Bonded Warehouse - Law Dictionary Search Results
Bonded warehouse
Bonded warehouse, a warehouse licensed by the Commissioners of Customs and Excise for the storing of dutiable goods without payment of the duty until they are 'cleared,' i.e., taken away. So called owing to the bond into which it is necessary to enter in order to secure that the Crown does not lose the duty by the goods being removed into the country without payment. Goods in such a warehouse are said to be 'in bond.'...
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
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...
Bonder
One who places goods under bond or in a bonded warehouse...
Wear and Tear, Reasonable
Wear and Tear, Reasonable, the waste of substance by the ordinary use of it. This expression commonly occurs in connection with leases, in which the lessee agrees to return the subject-matter of the lease at the end of the lease in the same state as it was at the beginning of it, 'reasonable wear and tear excepted'; as to the meaning of which, see Manchester Bonded Warehouse Co. v. Carr, (1880) 5 CPD at p. 513; Terrell v. Murray, (1901) 17 TLR 570; Miller v. Burt, (1918) 63 Sol Jo 117; Citron v. Cohen, (1920) 36 TLR 560; and cases under LANDLORD AND TENANT. As to the insertion of the exception in a lease made by a tenant for life, see Davies v. Davies, (1888) 38 Ch D 499....
Holiday, or Holyday
Holiday, or Holyday, a feast day with cessation from labour, as by 5 & 6 Edw. 6, c. 3, all Sundays in the year and also Christmas-day and other days by that Act commanded 'to be kepte holie dayes and none other.'By R.S.C. 1883, Ord. LXIII., r. 6, it is provided that the several offices of the Supreme Court shall be open on every day of the year except Sundays, Good Friday, Monday and Tuesday in Easter-week, Whit Monday, the first Monday in August, Christmas-day and the next following working day, and all days appointed by proclamation to be observed as days of general fast, humiliation, or thanksgiving; and the day appointed to be kept as the King's birthday. See also VACATION.The Bank Holidays Act, 1871 (34 & 35 Vict. c. 17), provides that Easter Monday, the Monday in Whitsun-week, the first Monday in August, and the 26th day of December, if a week day, shall be kept as bank holidays in England and Ireland, and New Year's day, Christmas-day (or, if either be a Sunday, the following da...
Whitsuntide
Whitsuntide, the east of Pentecost, being the fiftieth day after Easter, and the first of the four cross-quarters days of the year.Whitsuntide offerings were held assessable to income tax in Slaney v. Starkey, (1931) 2 KB 148.Whit Monday is, by the 34 & 35 Vict. c. 17, and 38 & 39 Vict. c. 13, made a holiday in banks, custom-houses, docks, inland revenue offices, and bonding-warehouses. Whit Monday is a holiday in the several courts and offices of the Supreme Court. [(English) R.S.C. 1883, Ord. LXIII., r. 6]...
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