Collateral - Law Dictionary Search Results
Home Dictionary Name: collateral Page: 4perfect
perfect : entirely without fault or defect: as a : satisfying all requirements [failed to make tender] b : free from any valid legal objection : valid and effective at law [having title to the property] compare imperfect [pər-fekt] vt : to complete or put in final conformity with the law: as a : to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements b : to put (one's security interest) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice esp. by filing a financing statement or taking possession of the collateral [was the first creditor to its security interest in the debtor's collateral, and, thus, was the first in priority for the collateral "Commercial Bank v. Pride Furniture, Inc., 877 P.2d 1222 (1994)"] compare attach vi : to make something (as a security interest) complete, in conformity with the law, or...
Conditional fee
Conditional fee. This species of formerly inheritable freehold (now, equitable interest, except under (English) Law of Property Act, 1925, s. 8) is marked, as to its duration or time of continuance, by an event beyond which it is not to endure. The event is the qualification which gives a name to this estate, and ascertains its determination. A fee qualified is frequently called a fee base, i.e., impure, defective, and circumscribed. There is hardly any event, provided it be lawful, and do not violate the rule against perpetuity, which may not be made the cause of the determination of this fee.The following events are specimens of qualifications, which may be expressly annexed to this estate.A limitation to A. and his heirs--(1) Peers of the realm;(2) Lords of the manor of Blackacre;(3) Tenants of the manor of Dale;(4) During the time whilst a particular tree shall stand;(5) Till the marriage of a certain person takes place;(6) Till certain debts be paid;(7) Till default be made in pay...
Recital
Recital, is evidence as against the parties to the instrument and those claiming under them and in an action on the instrument itself, the recitals operate as an estoppel, though would not be so on a collateral matter, Ram Charan Das v. Girja Nandini Devi, AIR 1966 SC 323: (1965) 1 SCWR 837: (1966) 1 SCJ 61.The rehearsal or making mention in a deed or writing of something which has been done before, 1 Lilly Abr. 416. As to how far the recitals govern the construction of a deed the rule is as follows:-If the recitals are clear and the operative part is ambiguous, the recitals govern the construction. If the recitals are ambiguous, and the operative part is clear, the operative part must prevail. If both the recitals and the operative part are clear, but they are inconsistent with each other, the operative part is to be preferred [Ex parte Dawes, (1886) 17 QBD 286, per Lord Esher, M.R.]. As between the parties to a deed and for its purposes only and subject to the intention of the partie...
Lineal descendant
Lineal descendant, Lineal descendant would mean the offspring of lawful marriage and not offspring of union which is not that of husband and wife. The plain meaning of lineal descendant is one who is in the blood stream of the ancestral such as child or grandchild of the remotest degree. There cannot be any other meaning of this word, Sunderlal Chourasiya v. Jejila Chourasiya, AIR 2004 MP 138. [see Hindu Succession Act 30 of 1956, s. 8; Succession Act 39 of 1925, ss. 107, 109]The term 'lineal descendants' is not restricted to male descendants. But is wide enough to include all descendants, male and female, Bhimnath Missir v. Sm. Tara Dai, AIR 1929 PC 162.The terms 'lineal consanguinity' and 'lineal descent' have been defined in Whartoris Law Lenicon, 14th Edn., Second India Reprint 1994 as: 'Lineal Consanguinity, that relationship which subsists between persons descended in a right line, as grandfather, father, son, grandson. Lineal Descent, the descent of an estate from ancestor to he...
Kin or Kindred
Kin or Kindred [fr. cynren, Sax.], relation by blood.There are two degrees of kindred: the one in the lineal or direct line ascending or descending, and the other in the collateral or indirect line.The right of representation of kindred for the purposes of distribution of personalty, in the descending line, reaches beyond the great-grandchildren of the same parents; but in the collateral line it was not allowed to reach beyond brothers' and sisters' children under the Statutes of Distribution, but now the right is conferred on the issue of any person entitled to succession upon intestacy of person dying after 1925 (except parents or grand-parents) under the (English) Statutory Trusts, s. 47, (English) Administration of Estates Act, 1925....
Illegal, incorrect or irregular decree and void decree
Illegal, incorrect or irregular decree and void decree, the distinction between a decree which is void and a decree which is wrong, incorrect, irregular or not in accordance with law cannot be overlooked or ignored. Where a court lacks inherent jurisdiction in passing a decree or making an order, a decree or order passed by such court would be without jurisdiction, non est and void ab initio. A defect of jurisdiction of the court goes to the root of the matter and strikes at the very authority of the court to pass a decree or make an order. Such defect has always been treated as basic and fundamental and a decree or order passed by a court or an authority having no jurisdiction is a nullity. Validity of such decree or order can be challenged at any stage, even in execution or collateral proceedings. All irregular or wrong decrees or orders are not necessarily null and void. An erroneous or illegal decision, which is not void, cannot be objected in execution or collateral proceedings, B...
Guarantee
Guarantee, he to whom a guaranty is made; also, and more commonly, the guaranty itself. See GUARANTY.The assurance that a contract or legal act will be duly carried out; Something given or existing as security, such as to fulfill a further engagement or a condition subsequent, Black's Law Dictionary, 7th Edn., p. 711.Company limited by. See COMPANIES.Guarantee includes any obligation undertaken before the commencement of this Constitution to make payments in the event of the profits of an undertaking falling short of a specified amount. [Constitution of India, Art. 366(13)]Guarantee, is in collateral engagement to answer for the debt, default, or miscarriage of another person, a promise to another as debtor to secure the payment of a debt payable to him, Stroud's Judicial Dictionary, Vol. 2, p. 1111.Includes any obligation undertaken before the com-mencement of the constitution to make payments in the event of the profits of an undertaking falling short of a specified amount, Constitut...
Direct
Direct, an epithet for the line of ascendants and descendants in genealogical succession, opposed to collateral. Collateral relationship is relationship through another branch, as cousins, etc.of a judge, to give the rule of law to a jury. See Taylor on Evidence, ch. 3; R. S. C., Ord. XL...
Cousin
Cousin [fr. Cousin, Fr.; cugino, It.; consobrinus, Lat., whence cusdrin, susrin; sabrino, Sp.]. A cousin is any collateral relation except brothers and sistes, and their descendants, and the brothers and sisters of any ancestor. The child of A.'s uncle or aunt is called his cousin-german, or first cousin, and the child, grandchild, etc., of such cousin is called his first cousin once, twice, etc., removed. The grand child of A.'s great-uncle is his second cousin, and the chld, grandhchild, etc., of such cousin is his second cousin, once, twice, etc., removed, and so on. This distinction between first cousins once removed and second cousins is well recognized by the law [see Re Parker, (1881) 17 Ch D 262]. The word 'cousin' properly means the children of brothers and sisters and implies consanguinity, but it is sometimes used in a loose and vague sense without any such implication, as when the sovereign addresses a nobleman, or a member of the Privy Council, as a 'cousin,' and when we s...
Consanguinity, or kindred
Consanguinity, or kindred, the connection or rela-tion of persons descended from the same stock or common ancestor. It is either lineal or collateral. Lineal is that which subsists between persons, of whom one is descended in a direct line from the other, as between son, father, grandfather, great grandfather, and so upwards in the direct ascending line; or between son, grandson, great-grandson, and so downwards in the direct descending line. Collateral agree with the lineal in this, that they descend from the same stock or ancestor, but differ in this, that they do not descend one from the other. See MARRIAGE (Prohibited Degrees)....
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