Grace Period - Law Dictionary Search Results
Home Dictionary Name: grace period Page 1 of about 9 results ( seconds)grace period
grace period : a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as a : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty b : a period of ten days during which certain security interests (as those in fixtures or purchase money security interests) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code called also days of grace ...
days of grace
days of grace :grace period ...
late payment charges
late payment charges the penalty the homeowner must pay when a mortgage payment is made after the due date grace period. Source: U.S. Department of Housing and Urban Development ...
payment due date
payment due date Contract language specifying when payments are due on money borrowed. The due date is always indicated and means that the payment must be received on or before the specified date. Grace periods prior to assessing a late fee or additional interest do not eliminate the responsibility of making payments on time. Source: U.S. Department of Housing and Urban Development ...
Pension
Pension, an annual allowance made to any one, usually in consideration of past services.By the (English) Succession to the Crown Act, 1707, (6 Anne, c. 7) (c. 41 in the Revised Statutes), and 1 Geo. 1, st. 2, c. 56, no person having a pension under the Crown during pleasure, or for any term of years, is capable of being elected or sitting in the House of Commons.Old Age Pension.--The (English) Old Age Pensions Act, 1908, which was not on a contributory basis, gave to every person the right to a pension who fulfilled certain conditions. The Act, with the amending (English) Old Age Pensions Acts, 1911, 1919 and 1924, has been repealed by the (English) Consolidating Old Age Pensions Act, 1936 (26 Geo. 5 and 1 Edw. 8, c. 31). These conditions are contained in s. 2 of the Act of 1936, as follows:-2. The statutory conditions for the receipt of an old age pension by any person are--(1)The person must have attained the age of seventy, or in the case of a blind person, the age of fifty.(2)The p...
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...
probation
probation [Middle French, critical examination and evaluation, from Latin probation- probatio, from probare to test, approve, prove] 1 a : subjection to a period of evaluation and possible termination at the commencement of employment in a position for which one's fitness is to be determined b : subjection to a period of review in the course of employment or education as a result of a violation of standards and with the possibility of dismissal if standards are not met 2 a : the suspension of all or part of a sentence and its replacement by freedom subject to specific conditions and the supervision of a probation officer [it is the intent of the legislature that the granting of shall be a matter of grace conferring no vested right to its continuance "Michigan Statutes Annotated"] compare diversion, parole b : probation as a sentence in itself c : the period or state of being subject to probation [arrested while on ] pro·ba·tion·al [-shə-nəl] adj pro...
Parole
Parole is not a suspension of sentence, but is a substitution, during continuance of parole, of lower grade of punishment by confinement in legal custody and under control of warden within specified prison bounds outside the prison, for confinement within the prison adjudged by the court, Jenkins v. Madigan CA Ind, 211 F 2d 904.A parole relates to executive action taken after the door has been closed on a convict. During parole period there is no suspension of sentence but sentence is actually continuing to run during that period also, State of Haryana v. Nauratta Singh, AIR 2000 SC 1179 (1182): (2002) 3 SCC 514. (Criminal PC, 1973, ss. 432, 433A, 389, 482)The promise made by a prisoner of war, when he has leave to go anywhere, to return at a time appointed, or not to take up arms till exchanged.Release on parole is a wing of the reformative process and is expected to provide opportunity to the prisoner to transform himself into a useful citizen. It is also an act of grace and not a ma...
Pardon
Pardon, forgiveness of a crime; remission of punis-hment.The pardoning of criminals is the peculiar preroga-tive of the sovereign. See 4 Steph. Com., 7th Edn.The sovereign may pardon all offences merely against the Crown and the public, excepting: (1) That to preserve the liberty of the subject, the committing any man to prison out of the realm is, by the Habeas Corpus Act (31 Car. 2, c. 2), made a pr'munire (see that title), unpardonable even by the Crown; and (2) that the sovereign cannot pardon where private justice is principally concerned in the prosecution of offenders--'non potest rex gratiam facere cum injuria et damno aliorum.'Neither at Common Law could the sovereign pardon an offence against a penal statute after information brought; for thereby the informer had acquired private property in his part of the penalty. But the Remission of Penalties Act, 1859, enables the Crown to remit penalties for offences, although payable to parties other than the Crown; and a special power...
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