Co Signed Account - Law Dictionary Search Results

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co-signed account

co-signed account an account signed by someone in addition to the primary borrower, making both people responsible for the amount borrowed. Source: U.S. Department of Housing and Urban Development ...

Not negotiable

Not negotiable. These words are sometimes added as part of the crossing of a cheque, with the result that no one who takes the cheque can have or can give a better title than the person had from whom he took it, see Bills of Exchange Act, 1882, s. 81; G.W. Ry. Co. v. London and County Bank, 1901 AC 422. [S. 130, Negotiable Instrument Act]A warrant for interest on War Stock signed by the Chief Accountant of the Bank of England and crossed '& Co.,' not negotiable, directing the bank's cashiers to pay a certain sum to the order of a certain person is a cheque within the meaning of the Bills of Exchange Act, 1882, and a 'warrant for payment of a dividend' within s. 95 of the same Act. A banker in good faith and without negligence receiving payment for a customer who has no title is entitled to the protection of s. 82 of the Act [Slingsby v. Westminster Bank Ltd., (1931) 1 KB 173; see also Imports Company Ltd. v. Westminster Bank Ltd., (1927) 2 KB 297; and R.E. Jones Ltd. v. Waring and Gill...

Insurance

Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...

Wills

Wills. A will is the valid disposition by a living person, to take effect after his death, of his disposable property. ''But in law ultima voluntas in scriptis is used, where lands or tenements are devised, and testamentum, when it concerneth chattels': Co. Litt. 111 a.Depository of Will of Living Person.-By the (English) Jud. Act, 1925, s. 172, replacing s. 91 of the Court of Probate Act, 1857:-There shall, under the control and direction of the High Court, be provided safe and convenient depositories for the custody of the wills of living persons, and any person may deposit his will therein.And see (English) Administration of Justice Act, 1928 (18 & 19 Geo. 5, c. 26), s. 11, as to deposit of wills under control of the High Court.Law before 1838.-The right of testamentary aliena-tion of lands is a matter depending on Act of Parliament. Before 32 Hen. 8, c. 1, a will could not be made of land, and before the Statute of Frauds a will (see NUNCUPATIVE WILL) could be made by word of mouth...

Representation

Representation, by public bodies, associations or individuals ventilating individual grievances are considered by Petitions Committee of Lok Sabha. Representations in the form of letters, telegrams, copies of resolutions are treated as representation and considered by the Petitions Committee, representations relating to the proceedings in the House or conduct of member are also considered by Petitions Committee Practice and Procedures of Parliament, M.N. Kaul and S.L. Shakdher, 5th Edn., 2001, P. 964.Representation, is a description, account or state-ment of facts or arguments intended to influence action or make protest, Webster American Dictionary, p. 1235.Representation, means a statement regarding a fact, A Dictionary of Law, Willium C. Anderson, 1889, p. 882.Representation, standing in the place of another for certain purposes, as heirs, executors, or administrators. See EXECUTOR; ADMINISTRATOR; PERSONAL REPRESENTATIVE; REAL REPRESENTATIVE.A presentation of fact-either by words or...

Cheque

Cheque, defined. [Act (1 of 1879), s. 3; [Negotiable Instruments Act, 1881 (26 of 1881), s. 6:A 'cheque' is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.Explanation 1.--For the purposes of this section, the expression--(a) 'a cheque in the electronic form' means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed in a secure system ensuring the minimum safety standards with the use of digital signature (with or without biometrics signature) and asymmetric crypto system;(b) 'a truncated cheque' means a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing.Means a...

Trust

Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...

Forgery

Forgery [fr. forger, Fr.; or fingo, Lat.], the crimen falsi, or the false making or alteration of an instrument, which purports on the face of it to be good and valid for the purposes for which it was created, with a design to defraud. The forged instrument must be false in itself. The mere subscribing a note, given as the party's own, by a fictitious name, was held not to be forgery, Reg. v. Martin, (1879) 5 QBD 34.The act of fraudulently making a false document or altering a real one to be used as if genuine, Black's Law Dictionary, 7th Edn., p. 661.Forgery at Common Law was a misdemeanour but most forgeries have been made felony by statute. Many of these statutes were consolidated by 11 Geo. 4 & 1 Wm. 4, c. 66, repealed and replaced by the Forgery Act, 1861 (24 & 25 Vict. c. 98), but the law now principally depends on the Forgery Act, 1913 (3 & 4 Geo. 5, c. 27, 'an Act to consolidate, simplify and amend the law relating to forgery and kindred offences.' It repeals such portions of s...

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