Contingency Fund - Law Dictionary Search Results
Home Dictionary Name: contingency fundContingency Fund
Contingency Fund, is a fund placed at the disposal of the executive to meet the unforeseen expenditure, Dictionary of Constitutional and Parliamentary Terms, Lok Sabha Secretariate, 2005 Edn., p. 98.Contingency Fund, is established and regulated by law made by Parliament and Contingency fund of a State by the Legislature of that State, Constitution of India, Art. 267(1) and (2)...
Contingent legacy
Contingent legacy, one bequeathed on a contingency; e.g., if the legatee attain twenty-one.The contingency may only relate to the disposal of the fund, or it may relate to the position or existence of the beneficiary; in the first case as in a bequest to be paid or payable to A. when he shall attain twenty one years, the legacy is vested and not contingent and although he may never attain the age his personal representatives will be entitled to the legacy, but if the words 'paid' or 'to be payable' are omitted and the legacy is to A. on attaining twenty-one years of age his personal representatives will not be entitled to the legacy if he dies under that age. These are said to be positive rules of construction, Williams on Executors and Administrators, 12th Edn. P. 794, but the prima facie inference may be negatived by the context of the will taken as a whole. There are certain other guides to construction, e.g., in general, a gift of interest in the interim or a direction to pay maint...
contingent
contingent 1 : likely but not certain to happen compare executory 2 : intended for use in circumstances not completely foreseen [a fund] 3 : dependent on or conditioned by something else [a claim] [a legacy on the marriage] compare vested ...
Contingent remainder
Contingent remainder, a remainder limited so as to depend on an event or condition which may never happen or be performed, or which may not happen or be performed till after the determination of the preceding estate, Fearne, Cont. Remainders.The legal estate in contingent remainders has been abolished by the Law of Property Act, 1925, s. 1. S. 4, whoever, provides that they can take effect as equitable interests, and any instrument creating a contingent remainder has become a settlement under s. 1 (ii) of the (English) S.L. Act, 1925. See SETTLED LAND.In Smith d. Dormer v. Parkhurst, (1740) 18 Vin. Abr. 413; 6 Bro. Cas. Par. 351, the Court held that, in every case where an estate is given to A. for life, the grantor has an interest remaining in him to enter upon the estate, if it should determine by any act of the tenant amounting to a forfeiture; that this right is inherent in the grantor, from the nature of the estate itself, and may be conveyed to trustees; and that, when it is conv...
contingency
contingency pl: -cies 1 : the quality or state of being contingent 2 : a contingent event or condition: as a : an event that may but is not certain to occur [a that made performance under the contract impossible] b : something likely to come about as an adjunct to or result of something else ;specif : contingency fee at FEE [whether a case is on a or billed at an hourly rate "D. R. Frederico"] ...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Contingency with a double aspect
Contingency with a double aspect, is a kind of executory interest which maybe termed an alternative interest. This is an 'interest that is only to vest in case the next preceding interest should never vest in any way, through the failure of the contingency on which such preceding interest depends. As when a testator devises to A. for life; and if he have issue male, then to such issue male and his heirs for ever; and if he die without issue male, then to B. and his heirs for ever; or, where a testator bequeaths personal estate to the first son of A., and if A. should have no son, then to B.' These interests, considered in conjunction with those for which they are substitutionary, are sometimes termed 'contingencies with a double aspect.'-Smith's Compendium of Real and Personal Property, 6th Edn., p. 376....
Contingent
Contingent, an interest is said to be contingent if the right of enjoyment is made dependent upon some event or condition which may or may not happen. On the happening of the event or condition a contingent interest becomes a vested interest, Usha Subbarao v. B.N. Vishverswaraiah, (1996) 5 SCC 201 (208)....
Funds, public
Funds, public, the name given to the public funded debt due by Government. The practice of borrow-ing money to defray a part of the war expenditure began, with us, in the reign of William III. In the infancy of the practice it was customary to borrow upon the security of some tax, or portion of a tax, set apart as a fund for discharging the principal and interest of the sum borrowed. This discharge was rarely effected. The public exigencies still continuing, the loans were continued, or the taxes again mortgaged for fresh ones. At length the practice of borrowing for a fixed period, or, as it is called, upon terminable annuities, was abandoned, and loans made upon interminable annuities, or until it might be convenient for the Government to pay off the principal. Such loans are called Funded Debt, or 'The Funds'; loans for a fixed period are said to be 'Unfunded'.In the beginning of the funding system the term 'fund' meant the taxes or funds appropriated to the discharge of the princip...
contingent fee
contingent fee : contingency fee at FEE ...
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