Debts On A Security - Law Dictionary Search Results

Priority, an antiquity of tenure in comparison with another less ancient; also that which is before another in order of time.As to priority among creditors, see (English) Admin-istration of Estates Act, 1869, reproduced by ss. 32 to 34, (English) Administration of Estates Act, 1925, and the First Sch., which provides that in the administration of the estate of any person who shall die on or after 1st January, 1870, no debt or liability of such person shall be entitled to any priority or preference by reason merely that the same is secured by or arises under a bond, deed, or other instrument under seal, or is otherwise made or constituted a specialty debt.The priority in legal and equitable assignments of equitable choses in action are determined accord-ing to the date of receipt of notice by the persons who are for the time being owners of the legal interest in the property assigned. Before 1926 the notice might be verbal; after 1926 it must, for the purposes of establishing priority a...

Security

Security, is anything that makes the money more assured in its payment or more readily recoverable as distinguished from e.g. a mere IOU which is only evidence of a debt. The word is not confined to a document which gives a charge on specific pro-perty but includes personal securities for money, Chetumal v. Noorbhoy, AIR 1928 Sind 89: 107 IC 213.Security, it may range from a mere personal bond or promissory note or guarantee, or even a mere pledge of something of no intrinsic value, to a mortgage of property from out of which the money can be realised, AIR 1963 Ker 128 (134). (T.P. Act, 1882, s. 134)Means 'a mortgage, charge, pledge, bond, deben-ture, indemnity, guarantee, bill, not or other right provided by the debtor....or at his request......to secure the carrying out of the obligations of the debtor....under the agreement, Wilson v. First Country Trust Ltd., (2001) LR 407 (QB). [Consumer Credit Act, 1974 (C39), ss. 189(1)]Means an instrument which guarantees the certainty of some ...

lien waiver

lien waiver A document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full. Lien waivers typically are used by homeowners who hire a contractor to provide work and materials to prevent any subcontractors or suppliers of materials from filing a lien against the homeowner for nonpayment. Source: U.S. Department of Housing and Urban Development ...

Simple contract

Simple contract, a contract made either verbally or in writing but not under seal. See Addison, Chitty, Leake, or Pollock on Contracts.Before 1870 simple contract debts were, in the administration of the estate of a deceased person, postponed to debts secured by instrument under seal, called 'specialty debts,' but all such priority was abolished by the Administration of Estates Act, 1869, s. 1, replaced by A.E. Act, 1925, s. 32. See also LIMITATION....

Welsh mortgage

Welsh mortgage (now rare), a conveyance of an estate redeemable at anytime by the mortgagor, on payment of the loan; the rents and profits of the estate being received in the meantime by the mortgagee, in satisfaction of interest subject, however, to an account in Chancery. There is no covenant for the repayment of the loan, and the mortgagee cannot compel either redemption or foreclosure. A Welsh mortgage differs from a vivum vadium or vifgage, which is a conveyance of property to the creditor and his heirs, until out of the rents and profits of the estate he has satisfied the debt with interests; it was so called because either debt nor estate was lost. The distinction between these securities is, that in the vifgage the profits are applied in the periodical reduction of the debt, while in the Welsh mortgage they are applied in satisfaction of the interest, the principal remaining undiminished. In neither, however, is the estate ever forfeited. See 2 Br. & Had. Com. 299, and consult ...

collateral

collateral 1 a : accompanying as a secondary fact, activity, or agency but subordinate to a main consideration b : not directly relevant or material [a evidentiary matter] [a issue] 2 : belonging to the same ancestral stock but not in a direct line of descent compare lineal 3 a : of, relating to, or being collateral used as a security (as for payment of a debt) b : secured by collateral [a loan] col·lat·er·al·ly adj n 1 : a collateral relative 2 : property pledged by a borrower to protect the interests of the lender in the event of the borrower's default ;specif under Article 9 of the Uniform Commercial Code : property subject to a security interest ...

attach

attach [Anglo-French attacher to lodge (an action in court), seize (a person or property) by legal authority, from Old French atachier to fasten, fix, alteration of estachier, from estache stake] vt 1 : to obtain a court order against (property of another person) that directs an officer of the court (as a sheriff) to seize or take control of the property compare garnish, levy NOTE: A plaintiff may attach a defendant's property as a way of obtaining jurisdiction for the purpose of bringing a lawsuit or to prevent the defendant from getting rid of property that may be needed to pay a judgment to the plaintiff. 2 : to join or make a part of [affidavits ed to the suit "Rosalind Resnick"] 3 : to create a security interest in (property) and so acquire the right to foreclose on or otherwise deal with property for payment of a debt and to exercise one's rights in the property against third parties see also security interest at interest compare perfect vi : to become effective: as a : ...

right of redemption

right of redemption :the right to regain ownership of property by freeing it from a debt, charge, or lien (as by paying to the creditor what is due to release the secured property) ;specif : a mortgagor's statutory right to redeem after a judicial foreclosure and sale ...

Warrant of Attorney

Warrant of Attorney, a written authority addressed to one or more solicitors to appear for the party executing it, and receive a statement of claim for him in an action at the suit of a person therein mentioned, and thereupon to confess the same, or to suffer judgment to pass by default and to permit judgment to be entered up against him. The practice of giving warrants of attorney is seldon resorted to. A warrant of attorney may be executed as a security for the performance of any agreement between the parties; but it does not extinguish an original debt, or affect the right to sue upon it, unless judgment has been signed, for until this is done it is merely a collateral security. It is usual to make the warrant subject to be defeated on the performance of certain conditions, and when this is the case, they are set forth in an agreement hence called the defeasance.The Debtors Act, 1869, contains various provisions in regard to warrants of attorney, e.g., they must be executed in the p...

‹ Prev
1
2
3
4
5
6
7
8
9
10
11
Next ›
Last »