Debt Service - Law Dictionary Search Results
Home Dictionary Name: debt servicedebt service
debt service : the amount of interest and principal payments due annually on long-term debt ...
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 ...
Army (UK)
Army (UK) [fr. armee, Fr.], the military force of a country. From1689 to 1879, the army was regulated by Annual Mutiny Acts usually expiring in April, and by the 'Articles of War' which those Acts empowered the sovereign to make. In 1879 the Army Discipline Act (42 & 43 Vict. c. 33) consolidated the provisions of the Mutiny Act with the Articles of War. This Act having been amended by the Army Discipline and Regulation Annual Act, 1881, which substituted 'summary' for corporal punishment, and also by the Regulation of the Forces Act, 1881, a fairly complete military code is now contained in the 'Army Act, 1881' (44 & 45 Vict. c. 58), now styled the 'Army Act' simply, by virtue of s. 4 of the Army (Annual) Act, 1890.The Army Act requires to be annually renewed by an Act passed for that purpose called the 'Army (Annual) Act.' Such annual Act follows the precedent of the Mutiny Acts is reciting the illegality of a standing army in time of peace without consent of Parliament (as declared b...
Fiscal deficit
Fiscal deficit, means the excess of total disbursement from the consolidated fund of the State (excluding repayment of debt) over the sum of revenue receipts, recovery of loans and non-debt capital receipts into the fund during a financial year, Rajasthan Agricultural Produce Markets Act, 2005, s. 2(f).Means the excess of total disbursements, from the Consolidated Fund of India, excluding repayment of debt, over total receipt into the fund (excluding the debt receipts), during a financial year, Fiscal Responsibility and Budget Management Act, 2003, s. 23(a).Means excess of total expenditure of State Govern-ment over the total non-debt receipt and thus represents those borrowing requirement, net of repayment during the year which needs to be serviced by way of internet and principal repayment, Maharashtra Fiscal Responsibility and Budgetary Management Act, 2005, s. 2(c).Means the excess of total disbursements from the consolidated fund of the State (excluding repayment of debt) over tot...
Consumer
Consumer, 'consumer' would include 'any person who consumes electrical energy supplied by a person who generates electrical energy for his own consumption', Jiyajee Rao Cotton Mills Ltd. v. State of Madhya Pradesh, AIR 1963 SC 414: (1962) Supp 1 SCR 282.The definition of the word 'consumer' shows that it would include a person who consumes energy generated by himself. The proposition that in the matter of the levy of electricity tax the Court should differentiate between cases wherein the energy consumed has been generated by someone other than the consumer and those wherein such energy has been generated by the consumer himself cannot, therefore, be countenanced, State of Mysore v. West Coast Papers Mills Ltd., (1975) 3 SCC 448: AIR 1975 SC 5: (1975) 2 SCR 127.The word 'consumer' is a comprehensive expression. It extends from a person who buys any commodity to consume either as eatable or otherwise from a shop, business house, corporation, store, fair price shop to use of private or p...
discharge
discharge 1 : to release from an obligation: as a : to relieve of a duty under an instrument (as a contract or a negotiable instrument) ;also : to render (an instrument) no longer enforceable [a formal instrument…may be discharged by either cancellation or surrender "J. D. Calamari and J. M. Perillo"] b : to release (a debtor in bankruptcy) from liability for his or her debts 2 : to release from confinement, custody, or care [ a prisoner] 3 a : to dismiss from employment : terminate the employment of b : to release from service or duty [ a jury] [ a witness] 4 a : to get rid of (as a debt or obligation) by performing an appropriate action b : to fulfill a requirement for [evidence which is required to the burden of going forward "W. R. LaFave and A. W. Scott, Jr."] 5 : to order (a legislative committee) to end consideration of a bill in order to bring it before the house for action dis·charge·abil·i·ty [dis-chÄ r-jə-bi-lə-tē...
Extinguishment
Extinguishment, the annihilation of a collateral interest, or the supersedure of one interest by another and greater interest in that out of which it is derived. It is of various natures as applied to various rights.The cessation or cancellation of some right on interest, Black's Law Dictionary, 7th Edn., p. 604.(1) Extinguishment of common. It he who is entitled to common appurtenant purchase any part of the land which is subject to his right of common, that right is extinguished for the whole; and so, if he release his right over any part of the land. But it has been justly doubted whether in any case, and especially if all persons who have common appurtenant in the same land concur in discharg-ing some part of it, this legal trap should be allowed to operate, Burton's Comp., 8th Edn. 352. If one of the tenants of a manor purchase any part of the land over which he has a right of common appendant, his right over the rest will continue. So, on the alienation of any part of land to whi...
service
service 1 : the act of delivering to or informing someone of a writ, summons, or other notice as prescribed by law [after of process] see also notice by publication at notice, substituted service, summons NOTE: Although service of process is primarily the means for a court to exert personal jurisdiction over a person, some form of service (as by publication of notice in a newspaper) is also usually required for exercise of in rem or quasi in rem jurisdiction. 2 a : useful labor that does not produce a tangible commodity usually used in pl. [payment for s rendered] b : the maintenance or repair of tangible property [machinery for the and improvement of the residence] vt ser·viced ser·vic·ing : to provide services for: as a : to meet interest and sinking fund payments on (debt) [didn't have the cash flow to a large loan] b : to collect payments and maintain a payment schedule for (a loan) esp. after sale of the loan to a secondary mortgage market (as the Federal ...
Act of Bankruptcy
Act of Bankruptcy, an act, the commission of which by a debtor renders him liable to be adjudged a bankrupt if the petition is presented within three months thereafter.Under s. 1 of the (English) Bankruptcy Act, 1914 (4 & 5 Geo. 5, c. 59), any one of the following acts of a debtor is an act of bankruptcy:-(a) Having made an assignment of his property in trust for his creditors generally.(b) Having made a fradulent conveyance, gift, delivery, or transfer of his property, or of any part thereof.(c) Having made a conveyance amounting to a 'fradulent preference.'(d) Having, with intent to defeat or delay his creditors, departed out of England, or being out of England, remained out of England; or having absented himself; or begun to keep house.(e) If execution against him has been levied by seizure of his goods under process in any Court or in any civil proceeding in the High Court, and the goods have been either sold or held by the sheriff for 21 days:Provided that where an interpleader su...
Default summons
Default summons, a procedure in the county courts for the summary recovery of a debt or liquidated demand. These summonses are of two kinds: (i.) Ordinary Default Summonses; and (ii.) Special Default Summonses. (i.) an Ordinary Default Summons is only applicable to liquidated demands between 2l. and 10l., and is not available against a working-class defendant, except in the case of a trade debt, where the claim exceeds 5l. The plaintiff can sign judgment after eight days from service if the defendant has failed to give notice of defence stating the facts upon which he relies. (ii.) A Special Default Summons is only applicable to liquidated demands over 10l., and cannot be issued against a working-class defendant, except for a trade debt incurred by him. The plaintiff can sign judgment as in (i.) unless the defendant has filed an affidavit of defence within eight days. A special default summons corresponds to the Order XIV. Procedure of the High Court.See (English) County Court Rules, 1...
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