Cash Balances - Law Dictionary Search Results
Home Dictionary Name: cash balancesCash balances
Cash balances, The expression 'cash balances' in clause (b) of sub-s. (1) of s. 14 of the Administration of Evacuee Property Act, 1950 has to be construed as the excess of credits over debits. The word 'balance' appears to have been advisedly used in preference to 'deposits' because the intention was that only such amount in deposit with the Custodian should be transferred to the compensation pool which would be in excess of the amount required for meeting the due claims against the evacuees or their properties. It is thus clear that what can be directed to be transferred to the compensation pool by the Government under s. 14(1)(b) is the 'cash balance' and not the total cash deposits with the Custodian, Custodian of Evacuee Property v. Rabia Bai, (1977) 1 SCR 25: (1976) 4 SCC 270: AIR 1976 SC 2557 (2566)....
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
Current assets
Current assets, means bank balances and cash and includes such other assets or reserves as are expected to be realised in cash or sold or consumed within a period of not more than twelve months in the ordinary course of business, such as, stock-in-trade, amounts due from sundry debtors for sale of goods and for services rendered, advance tax payments and bills receivable, but does not include sums credited to a provided fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees, maintained by a company owning an industrial undertaking. [Industries (Develop-ment and Regulation) Act, 1951 (65 of 1951), s. 3 (ab)]...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
account
account 1 a : a record of debit and credit entries to cover transactions involving a particular item (as cash or notes receivable) or a particular person or concern b : a statement of transactions during a fiscal period showing the resulting balance sometimes used in the pl. [trustees filed annual s as required by statute "W. M. McGovern, Jr. et al."] 2 : a periodically rendered reckoning (as one listing charged purchases and credits) 3 : a sum of money or its equivalent deposited in the common cash of a bank and subject to withdrawal at the option of the depositor 4 : a right under Article 9 of the Uniform Commercial Code to payment for goods or services which is not contained in an instrument or chattel paper and that may or may not have been earned by performance vi : to give a financial account [a duty to ] ...
Wages
Wages, if the remuneration is to be paid daily or weekly, it can be called wages. But when it is monthly remuneration payable on the last day of the month or after that date, and when the remuneration considering the general standards of payments is fairly high, then it has to be understood as salary, K.V.V. Sharma (in re), (1952) 2 Mad LJ 917.Includes any bonus or other additional remunera-tion etc., and any sum 'payable to such person by reason of the termination of his employment, A.R. Sarin v. B.C. Patil, AIR 1951 Bom 423.Means remuneration payable to an employee under an award or settlement, Purshottam v. Potdar, AIR 1966 SC 856.Means remuneration which an employer is liable to pay, if the term of the contract of employment are fulfilled. In other words, they are payments made by an employer for services rendered, G.M. Joshi v. First Civil Judge, AIR 1958 Bom 262.Wages, ought to include gratuity as well, Tirjugi Sitaram v. Badlu Prasad Bheru Prasad, AIR 1962 MP 361.The compensatio...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
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