Exchange Deed Of - Law Dictionary Search Results
Home Dictionary Name: exchange deed ofExchange, Deed of
Exchange, Deed of [fr. excambium, Lat.], an original Common Law conveyance, for the reciprocal transfer of interests ejusdem generis, as fee simple for fee simple, legal estate for legal estate, copyhold for copyhold of the same manor, and the like the one in consideration of the other. It takes place between two distinct contracting parties only, although several persons may compose each party. The operative and indispensable verb was 'exchange,' which no longer implies a general warranty or right of re-entry [(English) L.P. Act, 1925, s. 59, replacing Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4]. An actual entry upon the pro-perty exchanged by the parties themselves to the deed was essential. The exchange was void if either party died before entry, for, under such cir-cumstances, the parties had no freehold in them, for the heir could not enter and take as a purchaser, because he took under the deed, only by way of limitation in course of descent, but by the L.P. Act, 1925, s....
Indorsement
Indorsement [fr. in, Lat., upon, and dorsum, a back], anything written or printed upon the back of a deed or writing. The requisites of a valid indorsement of a bill of exchange, promissory note, or cheque, are laid down by the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 32, the principal requisites being that the indorsement must be written on the bill itself (except in the case of an 'allonge' or 'copy' in a country where 'copies' are recognized) and signed by the indorser, his simple signature, without additional words, being sufficient; that it be an indorsement of the entire bill [though indorsement of a blank form may be valid, Glenie v. Tucker, (1908) 1 KB 263]; and that where there are two or more indorsements, each is deemed to have been made in the order in which it appears on the bill, cheque, or note, until the contrary is proved. As to the recovery of the amount of the cheque by the drawer, after payment obtained by a forged indorsement, see North and S...
Joint-tenancy
Joint-tenancy. This tenancy is created where the same interest in real or personal property is, by the act of the party, passed by the same matter of conveyance or claim in solido, and not as merchan-dise, or for purposes of speculation, to two or more persons in the same right, either simply, or by construction or operation of law jointly, with a jus accrescendi, that is, a gradual concentration of property from more to fewer, by the accession of the part of him or them that die to the survivors or survivor, till it passes to a single hand, and the joint-tenancy ceases.Anciently, joint-tenancy was favoured because it did not induce fractions of estates, and returning to early principles the (English) Land Legislation of 1925 has employed the tenure generally as the machinery by which legal estate may in such cases always be in some person, called the estate owner, who is competent to give a title to the whole estate without the concurrence of other parties. that legal estate has been ...
Intermediary
Intermediary, 'intermediary' as defined by s. 2(1) of the W.B. Estate Acquisitation Act, 1953 includes a proprietor, tenure holder, under-tenure holder or any other intermediary above a raiyat. Under the provisions of the Bengal Patni Regulations 8 of 1819, holder of a Patni deed enjoyed the right of the zamindar unless some limitation was expressly mentioned in the deed. The interest of a Patnidar was capable of being transferred by sale in the same manner as any other real property. A Patni right holder is a proprietor, therefore included within the meaning of intermediary under the Act, Union of India v. Nihar Kanta Sen, AIR 1987 SC 1713: (1987) 3 SCC 465 (472): (1987) 2 SCR 1108. [W.B. Estates Acquisition Act, 1953, s. 2(i)]Intermediary means a stockbroker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities mark...
Collateral
Collateral, indirect, sideways, that which hangs by the side; applied in several ways, thus:--collateral assurance, that which is made over and above the deed itself; collateral consanguinity or kindred, which descend from the same stock or ancestor as the lineal relation, but do not descend one from the other, as the issue of two sons; collateral issue, where a criminal convict pleads any matter allowed by law, in bar of execution, as pregnancy, pardon, an act of grace, or diversity of person, viz., that he or she is not the same that was attained, etc., the issue upon which when taken is tried by a jury instanter; collateral security, where a deed is made of other property, besides that already mortgaged, for the better safety of the mortgagee (see Re Athill, (1880) 16 Ch D 211) or a bill of exchange given, or pledge deposited to secure a pre-existing debt; and collateral contract, where a contract by word of mouth co-exists [see e.g., Morgan v. Griffiths, (1871) LR 6 Ex 70; De Lassa...
bargain
bargain often attrib [Old French bargaigne negotiation, haggling, from bargaignier to haggle] 1 : an agreement between parties that settles what each gives or receives (as a promise or performance) in a transaction between them compare contract 2 a : something acquired by or as if by bargaining b : something whose value considerably exceeds its cost [a purchase] vi 1 a : to negotiate over the terms of an agreement (as a contract) b : to engage in collective bargaining [the employer must with the union] 2 : to agree to certain terms or conditions : come to terms [plaintiff ed with the store for a lower price] vt : to convey according to a bargain [does hereby grant, , sell, alien and confirm to the party of the second part, the following described property] often used with sell in deeds to indicate that the conveyor is receiving consideration in exchange for the property ...
Notary or Notary Public
Notary or Notary Public [fr. notaire, Fr., fr. notarius, Lat.], an officer who takes notes of anything which may concern the public; he attests deeds or writings to make them authentic in another country; but is principally employed in mercantile affairs, as to make protests of bills of exchange, etc. He cannot permit another to act in his name, and in London he must be free of the Scriveners' Company. See 25 Hen. 8, c. 27, ss. 3, 4; the (English) Public Notaries Acts, 1801, 1833, and 1843 (41 Geo. 3, c. 79, 3 & 4 Wm. 4, c. 70, and 6 & 7 Vict. c. 90); and consult Brooke on the Office, etc., of a Notary, 6th ed., by Cranstoun. The Court of Faculties makes the appointment in accordance with the Public Notaries Acts, and the Master of that Court has inherent jurisdiction to strike a notary public off the roll (Re Champion, 1906, P. 86). As to its jurisdiction in the case of the Colonies, see Bailleau v. Victorian Society of Notaries, 1904, P. 180.In Scotland a notary public must now be a ...
Primary conveyances
Primary conveyances, original conveyances, some-times opposed to secondary conveyances, such as release, surrender, etc., and see DERIVATIVE DEED, are:-(1) Feoffments. (2) Grants. (3) Gifts. (4) Leases. (5) Exchanges. (6) Partitions. Consult 1 Steph. Com....
Transfer
Transfer, a permanent alienation is a transfer and a permanent alienation includes the several kinds of transfers, namely, sale, exchange or gift, Syed Jalal v. Targopal Ram Reddy, AIR 1970 AP 19.Transfer, cannot have the widest comprehension, and does not indicate or include compulsory transfer or forced transfer, like court auction sale, Kharva Gigabhai Mavji v. Soni Jagjivvan Kanji, 1979 (20) Guj LR 256.Transfer, connotes, normally, between two living persons during life; will take effect after demise of the testator and transfer in that perspective becomes incongruous, State of West Bengal v. Kailash Chandra Kapur, (1997) 2 SCC 387.Transfer, Decrees which would have the effect of extinguishing the tittle of the holder and nesting the same in some one else though not falling within the ordinary meaning of the phrase 'transfer of property' would be 'transfers' within the meaning of the term as used in ss. 4 and 5, Jagdish v. State of Madhya Pradesh, AIR 1993 MP 132. [See M.P. Ceiling...
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
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