Co V Asset - Law Dictionary Search Results
Reserve and provision
useful in itself, may not be sufficient, for, the dictionaries do not make any distinction between the two concepts 'reserve' and 'provision' which giving their primary meanings, whereas in the context of the legislation with which we … 'reserve' is: 'to keep for future use or enjoyment; to set apart for some propose or end in view; to keep in store for future or special use; to keep in reserve', while 'provision' according to Webster … contingencies. A 'reserve', on the contrary, is an appropriation of profits; the assets by which it is represented being retained to form part of the
Winding-up
amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies. The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among … firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound … to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound
Goodwill
of business or its name or style, everything connected with or carrying the benefit of the business, Ramnik Vallabhdas Madhwani v. Taraben Pravinlal Madhwani, (2004) 1 SCC 407: AIR 2004 SC 1084 (Partnership Act, 1932, s. 55). … Goodwill, may be the whole advantage belonging to the firm, its reputation as also connection thereof. It, thus, means that every affirmative advantage as contrasted with negative advantage that has been acquired in … (Partnership Act, 1932, s. 55). A business's reputation, patronage, and other intan-gible assets that are considered when apprising the business, esp. for purchase; The ability
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Property
undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252. Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of … undertaking. The expression 'property' in Entry 42, List III has a wide connotation; and it includes not only assets, but the organisation, liabilities and obligations of a going concern as a unit, Shri Krishna Gyanoday Sugar Ltd.
Executor
sell or mortgage that property for purposes of administration, and no purchaser or mortgagee dealing with him is concerned to inquire for what purpose the money is required. Even if a later will subsequently comes to light … to take out probate (Re Stevens, (1898) 1 Ch 162). See DEVASTAVIT. (2) By operation of law by virtue of his office he takes a title to the personal property of the testator which vests him with … of the executor to collect and speedily reduce into money the personal assets, when not otherwise directed, especially if they be of a perishable nature.
Abatement
for to disseise is to put forcibly or fraudulently a person seised of the freehold out of possession, Co. Litt. 277a. (2) Abatement of Nuisances.-A remedy allowed by law to a person injured by a nuisance to … may be abated, that is, taken away or removed, by urban sanitary authorities and other public bodies under various statutes (see, e.g., (English) Public Health Act, 1936, consolidating and repealing similar provisions in previous (English) Public Health … debts must abate in proportion according to their degree (see ADMINISTRATION OF ASSETS), and they must be content with a dividend. So in the case
Uses
A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult … Objections to uses before the Statute:- 'Though these uses' (see Gilbert, Uses, c. 1, s. 8) 'had a very equitable beginning, yet, like all new models and general schemes of ordering property, it intro-duced a great many … Ric. 2, c. 3. (10) At one time a use was not assets for the payment of debts by the heir or executor. There appears
Floating security
Floating security, in an equitable charge on the assets for the time being of a going concern. If attaches to the subject charged in the varying condition in which it happens to be from time … the assets for the time being of a going concern. If attaches to the subject charged in the varying condition in which it happens to be from time to time. It is of the essence of such … Floating security, in an equitable charge on the assets for the time being of a going concern. If attaches to the
Executor de son tort.
in right of the deceased; but actions may be brought against him, 1 Wms. Exors.; and see Peters v. Leeder, (1878) 47 LJ QB 573; A.-G. v. New York Breweries Co., 1899 AC 62. As to his … of his own wrong, de son tort, and is liable to the extent of the assets which have come to him and to all the trouble of an executorship without any of the profits or advantages; but … wrong, de son tort, and is liable to the extent of the assets which have come to him and to all the trouble of an
Dividend
a dividend when the warrant for it, having been duly posted, is lost in the post, see Thairlwal v. G.N. Ry., (1910) 2 KB 509l. Dividend means the share of the subscriber in the amount of discount … the part allotted in division; the interest paid on the public funds; the share of profits of a company payable to each shareholder (see Articles 89 to 96 of Table A to Companies Act, 1929, and ss. … a bankrupt's estate or on the winding-up of the company, of its assets. As to the liability upon a company in respect of a dividend
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