Demand Liabilities - Law Dictionary Search Results
Home Dictionary Name: demand liabilitiesDemand liabilities
Demand liabilities, means liabilities which must be met on demand, and 'time liabilities' means liabilities which are not demand liabilities. [Bank-ing Regulation Act, 1949 (10 of 1949), s. 5 (f)]...
Current liabilities
Current liabilities, means liabilities which must be met on demand or within a period of twelve months from the date they are incurred; and includes any current liability which is suspended under s. 18FB. [Industries (Development and Regulation) Act, 1951 (65 of 1951), s. 3 (ac)]...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
Payable on demand
Payable on demand, The words 'payable on demand' in a promissory note mean payable 'at once'. Ajyappankutty v. Mathoo Mathai, AIR 1955 Trav 65 (66). (Travancore Cochin Stamp Act, 1899, Art. 89)The words 'payable on demand' have been given different meaning when applied with reference to 'money lent' and 'money deposited'. In the content of Art. 21, the meaning and effect of these words is 'always payable' or payable from the moment when the loan is made, whereas in the content of Art. 22, 'the meaning is 'payable when actually a demand for payment is made'. The words 'on demand' in law have a special meaning and when an agreement states that an amount is payable on demand. It implies that it is always payable, that is payable forthwith and a demand is not a condition precedent for the amount to become payable. The meaning attached to the expression 'on demand' as 'always payable' or 'payable forthwith without demand' is not one of Universal application. The said meaning is normally app...
Demand
Demand [fr. demando, fr. mando, Lat., manudare, to hand-give; mander, Fr., to send for], a claim, a challenging, the asking of anything with authority, a calling upon a person for anything due. It is either in deed, written or verbal, as a demand for rent, or an application for payment of a debt; or in law, as an entry on land, distraining for rent, bringing an action. See DETINUE; LIMITATIONS.The word 'demand' ordinarily means something more than what is due; it means something which has been demanded called for or asked for. The word 'demand' in the collocation of words in which it has been used can only mean 'in excess of one year's municipal tax or other dues', Mangoo Singh v. Election Tribunal, AIR 1957 SC 871 (874, 875): 1958 SCR 418. [U.P. Municipalities Act, 1916 (2 of 1916), s. 13D(g) & 168]...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
Maximum demand
Maximum demand, The 'maximum demand' as defined in s. 2(8) of the Act has always a reference to a past period and there can be no maximum demand in relation to a future period. The phrase should not be given two different meanings, one for the licensee and the other for the consumer asking for the maximum demand, The Sihor Electricity Works Ltd. v. Gujarat Electricity Board, AIR 1969 SC 770: (1969) 1 SCC 423: (1969) 3 SCR 438....
comprehensive general liability insurance
comprehensive general liability insurance : liability insurance for a business that usually covers losses from products liability, premises liability, and some liabilities that the insured assumes under a contract (as a lease) ...
Contingent liability
Contingent liability, as a liability which, by reason of something done by the person bound, will necessarily arise or come into being if one or more of certain events occur or do not occur, Glenister v. Rowe (CA), (1999) 3 WLR 716.Contingent liability, must arise out of an existing or underlying liability, no such liability can exist simply by reason of a claim for costs made in a writ, summons, application or notice of appeal to the judge or to the Court of Appeal, Glenister v. Rowe (CA), (2000) Ch LR 76....
demand
demand 1 : a formal request or call for something (as payment for a debt) esp. based on a right or made with force [a shareholder must first make a on the corporation's board of directors to act "R. C. Clark"] [a written for payment] 2 : something demanded [any s against the estate] see also claim on demand : upon presentation and request for payment vt : to ask or call for with force, authority, or by legal right : claim as due [any party may a trial by jury of any issue triable of right by a jury "Federal Rules of Civil Procedure Rule 38(b)"] de·mand·able adj ...
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