificate of loan or a bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company's capital structure yet it does not become a share capital. In any event, a debenture would not come within the purview of the definition of goods, inasmuch as, although the shares and stocks are included in the definition of goods but debentures are not, R.D. Goyal v. Reliance Industries Ltd., (2003) 1 SCC 81 (89).Sponte virum fugiens mulier et a...
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