Contingent Liability - Law Dictionary Search Results
Contingent liability
Matched in: Term Contingent liability
contingent liability
Matched in: Term contingent liability
liability
Matched in: Term liability
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Winding-up
secured and unsecured creditors, the admissibility of debts and claims, and the valuation of annuities and future or contingent liabilities are to be regulated according to the law of bankruptcy (s. 262). S. 264 provides for preferential … (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if
Absolute liability
Matched in: Term Absolute liability
Capital account transaction
Capital account transaction, means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside … Capital account transaction, means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons
Expenditure
or which has been incurred although it may have to be discharged at a future date. However, a contingent liability which may have to be discharged in future cannot be considered as expenditure, Madras Industrial Investment Corpn. Ltd.
net premium
of the amount required to pay the insurance liability on its becoming due without paying any expenses or contingent charges
Policy of insurance
consideration of a premium, engages to indemnify another against loss, damage or liability arising from an unknown or contingent event. (b) a life-policy, and any policy insuring any person against accident or sickness, and any other per-sonal
Wills
Goods of Blewitt, (1880) 5 PD 116. By s. 175 of the (English) Law of Property Act, 1925, contingent, specific or residuary devises of real or personal property carry the income, and see the (English) Trustee Act, … entailed property generally. If not so disposed of, the property does not become subject to his debts and liabilities under s. 176. The s. extends to estate tail created either before or after 1925 but does not
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