Execution Sale - Law Dictionary Search Results
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sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
Bill of sale
Bill of sale, an assignment by deed of chattels personal, whether absolute or by way of security. See Twyne's case, (1602) 3 Rep. 80 [44 Eliz.], and 1 Sm. L. C. 1 et seq., where the principal cases are collected.The registration of bills of sale was first required in 1854 by 17 & 18 Vict. c. 31, which enacted that every bill of sale should be void as against assignees in bankruptcy and execution creditors, unless the bill or a copy thereof should have been filed in the Court of Queen's Bench within 21 days after its execution, together with an affidavit of the time of the bill of sale being given, and a description of the residence and occupation of the deponent and of every attesting witness of the bill of sale. In 1866, by 29 & 30 Vict. c. 96, registration had to be renewed every five years. The two Acts were consolidated with some important amendments by the (English) Bills of Sale Act, 1878 (41 & 42 Vict. c. 31). The principal amendments were these:-The period within which to regis...
Salary or wages
Salary or wages, means all remuneration (other than remuneration in respect of over-time work) capable of being expressed in terms of money, which would, if the terms of employment, express or implied, were fulfilled, be payable to an employee in respect of his employment or of work done in such employment and includes dearness allowance (that is to say, all cash payments, by whatever name called, paid to an employee on account of a rise in the cost of living), but does not include--(i) any other allowance which the employee is for the time being entitled to;(ii) the value of any house accommodation or of supply of light, water, medical attendance or other amenity or of any service or of any concessional supply of foodgrains or other articles.(iii) any travelling concession;(iv) any bonus (including incentive, production and attendance bonus);(v) any contribution paid or payable by the employer to any pension fund or provident fund or for the benefit of the employee under any law for t...
Execution
Execution, the last state of a suit whereby possession is obtained of anything recovered by a judgment. It is styled final process, and is regulated by R.S.C. 1883, Ord. XLII., r. 17, of which allows immediate execution in ordinary cases. See PR'CIPE.The ordinary writs of execution are capia ad satisfaciendum; fieri facias; elegit; and habere facias possessionem. See these titles respectively, especially FIERI FACIAS.As to the protection of vendor or purchaser on a sale under an execution, see Bankruptcy and Deeds of Arrangement Act, 1913, s. 15.As to the writ of capias ad satisfaciendum, see Hulbert v. Cathcart, 1896 AC 470; and it is to be borne in mind that by the (English) Debtors Act, 1869 (32 & 33 Vict. c. 62), imprisonment for debt has been abolished, except as specified in s. 4. See IMPRISONMENT.By (English) R.S.C. 1883, Ord. XLII., r. 17(b), the Court or a judge may, at or after the time of giving judgment or making an order, stay execution until such time as they or he shall ...
Auction sale
Auction sale, whenever there is an auction the sale must be deemed to be complete. Whether there is a transfer or not depends on the conditions of the auction and these have to be examined to find out when a transfer of the property auctioned takes place. There may be a sale by auction where the sale is not complete till, for example, a document is executed, Bombay Sale and Chemical Industries v. L.J. Johnson, AIR 1958 SC 289 (292). [Displaced Persons (Compensation and Rehabilitation) Act, 1954 (44 of 1954), s. 20]...
Enrollment
Enrollment, register, record; writing in which anything is recorded.The act of recording or registering, Black's Law Dictionary, 7th Edn., p. 551.By the Statute of Enrolments, 27 Hen. 8, c. 16, now repealed by the (English) L.P. Amendment Act, 1924 (15 Geo. 5, c. 5),Sch. 10, every bargain and sale of a freehold interest was required to be enrolled in Chancery within six [lunar] months after its date.No assurance before 1926 by a tenant-in-tail under the (English) Fines and Recoveries abolition Act, 1833 (3 & 4 Wm. 4, c. 74), will have any operation unless enrolled in the Central Office within six calendar months after its execution, which enrolment is sufficient of itself, even where the conveyance was by bargain and sale, within the Statute of Enrolments. This provision did not extend to copyholds, the enrolment then being on the Court-rolls of the manor. By s. 133 the (English) Law of Property Act, 1925, enrolment is not required in respect of assurances or instruments executed or ma...
Fair market value
Fair market value.--(i) in relation to any immovable property transferred by way of sale or exchange, being immovable property of the nature referred to in sub-clause (i) of clause (e), means the price that the immovable property would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer of such property;(ii) in relation to any immovable property transferred by way of lease, being immovable property of the nature referred to in sub-clause (i) of clause (e), means the premium that such transfer would ordinarily fetch in the open market on the date of execution of the instrument of transfer of such property, if the consideration for such transfer had been by way of premium only;(iii) in relation to any immovable property transferred, being immovable property of the nature referred to in sub-clause (ii) of clause (e), means the consideration in the form of money that such transfer would ordinarily fetch in the open market on the date of the tr...
Lunatic
Lunatic. By the (English) Mental Treatment Act, 1930 (20 & 21 Geo. 5, c. 23), s. 20, the word 'lunatic,' except in the phrase 'criminal lunatic' and in relation to persons detained as lunatics outside England, shall cease to be used in relation to any person of or alleged to be of unsound mind, and the words ''person of unsound mind,' 'person,' 'patient of unsound mind,' or 'of unsound mind,' or such other expression as the context may require are to be substituted in any enactment or document thereunder. See PERSON OF UNSOUND MIND. Mental Treatment Act, 1930 (20 & 21 Geo. 5, c. 23).The general principle governing contracts entered into by insane persons is laid down in The Imperial Loan Co. v. Stone, (1892) 1 QB 559. 'Where a person enters into a contract, and afterwards alleges that he was so insane at the time that he did not know what he was doing and proves the allegation, the contract is as binding on him in every respect, whether it is executory or executed, as if he had been sa...
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