Deposit - Law Dictionary Search Results
Home Dictionary Name: deposit Page: 4security deposit
security deposit : money provided by a tenant to a landlord to secure performance of a rental agreement or compensate for possible loss or damage ...
earnest money (deposit)
earnest money (deposit) money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer's satisfaction. Source: U.S. Department of Housing and Urban Development ...
Bailment by deposit
Bailment by deposit, is a bailment of a chattel, to be kept for the bailor gratuitously, and returned upon demand, Halsbury's Laws of England, Vol. 2, 4th Edn., Para 1806, p. 835....
deposit (earnest money)
deposit (earnest money) money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer's satisfaction. Source: U.S. Department of Housing and Urban Development ...
certificate of deposit
certificate of deposit :a money-market bond of a preset face value (as $10,000) paying fixed interest and redeemable without penalty only on maturity (as after two years) ...
Deposition
The act of depositing or deposing the act of laying down or thrown down precipitation...
Compulsory deposite
Compulsory deposite, 'Compulsory deposit means a subscription to, or deposit in a Provident Fund which under the rules of the Fund, is not until the happening of some specified contingency repayable on demand otherwise than for the purpose of the payment of premia in respect of a policy of life insurance (or the payment of subscriptions or premia in respect of a family pension fund), and includes any contribution and any interest or increment which has accrued under the rules of the fund on any such subscription, deposit, contribution, and also any such subscription, deposit, contribution interest or increment remaining to the credit of the subscriber or depositor after the happening of any such contingency', Union of India v. Hira Devi, AIR 1952 SC 227 (228): (1952) SCR 765. [The Provident Funds Act XIX of 1925, s. 2 (a)]...
Rescission
Rescission, annulment or destruction. A general term for the repudiation and annulment of any contract or transaction: see (English) Sale of Goods Act, 1893. A contract for the sale of real estate very commonly contains a power for the vendor to rescind the contract if the purchaser makes or insists upon any objection or requisition which the vendor is unable or unwilling to comply with; but see ss. 42 and 45 of the Law of Property Act, 1925, precluding the vendor from rescinding in certain cases, and this facility will not assist the vendor in case of a serious defect in title or substantial mis-representation, see Re Hardick Co. v. Lipski, (1901) 2 Ch 666. Where a purchaser rescinds under a power in the contract he has a lien for his deposit, Whitbread & Co. v. Watt, (1902) 1 Ch 835, but before 1926 the purchaser in the absence of mis-representation was precluded from recovering his deposit if he chose to rescind upon an objection which he was precluded by statute from taking under a...
Stakeholder
Stakeholder, one with whom a stake is deposited [see, generally, (English) Betting and Lotteries Act, 1934 (24 & 25 Geo. 5, c. 58)]. As to when money deposited in the hands of a stakeholder, to abide the event of a wager, may be recovered, see Gaming Act, 1845, s. 18, and the title WAGER. A stakeholder of a sealed packet containing a document can be called upon to produce it upon a subp'na duces tecum, R. v. Daye, (1908) 2 KB 333. Upon a sale of land a sake-holder appears to hold the deposit for the party entitled thereto. He may interplead under R.S.C. Ord. LVII., and is entitled to retain the interest on the deposit for his pains: see Mr. Cyprian Williams in 71 L.J. (articles), pp. 162 and 180-Wolst. & Ch. Conveyancing Statutes, 12th Edn., p. 724. Apart from a special stipulation, it is not clear that a stakeholder converting the deposit into the property of either party before determination of the event is not acting in contradiction of his mandate. See INTRPLEADER.A disinterested t...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
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