Equitable Asset - Law Dictionary Search Results
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Equitable assets
Equitable assets, Assets which could only be made available to creditors in a Court of equity; legal, in a Court of law (Halsb. L.E.); the distinction is not of any importance in regard to deaths after 1925, see ss. 2(3) and 32 of the Administration of Estates Act, 1925. See EXECUTOR....
Assets
Assets [fr. assetz, Nor.-Fr., i.e., satis, Lat.; assez, Fr., sufficient; in Old English it was commonly written asseth], the property of a deceased person, which is chargeable with, and applicable to the payment of, his debts and legacies; the property of any person, with reference to bankruptcy, available for division amongst his creditors; the whole property of a person, without any such reference. For purposes of the administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised all property to which the personal representative became entitled virtute officii and for which he would have been answerable in an action at common law brought against him by a creditor; they were administered in accordance with certain rules of priority. Equitable assets, on the other hand were those which would only be made available for the payment of debts through the operation of a decree or order of a Court of Equity; t...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Lien
Lien [answering to the tacita hypotheca of the Civil Law], a right in one man to retain that which is in his possession belonging to another, until certain demands of the person in possession are satisfied. It is neither a jus in re, nor a jus ad rem--i.e., it is not a right of property in the thing itself, or right of action to the thing itself.It is either particular, as a right to retain a thing for some charge or claim growing out of, or connected with, the identical thing; or general, as a right to retain a thing not only for such charges or claims, but also for a general balance of accounts between the parties in respect to other dealings of the like nature.General and particular liens may arise: (1) by an express contract; (2) by an implied contract, resulting from the usage of trade, or the manner of dealing between parties. General lines are not favoured in law, but some judicially recognized general lines are bankers', solicitors', factors', stockbrokers'. See Halsb. L.E., ti...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
Executor
Executor. A person appointed by a testator to carry out the directions and requests in his will, and to dispose of the property according to his testamentary provisions after his decease.One who performs or carries out some act, Black's Law Dictionary, 7th Edn., p. 591.The leading duties and responsibilities of an executor may be thus classed:-(1) He will not be allowed as against creditors extravagant funeral expenses if the testator died insolvent; and if he neglects to secure the property, and loss ensue, he will be personally liable for a devastavit, but will not be responsible for mere neglect to take out probate (Re Stevens, (1898) 1 Ch 162). See DEVASTAVIT.(2) By operation of law by virtue of his office he takes a title to the personal property of the testator which vests him with full power ovr the testator's chattels, Attenborough v. Solomon, 1913 AC 76, and by Administration of Estates Act, 1925, s. 1, extending and amending the Land Transfer Act, 1897, real property devolves...
Floating charge
Floating charge. This term is not a legal term, but it is well understood and is used in Acts of Parliament, e.g., the (English) Finance Act, 1915, s. 27, and may be said to denote a security which is an equitable charge on the assets for the time being of a going concern. It allows of the business being carried on and the property comprised in it being dealt with in the ordinary course of business, until the undertaking charged ceases to be a going concern, or until the creditor in some way or other intervenes, See Government Stock, etc., Co. v. Manila Ry. Co., 1897 AC 86, per Lord Macnaghten.The charge becomes fixed and enforceable by the charges as soon as the company goes into liquidation, even for the purpose of reconstruction [Crompton & Co., 1914, 1 Ch 954]. Under the (English) Companies Act, 1929, s. 88, all floating charges must be registered in the Register of Charges.The subsidiary shares, rather than circulating in the ordinary course of the claimant's business, are part of...
equitable adoption
equitable adoption : an adoption recognized by the law in order to allow claims (as to assets in an estate or to insurance or government benefits) in cases in which there is an express or implied contract to adopt and clear evidence of an intention to adopt but no performance of the procedures required by statute for an adoption called also adoption by estoppel ...
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