Contributory Mortgage - Law Dictionary Search Results
Home Dictionary Name: contributory mortgageContributory mortgage
Contributory mortgage, a mortgage in which the money secured is advanced by two or more lenders in separate amounts. It is not available for trustees in the absence of an express power, Webb v. Jonas, (1888) 39 Ch D 660....
Contributory negligence
Contributory negligence, the question of contributory negligence arises when there has been some act or omission on the claimant's part, which has materially contributed to the damage caused, and is of such a nature that it may properly be described as 'negligence', Pramod Kumar Rasikbhai Lhaveri v. Karmasey Kunvarji Tok, (2002) 6 SCC 455: AIR 2002 SC 2864 (2866). [Motor Vehicles Act, 1988]Negligence on the part of a plaintiff disentitling him to recover. 'Sometimes, however, he [the defendant] is driven to admit that he was guilty of some negligence, which may have been one of the causes conducting to the plaintiff's injury. But at the same time he asserts that the plaintiff was himself negligent, and that it was this negligence on the part of the plaintiff, and not his own, that was the proximate or decisive cause of the injury for which the plaintiff now seeks to recover damages from him. This is called the defence of contributory negligence.'-Odgers on the Common Law, 2nd Edn., p. ...
Negligence, contributory negligence
Negligence, contributory negligence, the question of contributory negligence arises when there has been some act or omission on the claimant's part, which has materially contributed to the damage caused, and is of such a nature that it may properly be described as 'negligence'. Negligence ordinarily means breach of a legal duty to care, but when used in the expression 'contributory negligence' it does not mean breach of any duty. It only means the failure by a person to use reasonable care for the safety of either himself or his property, so that he becomes blameworthy in part as an 'author of his own wrong', Pramod Kumar Rasikbhai Jhaveri v. Kanmasey, AIR 2002 SC 2864 (2866): (2002) 6 SCC 455. (Motor Vehicles Act, 1988, s. 168)...
contributory fault
contributory fault : responsibility for aiding in the accomplishment of a bad result (as an injury) ;specif : responsibility of a promisor for causing his or her promise to be impossible to perform NOTE: A promisor who is guilty of contributory fault cannot invoke the defense of impossibility. ...
Contributory
Contributory, a person liable to contribute to the assets of a company in the event of it being wound up. See also Re Aidall Ltd., 1933 Ch 323. Two lists of contributories are prepared by the liquidator, viz., one (the 'A list') of those who are shareholders at the time of the winding-up order, and who are primarily liable to contribute, and another (the 'B list') of those who have ceased to be shareholders but have been shareholders within the twelve months previously, and who are liable in a secondary degree. A shareholder may sometimes avoid liability by transfer to a pauper. See Re Discoveries Finance Corporation, (1910) 1 Ch 312, but see Hyam's Case, (1859) 1 De 9 F&J 75. Directors with unlimited liability of a limited company are (in addition) liable as if they were members of an unlimited company unless they have ceased to hold office for a year or upwards before the commencement of the winding-up. See generally (English) Companies Act, 1929, ss. 157-192; COMPANY, and LIMITED LI...
mortgage
mortgage [Anglo-French, from Old French, from mort dead (from Latin mortuus) + gage security] 1 a : a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or performance according to stipulated terms [shows that a deed was intended only as a "W. M. McGovern, Jr. et al."] b : a lien against property that is granted to secure an obligation (as a debt) and that is extinguished upon payment or performance according to stipulated terms [creditors with valid s against the debtor's property "J. H. Williamson"] c : a loan secured by a mortgage [applied for a ] adjustable rate mortgage : a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender) balloon mortgage : a mortgage having the interest paid periodically and the principal paid in one lump sum at the end of the term of the lo...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Puisne mortgage
Puisne mortgage. In the legal phraseology which was used before 1926 meant a mortgage sub-sequent to the mortgage of a legal estate, but for the purposes of the Land Charges Act, 1925, s. 10 (1) (Class C.), it is enacted that 'puisne mortgage' means any legal mortgage (including the first) of a legal estate not being a mortgage protected by a deposit of documents relating to the legal estate affected and (if the whole of the land affected is within the jurisdiction of a local deeds registry) not registered there. These mortgages, if created after 1925, must be registered at the Land Charges Registry, Red Lion Square, or they will lose priority; see, further, MORTGAGE CHARGE. Mortgages created before 1926 may be registered before transfer. This amounts to notice, but even this notice will not prevent tacking on further advances by a prior mortgagee if that mortgagee has not seen the register at the date of the first advance or has no other actual or direct notice. See TACKING.Under the ...
Consolidation of mortgages
Consolidation of mortgages. When different pro-perties are mortgaged by the same mortgage or to the same mortgagee for different debts, it was formerly the right of the mortgagee to refuse to allow the mortgagor to redeem one of the mortgages without also redeeming the others, the effect being to throw the whole of the debts on the whole of the properties and thus 'consolidate' the mortgages. This right of the mortgagee was an application of the maxim, 'He who seeks equity must do equity'; it was not considered fair to the mortgagee to allow the mortgagor to pay off one mortgage, which perhaps was well secured, and leave the mortgagee with another mortgage on his hands which might be very insufficiently secured. But though the doctrine was not unfair or unreasonable as originally applied, it came to be extended to cases where, owing to devolutions of title having taken place, its application was manifestly unjust, and attempts were made by the Courts to limit its exercise. Finally, the...
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