Bona Fide Purchaser - Law Dictionary Search Results
Constructive trust
Constructive trust, a trust which the Court elicits by a construction put upon certain acts of parties. It arises upon a vendor's lien or charge upon land sold for unpaid purchase money, and generally, when an estate is subject to a trust or equitable interest or lien, and a person purchases it for value, with either actual or constructive notice of it, the estate will still be subject to the trust or equitable interest in the hands of such a purchaser.The doctrine of constructive trusts also arises upon the renewal of a lease by a trustee, or person having a limited interest, in his own name, even in the absence of fraud and upon the refusal of the lessor to grant a new lease to the cestui que trust or expectant; for such renewed lease is held upon trust for the person beneficially entitled to the old lease or the expectant, in order to prevent persons in fiduciary situations from acting so as to take a benefit for themselves. This doctrine is extended to the renewal of leases by one ...
Fraudulent conveyances, Statutes against
Fraudulent conveyances, Statutes against, sect. 172 of the (English) L.P. Act, 1925, now provides that every conveyance of property made either or before 1925 with intent to defraud creditors shall be voidable at the instance of any person thereby prejudiced, but the s. does not affect disentailing assurances or the law of bankruptcy, nor does it extend to conveyances in good faith either for valuable or for good consideration to any person without notice of fradulent intent. This enactment replaces 13 Eliz. c. 5 (A.D. 1570), made perpetual by 29 Eliz. c. 5. See Twyne's case, (1602) 3 Rep 80; 1 Smith's L.C. 1; Halifax Bank v. Gledhill, (1891) 1 Ch 31.The 27 Eliz. c. 4, s. 2, made perpetual by 39 Eliz. c. 18, enacts that every conveyance of lands, made with the intent to defraud and deceive any person, bodies politic or corporate, who shall purchase the same, shall be deemed (as against that person, etc.) to be utterly void. But the Act shall not be construed to defeat or make void any ...
Knock-out
Knock-out. The arrangement made between persons attending an auction to refrain from bidding in competition one with the other on the sale of certain articles and for the subsequent private sale among themselves of the Articles thus bought at a low price.At Common Law such an agreement is not illegal [Rawlins v. General Trading Co., (1921) 1 KB 635], and to an action by the purchaser of goods sold by auction for the delivery up of the goods, the fact that the sale was a 'knock-out' does not of itself afford a defence [Cohen v. Roche, (1927) 1 KB 169], but now the (English) Auctions (Bidding Agreements) Act,1927 (17 & 18 Geo. 5, c. 12), prohibits a dealer from giving any consideration or reward to anyone for abstaining or having abstained from bidding, under penalty on summary conviction to a fine not exceeding 100l. or imprisonment for not more than three months. A bona fide joint account, a copy of such agreement has been deposited before purchase with the auctioneer, is not an offenc...
Valuation
Valuation, is a process which does not end on marks being awarded by an examiner, Sanjay Singh v. U.P. Public Service Commission, (2007) 3 SCC 720.Means the act or process of valuing, Jensen v. Jensen, 458 NW 2d 391 (1990).This term is generally applied to the equivalent in money of any kind of property. Thus for the payment of estate duty, a valuation of property of all kinds has to be made. Perhaps the most important and the most difficult valuation is that of land. This has almost invariably to be undertaken whenever land is compulsorily acquired. The difficulties that surround this question were fully considered in the case of Re Lucas and Chesterfield Gas and Water Board, (1909) 1 KB 16, in which Lord Justice Moulton in the course of his judgment said (at p. 29):-'The principles upon which compensation is assessed when land is taken under compulsory powers are well-settled. The owner receives for the lands he gives up their equivalent-that is, that which they are worth to him in m...
Contract note
Contract note, a short statement of the effect of a contract. The expression is defined ins. 77(3) of the Finance (1909-10) Act, 1910, as follows:--For the purposes of this Part of this Act, the expression contract note' means the note sent by a broker or agent to his principal, or by any person who by way of business deals, or holds himself out as dealing, as a principal in any stock or market-able securities, advising the principal or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal, and is himself either a member of a stock exchange in the United Kingdom or a person who bona fide carries on the business of a stockbroker in the United Kingdom, and is registered as such in the list of stockbrokers kept by the Commissioners.The same s. imposes stamp duties on contract notes varying with t...
good faith
good faith [translation of Latin bona fides] : honesty, fairness, and lawfulness of purpose : absence of any intent to defraud, act maliciously, or take unfair advantage [filed the suit in good faith] [negotiating in good faith] see also good faith exception, good faith purchaser compare bad faith NOTE: The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact in the conduct or transaction concerned.” Article 2 of the U.C.C. says “good faith in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.” Similarly, Article 3 on negotiable inst...
Damages
Damages, constitute the sum of money claimed or adjudged to be paid in compensation for loss or injury sustained, the value estimated in money, of something lost or withheld, Divisional Controller K.S.R.T.C. v. Mahadeva Shetty, (2003) 7 SCC 197 (202).The expression 'damages' is neither vague nor over-wide. It has more than one signification but the precise import in a given context is not difficult to discern. A plurality of variants stemming out of a core concept is seen in such words as actual damages, civil damages, compensatory damages, consequential damages, contingent damages, continuing damages, double damages, excessive damages, exemplary damages, general damages, irreparable damages, pecuniary damages, prospective damages, special damages, speculative damages, substantial damages, unliquidated damages. But the essentials are (a) detriment to one by the wrongdoing of another, (b) reparation awarded to the injured through legal remedies, and (c) its quantum being determined by t...
Poison
Poison (poison, Fr.; fr. potio, Lat., a drink--applied originally to a medicated drink or draught].The administration of poison or other destructive thing, if done with intent to commit murder, is a felony, punishable with penal servitude for life, or any term not exceeding three years, or with imprisonment for any term not exceeding two years [(English) Offences against the Person Act, 1861, s. 11], and so is the attempt to administer with like intent, whether bodily injury be effected or not (s. 14).On a trial for murder of A, by poisoning, evidence of a subsequent poisoning of other persons is admissible against the prisoner, Reg. v. Geering, (1849) 18 LJMC 215; Rex v. Armstrong, (1922) 38 TLR 631; as also of antecedent poisoning, Reg. v. Garner, (1863) 3 F&F 681.Unlawful and malicious administering of poison so as to endanger life or to inflict grievous bodily harm is a felony, punishable by penal servitude up to ten years, or imprisonment; and such adminis-tration with intent to i...
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