Clayton S Case - Law Dictionary Search Results
Home Dictionary Name: clayton s case Page 1 of about 4 results (0.004 seconds)Clayton's case
Clayton's case. 1 Mer. 572. The rule in this case is that payments are presumed, prima facie, to be appropriated to debts in the order in which they are incurred, but see Hallett'' Estate, 13 C.D. 696, as to payments by a trustee, and s. 38, Bankruptcy Act, 1914, also APPROPRIATION OF PAYMENTS....
Appropriation of payments
Appropriation of payments, the application to one of several debts of a sum of money paid by a debtor on a general account. The general rule as to appropriation of payments is this: The debtor may in the first instance appropriate the payment, solvitur in modum solventis; if he omit to do so, the creditor may make the appropriation, recipitur in modum recipientis; if neither debtor nor creditor make any appropriation, the law appropriates the payment upon equitable principles and prima facie to the earlier debt, Mills v. Fowkes, (1839) 5 Bing NC 461; Clayton's Case, (1816) 1 Mer 605; The Mecca, 1897, AC 286. A creditor can appropriate a general payment to a statute-barred debt, but he cannot appropriate such a payment made before judgment, after a judgment deciding that such a debt is statute barred, Smith v. Betty, 1903 (2) KB 317. See CLAYTON'S CASE....
Earmark
Earmark, a mark for identification. Money has no earmark, but it is an ordinary term for a privy mark made by any one on a coin, but money in a purse or container and set aside for a purpose, i.e., may be traced. As to the appropriation of payments, see CLAYTON'S CASE.Originally, a mark upon the ear -- a mode of marking sheep and other animals, Black's Law Dictionary, 7th Edn....
Marriage settlement
Marriage settlement, an arrangement made before marriage, and in consideration of it (the highest consideration known to the law), whereby real or personal property is settled for the benefit of the husband and wife and the issue of the marriage. There is an express saving for such a settlement in s. 19 of the (English) Married Women's Property Act, 1882, and see the (English) Married Women's Property Act, 1907 (7 Edw. 7, c. 1), invalidating a settlement made by a female infant unless confirmed after attaining 21, but without prejudice to settlements under the Infants Settlement Act, 1855 (see post, MARRIED WOMEN'S PROPERTY).Although the policy of the land legislation of 1924 was to assimilate the law of real property to that of personalty as far as possible, marriage settlements of land (not being effected by way of trust for sale), and if providing for infant or for a succession of interests in land or charging land (but in this case subject to the (English) Law of Property Amendment...
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