Debts And Liabilities - Law Dictionary Search Results
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...
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...
Passive debt
Passive debt, a debt upon which, by or without agreement between the debtor and creditor, no interest is payable, as distinguished from active debt, i.e., a debt upon which interest is payable. In this sense, the term 'active' and 'passive' were long applied to certain debts due from the Spanish Government Distinguish from 'Actif' (assets) to 'Passif' (liabilities) (Fr. law.)...
Occupation debt
Occupation debt, 'occupation debt' is defined as a debt payable by virtue of an obligation incurred during the occupation period and accruing due at any time. The term 'debt' is commonly used to describe liabilities which have an origin in contract, Muthupalaniapa Chettir v. Alagamai Achi, AIR 1961 Mad 438 (442). [Malayan Ordinance (42 of 1948)]...
Payment of Money into Court
Payment of Money into Court, i.e., the deposit of money with the official of or banker to the Court for the purpose of proceedings commenced in that Court. Payment into Court is not strictly a defence; it is rather an attempt at a compromise. No such plea was known to the Common Law; it is entirely the creature of Statute (Odgers on Pleading). By the (English) C.L.P. Act, 1852, s. 70, the defendant in all actions (except for assault and battery false imprisonment, libel, slander, malicious arrest or prosecution or seduction) might pay into Court a sum of money by way of compensation or amends, and by the Libel Act, 1843, money might be paid into Court in actions of libel, but this provision was repealed by the (English) Statute Law Revision Act, 1879.Payment into court is now regulated by (English) R.S.C. 1883, Ord. XXII, by which, where any action is brought to recover a debt or damages, any defendant may, before or at the time of delivering his defence, or by leave of the Court or a ...
exoneration
exoneration 1 : the act of disburdening or discharging (as from a charge, liability, obligation, duty, or responsibility) ;also : the state of being so freed 2 a : the right of a person who has paid a debt for which he or she is only secondarily liable to be reimbursed by the person primarily liable b : the right of a surety to require a person or estate that is subject to a liability for which the surety is secondarily liable to discharge the liability thus relieving the surety ;also : the equitable remedy by which the surety compels discharge of the liability ...
Joint-stock Banks
Joint-stock Banks, joint-stock companies for the purpose of banking. They are regulated, according to the date of their incorporation, by charter, or by 7 Geo. 4, c. 46; 7 & 8 Vict. cc. 32 and 113; 9 & 10 Vict. c. 45 (in Scotland and Ireland); 20 & 21 Vict. cc. 49 & 91; and 27 & 28 Vict. c. 32; or by the Companies Act, 1929, in substitution for previous Acts, which makes registration under it compulsory in the case of a partnership consisting of more than ten persons. It is believed that the liability of the shareholders in chartered banks is in most if not in all cases limited to some amount fixed by the charter, generally twice the amount of their shares. Under the (English) Companies Act, the liability may be either limited or unlimited, and most banks registered under the old Companies Act of 1862 were unlimited until 1880, when many took advantage of the (English) Companies Act, 1879 (42 & 43 Vict. c. 76), to register anew as limited; see now Companies Act, 1929, ss. 321, 322, 359...
objection to dischargeability
objection to dischargeability A trustee's or creditor's objection to the debtor being released from personal liability for certain dischargeable debts. Common reasons include allegations that the debt to be discharged was incurred by false pretenses or that debt arose because of the debtor's fraud while acting as a fiduciary. Source: Administrative Office of the U.S. Courts ...
dischargeable debt
dischargeable debt A debt for which the Bankruptcy Code allows the debtor's personal liability to be eliminated. Source: Administrative Office of the U.S. Courts ...
current liabilities
current liabilities Debts that must be paid within a relatively short period of time, usually within one year ...
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