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 ...
Sale price
Sale price, 'Sale Price' means the amount payable to a dealer as consideration for the sale of any goods, less any sum allowed as cash discount according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods at the time of or before the delivery thereof other than the cost of freight or delivery of the cost of installation in case where such cost is separately charged and the expression 'purchase price' shall be construed accordingly, Shree Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054: (1971) 2 SCC 532.(ii) Under s. 4 of the Madhya Pradesh General Sales Tax Act, 1958 the liability to pay tax is that of the dealer. The purchaser has no liability to pay tax. There is no provision in the Act from which it can be gathered that the Act imposes any liability on the purchaser to pay the tax imposed on the dealer. If the dealer passes on his tax burden to his purchasers he can only do it by au...
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...
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]...
Food and sale
Food and sale, 'Food' is defined by S. 2(v) of the Prevention of Food Adulteration Act, 1954 as meaning 'any article used as food or drink for human consumption other than drugs and water and includes:(a) any article which ordinarily enters into, or is used in the composition or preparation of human food, and(b) any flavouring matter or condiments. 'Sale' is defined by S. 2(xiii) as follows: 'Sale' with its grammatical variations and cognate expressions, means the sale of any article of food, whether for cash or on credit or by way of exchange and whether by wholesale or retail, for human consumption or use, or for analysis, and includes an agreement for sale, an offer for sale, the exposing for sale or having in possession for sale of any such article, and includes also an attempt to sell any such article; According to the definition of 'food' any used as food or drink for human consumption and any article which ordinarily enters into or is used in the composition or preparation of hu...
Trust for sale
Trust for sale. Trusts for sale of land were commonly crated in settlements and well-drawn wills. The effect was to convert realty into personalty so that the proceeds devolved upon the beneficiaries as personalty unless they elected to take the property as realty (see CONVERSION), except that upon a lapse of the devise of realty in the testator's lifetime the property resulted to the heir-at-law, Ackroyd v. Smithson, (1780) 1 Bro CC 503. Another and more practical consequence was that the whole estate was vested as a rule in the trustees so that with or without consent of any other person as directed by the donor or testator they could vest the whole estate in a purchaser without his seeing to the application of the purchase money (Trustee Act, 1893, s. 14), and without participation of beneficiaries whose consent was not required, thus providing an expedient, which, together with the Settled Land Acts and other statutes giving analogous powers to mortgagees, personal representatives ...
Conditions of sale
Conditions of sale. The terms set forth in writing upon which an estate of interest is to be sold by auction, tender, or private treaty. Together with the particulars (q.v.) the conditions constitute the offer for sale. Conditions of sale will be construed so as to collect the meaning of the parties without incumbering them with the technical meaning of words; for, as Lord Hardwicke declared, 'there is no magic in words.' But the conditions should be accurate, for they cannot be contradicted by parol at the sale; 'the babble of the auction room,' as Lord Eldon termed it, being inadmissible as evidence, and this although the purchaser by the written agreement bind himself to abide by the conditions and declarations made at the sale. If the conditions require alteration, they should be so altered in writing before the sale. See AUCTION; CONTR-ACT OF SALE. In sales of land, conditions of sale usually refer to the following matters:-Bidding at the auction, payment of deposit, date of compl...
Execution of Deeds
Execution of Deeds, the signing, sealing, and delivery of them by the parties, as their own acts and deeds, in the presence of witnesses. By s. 73, L.P. Act, 1925, sealing alone is not sufficient; an individual must sign or mark the deed. Sect. 74, ibid., provides for the execution of deeds by companies and other corporations. See CORPORATION; DEED. As to compulsory executions, s. 47 of the (English) Judicature Act, 1925, replacing the 14th s. of the (English) Judicature Act, 1854, enacts, that when any person fails to comply with a judgment directing him to execute any conveyance, etc., the Court may order that the conveyance, etc., may be executed by such person as the Court may nominate to execute the deed instead, and that such execution shall have the same validity as if the conveyance, etc., had been executed by the party himself.The rule that a purchaser was entitled to have the conveyance executed in his presence is abrogated by (English) L.P. Act, 1925, s. 75, replacing the (E...
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