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)]...
Unclaimed property
Unclaimed property. This devolves on the Crown at Common Law. Unclaimed property may be dealt with under the heads of (1) Government Stock, (2) Chancery Funds, (3) Stock in Public Companies, (4) Bankers' Balances, (5) Deposits with Bankers for Safe Custody, and (6) Found Property.(1) Government Stock.-The National Debt Act, 1870 (33 & 34 Vict. c. 71), ss. 51 et seq., as extended by 20 & 21 Geo. 5, c. 28, s. 49 provides that stock on which no dividend has been claimed for ten years must be transferred to the National Debt Commissioners. Lists of names in which the stock stood, with residence, description and amount of stock and date of transfer, are to be kept at the Bank of England [or Ireland, but see 13 Geo. 5, c. 2, s. 6 (d)] and at the National Debt Office, open to inspection, and also kept in duplicate at the National Debt Office. The stock may be re-transferred to persons showing title after, in the case of stock exceeding 20l., three months' public notice by advertisement. A sec...
Adulteration
Adulteration, the corrupt production of any article, especially food: indictable at common law, see R. v. Dixon, (1814) 3 M&S 11. The adulteration of bread, corn, meal, or flour is made a statutory offence by the Bread Act, 1836, and the (English) Bread Acts (Amendment) Act, 1922 (12 & 13 Geo. 5, c. 28), and that of food, including drink, generally by the (English) Food and Drugs (Adulteration) Act, 1928 (18 & 19 Geo. 5, c. 31).By the act the mixing, colouring, staining or powdering of any article so as to render it injurious to health, as to affect injuriously the quality of the drugs or lettering any article in such estate, in punishable for a first offence by a fine not exceeding 50l.; for a second offence by imprison-ment not exceeding six months. The sale to the prejudice of the purchaser of articles of food and drugs not of the nature, substance or quality demanded by the purchaser, is prohibited. Where however, the article is properly labelled as mixed, no liability arises. Prov...
Is payable
Is payable, the words 'is payable' indicate that the liability to pay the arrears of rent should be out-standing on the date of the issue of demand, The State of U.P. v. Anand Swarup, AIR 1974 SC 125 (128): (1974) 1 SCC 42: (1974) 2 SCR 188....
Passengers
Passengers, persons conveyed from one place to another. Passenger ships are those peculiarly appropriated to the conveyance of passengers, as distinguished from cargo ships. In some respects, passengers by ship may be considered as a portion of the crew. They may be called on by the master or commander of the ship, in case of imminent danger, either from tempest or enemies, to lend their assistance for the general safety; and in the event of their declining, may be punished for disobedience. This principle has been recognized in several cases; but as the authority arises out of the necessity of the case, it must be exercised strictly within the limits of that necessity, Boyce v. Bayliffe, (1807) 1 Camp 58.A passenger is not, however, bound to remain on board a ship in the hour of danger, but may quit it if he has an opportunity; and he is not required to take upon himself any responsibility as to the conduct of the ship; if he incurs any responsibility, and perform extraordinary servic...
privilege
privilege [Latin privilegium law affecting a specific person, special right, from privus private + leg- lex law] 1 : a right, license, or exemption from duty or liability granted as a special benefit, advantage, or favor: as a : an exemption from liability where an action is deemed to be justifiable (as in the case of self-defense) or because of the requirements of a position or office ;also : the affirmative defense that an action is privileged compare excuse absolute privilege : a privilege that exempts a person from liability esp. for defamation regardless of intent or motive ;specif : a privilege that exempts high public officials (as legislators) from liability for statements made while acting in their official capacity without regard to intent or malice qualified privilege : a privilege esp. in the law of defamation that may be defeated esp. by a showing of actual malice called also conditional privilege b : an exemption from a requirement to disclose information (as fo...
recourse
recourse 1 a : the act of turning to someone or something for assistance esp. in obtaining redress b : a means to a desired end esp. in the nature of a remedy or justice ;also : the end itself 2 : the right or ability to demand payment or compensation ;specif : the right to demand payment from the endorser or drawer of a negotiable instrument see also recourse note at note compare non-recourse NOTE: Under Article 3 of the Uniform Commercial Code, the phrase without recourse on a negotiable instrument limits the liability of the endorser or drawer. If an endorsement states that it is made without recourse, the endorser is not liable to pay, subject to various conditions, if the instrument is dishonored. Similarly, if a draft states that it is drawn without recourse, the drawer is not liable to pay, subject to various conditions, if the draft is dishonored, provided that it is not a check. ...
Mandamus
Mandamus [we command). (1) A high prerogative writ of a most extensive remedial nature. In form it is a command issuing in the King's name from the King's Bench Division of the High Court only, and addressed to any person, corporation, or inferior court of judicature requiring them to do something therein specified, which appertains to their office, and which the court holds to be consonant to right and justice. It is used principally for public purposes, and to enforce performance of public duties. It enforces, however, some private rights when they are withheld by public officers.It is a general rule that this writ is only to be issued where a party has no other specific remedy; and he must apply to the court without delay. the jurisdiction is altogether in the discretion of the court. It can only be obtained from the King's Bench Division, and on motion, and not in an action; [(English) R.S.C., Ord. LIII., r. 4]. For rules of procedure, see (English) Crown Office Rules, 1906, rr. 49...
Tax due
Tax due, means the amount of tax which remains unpaid after the expiry of the date specified in the notice of demand issued in this behalf under this Act or the rules made thereunder. [West Bengal Value Added Tax Act, 2003, s. 2(46)]Tax due, refers to an ascertained liability. However the meaning of the Words 'taxes due' will ultimately depend upon the context in which these words are used, Harshad Shantilal Mehta v. Custodian, AIR 1998 SC 2291. [See also Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, s. 11(2)(a)]Tax due, usually refers to an ascertained liability, Harshad Shantilal Mehta v. Custodian, (1998) 5 SCC 1....
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