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...
holder 1 : a person that holds: as a : owner [the of a patent] often used in combination [a stockholder] b : one that holds or occupies the property of another by agreement and esp. under a lease 2 a : a person who under the Uniform Commercial Code is in possession of a negotiable instrument that names and is made payable to the possessor or that is payable to bearer b : a person under the U.C.C. in possession of goods named in a document of title if the goods are deliverable to bearer or to the order of the possessor 3 in the civil law of Louisiana : an individual (as a trustee or debtor) or legal or commercial entity that under the Civil Code's provisions for disposition of unclaimed property is in possession of property belonging to another ...
good faith [translation of Latin bona fides] : honesty, fairness, and lawfulness of purpose : absence of any intent to defraud, act maliciously, or take unfair advantage [filed the suit in good faith] [negotiating in good faith] see also good faith exception, good faith purchaser compare bad faith NOTE: The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact in the conduct or transaction concerned.” Article 2 of the U.C.C. says “good faith in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.” Similarly, Article 3 on negotiable inst...
certificate of title 1 : a certificate of ownership stating that the title to the specified property is free and clear except for any encumbrance (as a mortgage) listed on it: as a : a certificate issued by a motor vehicle registry called also title b : a certificate issued by a registry of deeds see also torrens system 2 : a document issued by a title abstracter (as an attorney) giving a legal opinion as to the status of a property's title based on a title search or abstract of title compare deed ...
Manorial documents, Court Rolls, surveys, maps, terriers, all documents and books relating to the boundaries, franchises, wastes, customs or courts of a manor but not deeds or evidence of title to the manor, are now placed under the superintendence of the Master of the Rolls. They may remain in the possession or under the control of the lord of the manor but he shall not be entitled to destroy or wilfully damage them. The Master of the Rolls has power to direct the documents to be sent to the Public Record or local institutions undertaking to be responsible for the preservation and indexing of the documents and the Master of the Rolls may make rules for these purposes. [See (English) Law of Property Act, 1924, 2nd Sch., 2(4)]...
Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...
good title see title ...
Lots. Parcels of land under one ownership put up separately at one sale. By s. 45 (5) of the (English) Law of Property Act, 1925, it is an implied condition of the sale that a purchaser of two or more lots held wholly or partly under the same title shall not have a right to more than one abstract of the common title, except at his own expense. As a rule the purchaser of the largest lot in value is entitled to the documents of title on completion where all the lots have been sold. [see, e.g., General Conditions of Sale, 34 (2) (i)]As to the position of a bidder purchasing a wrong lot by his own mistake, see Van Praagh v. Everidge, (1903) 1 Ch 434....
Sale of Goods Act, 1893 (English) (56 & 57 Vict. c. 71), codifying the law of the sale of goods, in the same fashion as the law of bills of exchange, promissory notes, and cheques was codified (see CODE) by the Bills of Exchange Act, 1882, and the law of partnership by the (English) Partnership Act, 1890.The parts of the Act are:-I. Formation of the Contact, in which it is provided, amongst other things, that an infant or person by mental incapacity or drunkenness incompetentto contract must pay a reasonable price for 'necessaries' sold and delivered to him; that (re-enacting a part of the Statute of Frauds) a contract for the sale of goods of the value of 10l. or more is not enforceable unless the buyer accept and receive part, or give something in earnest to bind the contract, or 'unless some note or memorandum in writing of the contract be made and signed by the party to be charged or his agent in that behalf'; that a contract for the sale of specific goods which have perished witho...
Title-deeds. See TITLE TO LANDS, DOCUMENTS OF....