Debt Et Solet - Law Dictionary Search Results
Home Dictionary Name: debt et soletDebet et solet
Debet et solet. If a person sued to recover any right, whereof his ancestor was disseised by the tenant or his ancestor, then he uses only the word debet alone in his writ, it is not apt to use solet because his ancestor only was deceased, and the custom discontinued; but if he sued for anything then first denied him, he used debet et solet, by reason that his ancestor before him and he himself usually enjoyed the thing sued for, until the present refusal of the tenant, Reg. Brev. 140; Fitz. N. B. 98....
Aliquis non debt esse judex in propria causa, quia non potest esse judex et pars
Aliquis non debt esse judex in propria causa, quia non potest esse judex et pars [Lat.], A person ought not to be judge in his own cause, because he cannot act as judge and party....
Debitum et contractus sunt nullius loci
Debitum et contractus sunt nullius loci, 7 Rep. 3-(Debt and contract are of no place), See Mostyn v. Fabrigas, (1775) 1 Cowp 161; 1 Sm (LC)....
Terris et catallis tentis ultra debitum levatum
Terris et catallis tentis ultra debitum levatum, a judicial writ for the restoring of lands or goods to a debtor who is distrained above the amount of the debt, Reg. Judic....
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
debt
debt [Old French dette, ultimately from Latin debita, plural of debitum debt, from neuter of debitus, past participle of debere to owe] 1 : something owed: as a : a specific sum of money or a performance due another esp. by agreement (as a loan agreement) [to pay the s…of the United States "U.S. Constitution art. I"] [a for alimony] b : an obligation to pay or perform on another's claim [discharged the ] compare asset, equity NOTE: It is often up to the courts to decide what is or is not a debt under various laws. Courts disagree whether criminal restitution is a debt under the Bankruptcy Code. The historical practice of imprisoning debtors for nonpayment is no longer used. antecedent debt : debt that is incurred prior to a property transfer paying or securing the debt compare preference bad debt : a debt that cannot be collected NOTE: An income tax deduction is allowed for bad debts. consumer debt : debt that is incurred by an individual primarily for the purchase of ...
Armorum appellatione, non solum scuta et gladii et gale', sed et fustes et lapides continentur
Armorum appellatione, non solum scuta et gladii et gale', sed et fustes et lapides continentur. Co. Litt. 162.-(Under the name of arms are included, not only shields and swords and helmets, but also clubs and stones.)...
Odiosa et inhonestanonsunt in lege pr'sumenda; et in facto quod inse habet et bonum et malum, magis de bono quam de malo pr'sumendum est
Odiosa et inhonestanonsunt in lege pr'sumenda; et in facto quod inse habet et bonum et malum, magis de bono quam de malo pr'sumendum est. Co. Litt. 78, (Odious and dishonest things are not to be presumed in law; and in an act which partakes both of good and bad, the presumption should be done in favour of what is good than that is bad....
bad debt expense
bad debt expense An expense account that reflects the amount of your company's accounts that are not collectable, that is the amount of your company's accounts that are "bad debts." A "bad debt expense" account is an expense account of your company. A typical company makes an estimate as to how much it has in bad debts on a periodic (usually monthly) basis. For example, your company estimates that it has about $1,200 per year in accounts that are not collectable. Your company would make the following accounting entries each month: a debit to your "bad debt expense" account in the amount of $100, and a credit to your "allowance for bad debts" account in the amount of $100. When you actually decide that a particular debt is not collectable, you would not make an entry to the "bad debt expense" account. Instead, you would debit your company's "allowance for bad debts" account for the amount of the bad debt and credit your accounts receivable account for that amount. ...
allowance for bad debts
allowance for bad debts Your best guess at how much of your accounts receivable will not be collectable. In other words, your best guess at how much of your accounts receivable will be "bad debts." An "allowance for bad debts" account is kind of like a savings account for bad debts. Your company puts money into it on a periodic basis (usually monthly) as an expense of the company. When you decide that a particular account is not collectable, you tap the allowance for bad debts account to pay for the bad debt. Because you already made the allowance for bad debts, your profit and loss statement will not be out of whack in the particular month that you decide to "write-off" a particular account. Your company's accounting entries to "write off" a $500 account that you have decided is not collectable would look something like this: a debit to your allowance for bad debts account in the amount of $500 and a credit to your accounts receivable account for $500. ...
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