Collection Account - Law Dictionary Search Results
Home Dictionary Name: collection accountcollection account
collection account an unpaid debt referred to a collection agency to collect on the bad debt. This type of account is reported to the credit bureau and will show on the borrower's credit report. Source: U.S. Department of Housing and Urban Development ...
Money of account, money of measurement money of payment
Money Bill, cannot be introduced in the Council of States. [Constitution of India, Art. 109(1)]Money Bill, cannot be referred to Joint Committee, Rules of Procedure and Conduct of Business in Lok Sabha, 10th Edn., 2002, r. 74.Money Bill, in India, the Speaker endorses certificate on Money Bill, Rules of Procedure and Conduct of Business in Lok Sabha, 10th Edn., 2002, r. 96.Money Bill, is a Bill which contains only provisions dealing with the imposition, repeal, remission, alteration or regulation of taxation etc., Parliamentary Practice, Erskine May, 22nd Edn., 1997, p. 806.Money Bill, on a Bill being introduced in the Council at a subsequent stage if an objection is taken that the Bill is a Money Bill, the Chairman shall, if he holds the objects valid, direct the termination of further proceeding of the Bill. If Chairman is doubtful regarding the validity of the objection, he shall refer the matter to the Speaker whose decision on the matter shall be final, Rules of Procedure and Cond...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
Account stated
Account stated, An account stated is the admission of a balance due from one party to another, and that balance being due there is a debt; the statement of the account and the admission of the balance implies a promise in law to pay it; see Irving v. Veitch, (1837) 3 M&W 106. The account must have been stated before action brought. An account stated, however, creates only a prima facie liability, which may be rebutted by disputing the debts charged in the account, as, for instance, by proving mistake (among other ordinary defences); Camillo Tank Steamship Co. v. Alexandria Engineering Works, (1921) 38 TLR 134. For statutory power to re-open an account stated, see MONEY LENDERS ACT. By the Infants Relief Act, 1874 (37 & 38 Vict. c. 62), s. 1, an account stated with an infant is void.The expression 'account stated' has more than one meaning. It sometimes means a claim to payment made by one party and admitted by the other to be correct. There is, however, a second kind of account stated ...
Accountant or Accomptant
Accountant or Accomptant, one whose business it is to compute, adjust, and range in due order accounts; also to audit accounts. The Institute of Chartered Accountants in England and Wales was incorporated by Royal Charter, May 11th, 1880. No person is entitled to describe himself as a chartered accountant unless he is a member of an Institute of Accountants incorporated in the United Kingdom by Royal Charter; see Society of Accountants in Edinburgh v. Corporation of Accountants Ltd. (1893) 20 R 750; Society of Accountants and Auditors v. Goodway, (1907) 1 Ch 489....
Book of account
Book of account, It involves either addition or subtraction or both of these operations of arithmetic. A book which contains successive entries of items may be a good memorandum book; but until those entries are totalled or balanced, or both, as the case may be, there is no reckoning and no account. In the making of totals and striking of balances from time to time lies the chief safeguard under which books of account have been distinguished from other private records as capable of containing substantive evidence on which reliance may be placed', CBI v. V.C. Shukla, (1998) 3 SCC 410: AIR 1998 SC 1406: 1998 Cr LJ 1905 (SC).-All companies registered under the (English) Companies Act,1929, are by s. 122 obliged to keep books of account of (a) all receipts and expenses with matters relating thereto; (b) all sales and purchases; and (c) the assets and liabilities of the company: these books are to be open to inspection by the directors-heavy penalties for non-compliance are imposed. The aud...
Collective responsibility
Collective responsibility, the concept of collective responsibility is essentially a political concept. The country is governed by the party in power on the basis of the policies adopted and laid down by it in the Cabinet meeting. 'Collective responsibility' has two meanings: the first meaning which can legitimately be ascribed to it is that all members of a government are unanimous in support of its policies and would exhibit that unanimity on public occasions although while formulating the polices, they might have expressed a different view in the meeting of the Cabinet. The other meaning is that Ministers, who had an opportunity to speak for or against the polices in the Cabinet are thereby personally and morally responsible for its success and failure, Common Cause, A Registered Society v. Union of India, (1999) 6 SCC 667 (698): AIR 1999 SC 2977. [Constitution of India, Arts. 75(3), 226 and 32]Is the responsibility of a number of individuals acting together, responsibility of a Cab...
Accounts, falsification of
Accounts, falsification of, a misdemeanour on the part of a clerk, etc., by the (English) Falsification of Accounts Act, 1875 (38 & 39 Vict. C. 24), punishable by penal servitude up to seven years or imprisonment, with or without hard labour, up to two years, see R. v. Oliphant, 1905 (2) KB 67. The document or account mentioned in s. 1 of that Act must belong to or be in possession of the employer, R. v. Palin, 1906 (1) KB 7. Falsification of accounts may amount to forgery within the (English) Forgery Act, 1913 (3 & 4 Geo. 5, c. 27) [Re Arton, 1896 (1) QB 509]. The falsification of a mechanical means of recording an account, e.g., a taxi-meter, and thereby defrauding the employer, is within the Act, R. v. Solomons, (1909) 2 KB 980. As to officers of companies and bodies corporate keeping fradulent accounts, etc., see (English) Larceny Act, 1861 (24 & 25 Vict. C. 96), ss. 82-84, and (English) Larceny Act, 1916 (6 & 7 Geo. 5, c. 50), s. 20; in the case of a company being wound up. (Engli...
Mutual account
Mutual account, a 'mutual account' means not merely where one of the parties has received money and paid it on account of the other, but where each of the two parties has received and paid on the other's account. Transactions creating obligations on one side, those on the other being merely complete or partial discharges thereof, are not enough to constitute mutual account. The account is not rendered 'mutual' by the mere shifting of the balance on same occasions....
Levy, Imposition, Collection
Levy, Imposition, Collection, The term 'levy' appears to be wider in its import than the term 'assessment'. It may include both 'imposition' of a tax as well as assessment. However, 'levy' does not extend to 'collection'. Article 265 of the Constitution makes a distinction between 'levy' and 'collection, Assistant Collector of Central Excise v. National Tobacco Co. of India Ltd., AIR 1972 SC 2563: (1972) 2 SCC 560: (1973) 1 SCR 822.To levy is to realise or to collect, Mehtab Singh v. State of U.P., AIR 1979 SC 1263: (1979) 4 SCC 597 [Penal Code, 1860 s. 70]The term 'levy' is an expression of wide import. It includes both imposition of a tax as well as its quantification and assessment, Ujagar Prints v. Union of India, AIR 1989 SC 516: (1989) 3 SCC 488.The term 'levy' is in its import than the term 'assessment'. It may include both 'imposition' of a tax as well as assessment. The term 'imposition' is generally used for the levy of a tax or duty by legislative provisions indicating the s...
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