Future Interest - Law Dictionary Search Results
Home Dictionary Name: future interest Page: 4 Page 4 of about 43 results (0.003 seconds)Obligor
Obligor, he who enters into an obligation or bond; a debtor.It means a person liable to a originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect ofa financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(q)]Means (1) One who has undertaken an obligation is owed; a promisee or creditor. (2) One who is obliged to do something, Black's Law Dictionary, 7th Edn., p. 1104.Means a person liable to the originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect of a financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(q)]...
Vested interest
Vested interest, when there is immediate right of present right for future enjoyment. An interest is said to be contingent if the right of enjoyment is made dependent upon some event or condition which may or may not happen. On the happening of the event or condition a contingent interest becomes a vested interest, Quoted from B.N. Vishweswariah v. Usha Subarao, (1996) 5 SCC 201; Kokilambal v. N. Raman, (2005) 11 SCC 234....
Limitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
Voluntary conveyance
Voluntary conveyance. A conveyance by way of gift or otherwise without valuable consideration. Liable to be defeated, under 27 Eliz. c. 4, by a subsequent sale for value, but no voluntary disposition whenever made shall be deemed to have been made with intent to defraud by reason only that a subsequent conveyance for valuable consideration was made if that conveyance was made after the 18th January, 1893: (English) Law of Property Act, 1925, s. 173, reproducing 27 Eliz. c. 4, as amended by the (English) Voluntary Conveyances Act, 1893. Any conveyance made with intent to defeat or delay creditors may be set aside under 13 Eliz. c. 5; see Twyne's Case, (1601) 3 Rep. 80; 1 Sm. L.C., unless the conveyance was made for valuable consideration and in good faith or upon good consideration and in good faith to any person not having at the time of the conveyance notice of the intent to defraud creditors [s. 172 (3), (English) Law of Property Act, 1925] This Act (ss. 172 and 173) repeals and repr...
Financial asset
Financial asset, means debt or receivables and includes--(i) a claim to any debt or receivables or part thereof, whether secured or unsecured; or(ii) any debt or receivables secured by, mortgage of, or charge on, immovable property; or(iii) a mortgage, charge, hypothecation or pledge of movable property; or(iv) any right or interest in the security, whether full or part underlying such debt or receivables; or(v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or contingent; or(vi) any financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforce-ment of Security Interest Act, 2002 (54 of 2002), s. 2(1)(l)]...
vest
vest [Anglo-French vestir, literally, to clothe, from Old French, from Latin vestire] vt 1 a : to place in the possession, discretion, or province of some person or authority [all legislative powers herein granted shall be ed in a Congress of the United States "U.S. Constitution art. I"] [a timely notice of appeal s jurisdiction in the appeals court] ;specif : to give to a person a fixed and immediate right of present or future enjoyment of (as an estate) [an interest ed in the beneficiary] b : to grant or endow with a particular authority, right, or property [ a judge with discretion] vi : to become vested ;specif : to entitle one unconditionally to the payment of pension benefits upon termination or retirement [his pension interest will after ten years with the company] compare mature ...
Lloyd's bonds
Lloyd's bonds. Instruments under the seal of a railway company, admitting the indebtedness of the company to a specified amount to the obligee, with a covenant to pay him such amount with interest on a future day. So called from the name of the counsel who originally settled such a bond. All such 'loan notes' issued otherwise than under the authority of some statute are invalid, and by the (English) Railway Regulation Act, 1844 (7 & 8 Vict. c. 85), s. 17, the railway company issuing them forfeits to the Crown a sum equal to the sum for which any note purports to be a security....
credit
credit 1 : recognition see also full faith and credit 2 a : the balance in an account which may be drawn upon and repaid later compare loan b : the use of resources (as money) in the present obtained by the debtor's promise to repay the creditor in the future usually with interest as compensation to the creditor and often secured by a pledge of property or the right to attach the debtor's income in case of a failure to repay see also consumer credit compare debt c : financial reputation [to borrow money on the of the United States "U.S. Constitution art. I"] d : letter of credit 3 a : a deduction from an expense or asset account b : a reduction of an amount otherwise due ;esp : tax credit [a for child-care expenses] compare deduction, exclusion, exemption vt 1 : to supply goods on credit to 2 : to trust in the truth of 3 a : to enter upon the credit side of an account b : to place an amount to the credit of [ his account with ten dollars] ...
duration
duration the number of years it will take to receive the present value of all future payments on a security to include both principal and interest. Source: U.S. Department of Housing and Urban Development ...
expectancy
expectancy pl: -cies : something expected: as a : an interest held by a person who may receive something (as a bequest) in the future but has no enforceable right to it b : the benefit that will be received from a contract if performed ...
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