Charge Off - Law Dictionary Search Results
Home Dictionary Name: charge offcharge-off
charge-off the portion of principal and interest due on a loan that is written off when deemed to be uncollectible. Source: U.S. Department of Housing and Urban Development ...
Lien
Lien [answering to the tacita hypotheca of the Civil Law], a right in one man to retain that which is in his possession belonging to another, until certain demands of the person in possession are satisfied. It is neither a jus in re, nor a jus ad rem--i.e., it is not a right of property in the thing itself, or right of action to the thing itself.It is either particular, as a right to retain a thing for some charge or claim growing out of, or connected with, the identical thing; or general, as a right to retain a thing not only for such charges or claims, but also for a general balance of accounts between the parties in respect to other dealings of the like nature.General and particular liens may arise: (1) by an express contract; (2) by an implied contract, resulting from the usage of trade, or the manner of dealing between parties. General lines are not favoured in law, but some judicially recognized general lines are bankers', solicitors', factors', stockbrokers'. See Halsb. L.E., ti...
Charges
Charges, expenses, costs. A trustee is entitled as a matter of right to his costs, charges and expenses properly incurred in relation to the trust, and they constitute a first charge on the trust property, both capital and income; see Stott v. Milne, (1884) 25 Ch D 710.Means any amount which may be demanded as a price for the rendering of some service or as price of some goods. Sree Gajanana Motor Transport Co. Ltd. v. State of Karnataka, (1977) 1 SCR 665: (1977) 1 SCC 37: AIR 1977 SC 418 (419).Includes all taxes, Shroff and Co. v. Municipal Corporation of Greater Bombay, 1989 Supp (1) SCC 347.--The term 'charges' must be read ejusdem generis taking colour from the succeeding terms- rates, duties and taxes, Nagrik Upbhokta M. Manch v. Union of India, (2002) 5 SCC 466: AIR 2002 SC 2405 (2411). [Kerosene (Restriction on Use and Fixation of Ceiling Price) Order, 1993, clause 2(d)]The word 'charges' in Rule 7(1) should be given a wider meaning as denoting the accusations or imputations aga...
Passing off
Passing off, in action for passing off pray of actual deception is not necessary two marks bear an ovrall similarity as would be likely to mislead a person usually dealing with one to accept the other if offered to him, it is enough, National Match Works v. S.T. Karuppanna Nadar, AIR 1979 Mad 157.An infringement action is available where there is violation of specific property right acquired under and recognised by the statute. In a passing-off action, however, the plaintiff's right is independent of such a statutory right to a trade mark and is against the conduct of the defendant which leads to or is intended or calculated to lead to deception. Passing-off is said to be a species of unfair trade competition or of actionable unfair trading by which one person, through deception, attempts to obtain an economic benefit of the reputation which another has established for himself in a particular trade or business. The action is regarded as an action for deceit. The tort of passing-off inv...
lien
lien [Anglo-French, bond, obligation, literally, tie, band, from Old French, from Latin ligamen, from ligare to bind] : a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the parties or esp. by operation of law ;specif : a security interest created esp. by a mortgage assessment lien : a lien that is on property benefiting from an improvement made by a municipality and that secures payment of the taxes assessed to pay for the improvement attachment lien : a lien acquired on property by a creditor upon levy of an attachment car·ri·er's lien : a lien against freight conferring on the carrier the right to retain the property until the amount due is paid charging lien : a lien attaching to a judgment or recovery awarded to a plaintiff and securing payment of the plaintiff's attorney's fees and expenses called also special lien choate lien : a lien that requires no further action to be made enforceable and th...
credit related losses
credit related losses foreclosed property expenses combined with charge-offs. Source: U.S. Department of Housing and Urban Development ...
Land charge
Land charge, means a rent or annuity or principal moneys charged otherwise than by deed upon land under (English) Act of Parliament for securing to any person, the money spent by him, or under that Act, as a charge under the Land Drainage Act, 1861 (see DRAINAGE), or s. 20 of the Agricultural Holdings Act, 1923, for repayment of compensa-tion of tenant's improvements. See s. 4 of the Land Charges Registration and Searches Act, 1888 (51 & 52 Vict. c. 51), by s. 12 of which a 'land charge,' created after the commencement of that Act-i.e., after 1st January, 1889-is void against a purchaser for value of the land charged therewith, unless it has been registered in the 'Register of Charges,' in the manner mentioned in that Act, since transferred to the Land Registry by virtue of the Land Charges Act, 1900 (63 & 64 Vict. c. 26), repealed by the Land Charges Act,1925. By this Act the system of compulsory registration of charges over land has been greatly extended and no purchaser of land woul...
Lay off
Lay off, s. 2(kkk) of Industrial Disputes Act, 1947 defines a lay off. Lay-off may be due to shortage of coal or shortage of power or shortage of raw materials or accumulation of stocks or break-down of machinery or any other reason, Management of Kairbetta Estate v. Rajamanickam, AIR 1960 SC 893: (1960) 3 SCR 371.It means the failure, refusal or inability of employer on account of contingencies mentioned in clause (kkk) of the Industrial Disputes Act, s. 2 to give employment to a workman whose name is borne on the muster rolls of his industrial establishment. It is merely a fact of temporary unemployment of the workman in the work of the industrial establishment. The principles governing the case of lay-off are very akin to those applicable to a suspension case. When lay-off is found justified workmen may not be awarded any wages or compensation, Workmen of M/s. Firestone Tyre & Rubber Co. of India (P) Ltd. v. Firestone Tyre & Rubber Co., AIR 1976 SC 1775: (1976) 3 SCC 819: (1976) 3 S...
Tithe Rent-Charge
Tithe Rent-Charge. A charge on land, substituted by commutation for that charge on the produce of the land for the benefit of the Church, which was called tithe from being the tenth part of the increase yearly arising and renewing from the profits of lands, the stock upon lands, and the personal industry of the inhabitants; the first species being usually called pr'dial, the second mixed, the third personal.This commutation was effected by a procedure set on foot by the (English) Tithe Act, 1836 (6 & 7 Wm. 4, c. 71), amended by subsequent Acts. See Chitty's Stat., tit. 'Tithe Rent-Charge.' The amount to be paid was annually adjusted, according to the price of corn.The commutation was effected in one of two ways-either by a voluntary parochial agreement, con-firmed by the commissioners, or by the compulsory award of the commissioners. The value, either voluntarily agreed upon or awarded by the commissioners, was considered as the amount of the total rent-charge to be paid in respect of ...
Set-off
Set-off, any counter-balance or cross-claim.A defendant's counter demand against the plaintiff, arising out of transaction independent of plaintiff's claim, Black's Law Dictionary, 7th Edn., p. 1376.The subject of a set-off under the former practice was a cross debt or claim, on which a separate action might be sustained, due to the party defendant from the party plaintiff. It was a defence crated by 2 Geo.2, c. 22, and had no existence at Common Law, and could only be pleaded in respect of mutual debts of a definite character, and did not apply to a claim founded in damages, or in the nature o a penalty, and the debt must have been due in the same right and between the same parties, and not a mere equitable demand. The defendant could not avail himself of a set-off, unless it were specially pleaded, and particulars thereof delivered with the plea.It is now provided by (English) R.S.C. 1883, Ord. XIX., r. 3, that a defendant in an action may set off or set up, by way of counter-claim a...
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