General Creditor - Law Dictionary Search Results
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creditor
creditor : a person to whom a debt is owed ;esp : a person to whom money or goods are due compare debtor, obligor general creditor : a creditor who is not secured by a lien or other security interest called also unsecured creditor judgment creditor : a creditor who has a money judgment entered against the debtor and may enforce the judgment (as by attachment or writ of execution) known creditor : a creditor whose potential claim is known or should be known by a debtor and who is entitled to notice of a corporate dissolution or of a date at which claims will be barred (as in bankruptcy) lien creditor : a creditor who is secured by a lien (as by attachment) secured creditor : a creditor who has a security interest (as a mortgage) unsecured creditor : general creditor in this entry ...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
Confusion, property by
Confusion, property by. Where goods of two persons are so intermixed that the several portions can no longer be distinguished; if the intermixture be by consent, it is supposed that the proprietors have an interest in common, in proportion to their respective shares; but if one wilfully intermix his money, corn, or hay, with that of another man, without his approbation or knowledge, or cast gold in like manner into another's melting-pot or crucible, our law allows no remedy in such a case, but gives the entire property without any account to him whose original dominion or property is invaded, and endeavoured to be rendered uncertain without his consent, 2 Bl. Com. 405. See also Vin. Abr. Justification (B) and Instit. of Justin. 1. Ii. tit. 1, ss. 27-34.As to the position where a person pays money held by him in a fiduciary character into his own banking account, see Re Hallett'' Estate, (1879) 13 Ch D 696; Sinclair v. Brougham, 1914 AC 398.By the (English) Solicitors Act, 1933 (23 & 24...
Creditor's committee
Creditor's committee, means a general meeting of the bankrupt's creditors may, in accordance with the Insolvency Rules 1986, establish a committee ('the creditors' committee') to exercise the functions conferred on it by or under Insolvency Act, 1986 (UK) Halsbury's Laws of England, Vol. 3(2), para 316, p. 172....
Liquidator
Liquidator. A person appointed to conduct the winding-up of a company under the (English) Companies Act, 1929. Liquidators are of three kinds:--(1) Appointed by the court in a winding-up by the Court. pending appointment the Official Receiver in Bankruptcy is to act as Official Receiver and Liquidator in the winding-up (s. 185). By s. 186, in England, liquidators other than the Official Receiver must provide security to the satisfaction of the Board of Trade. His duties comprise the collection of the company's property, and this property or any part of it may vest in him on his application. He may bring or defend actions relating to that property in his own official name (s. 190). Powers which he may exercise subject to the sanction of the court or a Committee of Inspection are setout in s. 191(1); sub-s. (2) of that section gives a list of powers for which such sanction is not required. The duties of a liquidator are to collect, administer, and distribute the assets, having regard to ...
Bankrupt
Bankrupt [fr. bancus, or banque, the table or counter of a tradesman, and ruptus, Lat., broken, denoting thereby one whose shop or place of trade is broken or gone]. A debtor who does certain acts, tending to defeat or delay his creditors, may be adjudged bankrupt, and so made liable to the bankruptcy laws. Before the (English) Bankruptcy Act,1861 (24 & 25 Vict. c. 134), 'traders' only were liable to be made bankrupts, other insolvent debtors being dealt with by a succession of Relief of Insolvent Debtors Acts. See INSOLVENCY.Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cann...
Banking policy
Banking policy, means any policy means any policy which is specified from time to time by the Reserve Bank in the interest of the banking system or in the interest of monetary stability or sound economic growth, having due regard to the interests of the depositors, the volume of deposits and other resources of the bank and the need for equitable allocation and the efficient use of these deposits and resources. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (ca)]Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cannot meet current financial obligations, an insolvent person; Debt...
Appropriation of payments
Appropriation of payments, the application to one of several debts of a sum of money paid by a debtor on a general account. The general rule as to appropriation of payments is this: The debtor may in the first instance appropriate the payment, solvitur in modum solventis; if he omit to do so, the creditor may make the appropriation, recipitur in modum recipientis; if neither debtor nor creditor make any appropriation, the law appropriates the payment upon equitable principles and prima facie to the earlier debt, Mills v. Fowkes, (1839) 5 Bing NC 461; Clayton's Case, (1816) 1 Mer 605; The Mecca, 1897, AC 286. A creditor can appropriate a general payment to a statute-barred debt, but he cannot appropriate such a payment made before judgment, after a judgment deciding that such a debt is statute barred, Smith v. Betty, 1903 (2) KB 317. See CLAYTON'S CASE....
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