Conversion Clause - Law Dictionary Search Results
Home Dictionary Name: conversion clauseconversion clause
conversion clause a provision in some ARMs allowing it to change to a fixed-rate loan at some point during the term. Usually conversions are allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rates then prevailing for fixed rate mortgages. There may be additional cost for this clause. Source: U.S. Department of Housing and Urban Development ...
Judgment
Judgment [fr. judgment, Fr.], judicial determination; decision of a Court.Under the former practice of the superior Courts, this term was usually applied only to the Common Law Courts, the term 'decree' being in general use in the Court of Chancery. The expression 'Judg-ment,' however, is now used generally except in matrimonial causes, the term 'judgment' including 'decree' [(English) Jud. Act, 1925, s. 225, replacing Jud. Act,1873, s. 100].The several species of judgments are either:-(a) Interlocutory, given in the course of a cause, upon some plea, proceeding, or default, which is only intermediate, and does not finally determine or complete the action. See INQUIRY; SUMMONSES; and ORDERS; and the various titles of the subjects of such judgments as MANDAMUS; INJUNC-TION, etc.(b) Final, putting an end to the action by an award of redress to one party, or discharge of the other, as the case may be.By the (English) C.L.P. Act,1852, s. 120, a plaintiff or defendant having obtained a verd...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Gift
Gift. The old text-writers made a gift (donatio) a distinct species of deed, and describe it as a conveyance applicable to the creation of an estate-tail; while a feoffment they strictly confine to the creation of a fee simple estate. The operative verb was 'give,' which no longer implies any covenant in law (Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4), replaced by the Law of Property Act, 1925, s. 59(2), and the deed required livery of seisin. It is obsolete. See Jac. Law Dict.A gift is now understood to mean a mere voluntary assurance or transfer of property without any consideration being given for it. Such a transaction is apt to be very jealously scrutinized in a Court of Equity, and will be set aside on proof of undue influence (see that title), or of a fiduciary relationship of the donee to the donor, see Huguenin v. Baseley, (1806-8) 14 Ves 273; W. & T. L.C.; Morley v. Loughman, (1893) 1 Ch 736 (757); Lyon v. Home, (1868) LR 6 Eq 655. In the absence of any such objectio...
No cause for such refusal
No cause for such refusal, the expression 'no cause for such refusal' within the meaning of clause (4) must mean no good cause for refusal. Therefore when an application is filed by a shareholder for an order directing the company to grant conversion of partly paid-up shares into fully paid-up shares and the company sets up some cause declining to carry out the conversion the Tribunal is authorised to adjudicate whether the cause set up by the company is a cause reasonably justifying refusal to comply with the requisition, Oriental Bank of Commerce v. Harcharn Das Loomba, AIR 1963 SC 1707 (1709): (1964) 2 SCR 231. [Displaced Persons Debts Adjustment Act, 1951, s. 19(4)]...
Application
Application, a request, a motion to a Court or judge; the disposal of a thing.A prayer made to an authority for relief to set aside an order of another authority, Shaik Saidulu v. Chukka Yesu Ratnam, (2002) 3 SCC 130 (136): AIR 2002 SC 749. [Hyderabad Municipal Corporatiion Act (2 of 1956) s. 71]Includes a petition. [Limitation Act, 1963 (36 of 1963), s. 2 (b)]Means an application made to a Tribunal under s. 19. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (b)]Means an application made under s. 19. [Administrative Tribunals Act, 1985 (13 of 1985), s. 3 (b)]Means an application made to a Tribunal under section 19, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2(b).Means an application made under section 16, Railways Claims Tribunal Act, 1987 (54 of 1987), s. 2(a).An application for the purpose is a request by all the lessees to permit the change of the user of the land showing readiness and willingness to ...
Possession
Possession, correctly understood, means effective physical control or occupation. The word 'possession' is sometimes used inaccurately as synonymous with the right to possess, Gurucharan Singh v. Kamla Singh, (1976) 2 SCC 152.Possession, does not imply mere acts of the user, or of occupation alone, but the occupation must be with the intention of exercising some claim or right in respect of the property occupied. A person who has no claim to the property but succeeds by show of force in acquiring physical control over the same cannot be treated to be in its possession, notwith-standing his physical control over it, Ram Krishna v. Bhagwan Baksh Singh, (1961) All LJ 301.Possession, implies dominion and control and the consciousness in the mind of the person having dominion that he has it and can exercise it, Chhedi Ram v. Mahngoo Tiwari, 1969 All WR (HC) 230.Possession, in common parlance denoted to occupy, to have or hold as owner, to obtain, to maintain, Krishna Prasad Jaiswal v. Kanti...
Process and processing
Process and processing, the natural meaning of the word 'process' is a mode of treatment of certain materials in order to produce a good result, a species of activity performed on the subject matter in order to transform or reduce it to a certain stage. According to Oxford Dictionary one of the mean-ings of the word 'process' is 'a continuous and regular action or succession of actions taking place or carried on in a definite manner and leading to the accomplishment of some result.' The activity contemplated by the definition is perfectly general requiring only the continuous or quick succession. It is not one of the requisites that the activity should involve some operation on some material in order to effect its conversion to some particular stage. There is nothing in the natural meaning of the word 'process' to exclude its application to handling. There may be a process which consists only in handling and there may be a process which involves no handling or not merely handling but u...
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