Interest On Securities - Law Dictionary Search Results
Home Dictionary Name: interest on securitiesInterest on securities
Interest on securities, means interest on promissory notes or bonds issued by the Government of India or any other State Government or the interest on debentures or other securities issued by or on behalf of a local authority or company. It being a specific head of chargeability of tax, income from 'interest on securities' whether held as a trading asset or capital asset would have to be taxed under s. 8 and not under s. 10 of the Act, United Commer-cial Bank Ltd. v. Commissioner of Income Tax, AIR 1957 SC 918: (1958) SCR 79....
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
security
security pl: -ties 1 a : something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation [used his property as for a loan] b : surety see also security for costs 2 : evidence of indebtedness, ownership, or the right to ownership ;specif : evidence of investment in a common enterprise (as a corporation or partnership) made with the expectation of deriving a profit solely from the efforts of others who acquire control over the funds invested [a involves some form of investment contract] see also due diligence asset-backed security : a security (as a bond) that represents ownership in or is secured by a pool of assets (as loans or receivables) that have been securitized bearer security : a security (as a bearer bond) that is not registered and is payable to anyone in possession of it cer·tif·i·cat·ed security [sər-ti-fə-kā-təd-] : a security that belongs to or is divisible into a class or series o...
Constructive trust
Constructive trust, a trust which the Court elicits by a construction put upon certain acts of parties. It arises upon a vendor's lien or charge upon land sold for unpaid purchase money, and generally, when an estate is subject to a trust or equitable interest or lien, and a person purchases it for value, with either actual or constructive notice of it, the estate will still be subject to the trust or equitable interest in the hands of such a purchaser.The doctrine of constructive trusts also arises upon the renewal of a lease by a trustee, or person having a limited interest, in his own name, even in the absence of fraud and upon the refusal of the lessor to grant a new lease to the cestui que trust or expectant; for such renewed lease is held upon trust for the person beneficially entitled to the old lease or the expectant, in order to prevent persons in fiduciary situations from acting so as to take a benefit for themselves. This doctrine is extended to the renewal of leases by one ...
holder for value
holder for value :a holder to whom an instrument is issued or transferred in exchange for something of value (as a promise of performance, a security interest or lien in the instrument not obtained by judicial process, payment of or use of the instrument as security for a claim against another person, a negotiable instrument, or the incurring of an irrevocable obligation to a third party) ...
Preventive detention and punitive detention
Preventive detention and punitive detention, there is a vital distinction between these two kinds of detention. 'Punitive detention' is intended to inflict punishment on a person, who is found by the judicial process to have committed an offence, while 'preventive detention' is not by way of punishment at all, but it is intended to prevent a person from indulging in conduct injurious to the society. The power of preventive detention has been recognised as a necessary evil and is tolerated in a free society in the larger interest of security of the State and maintenance of public order. It is a drastic power to detain a person without trial and there are many countries where it is not allowed to be exercised except in times of war or aggression, Francis Coralie Mullin v. Adm UT of Delhi, AIR 1981 SC 746 (749): (1981) 1 SCC 608....
Punitive and preventive detention
Punitive and preventive detention, 'punitive deten-tion' is intended to inflict punishment on a person, who is found by the judicial process to have committed an offence, while 'preventive detention' is not by way of punishment at all, but it is intended to pre-empt a person from indulging in conduct injurious to the society. The power of preventive detention has been recognised as a necessary evil and is tolerated in a free society in the larger interest of security of the State and maintenance of public order. It is a drastic power to detain a person without trial and there are many countries where it is not allowed to be exercised except in times of war or aggression. Our Constitution does recognise the existence of this power, but it is hedged-in by various safeguards set out in Articles 21 and 22; Francis Coralie Mullion v. Administrator, AIR 1981 SC 746: (1981) 1 SCC 608: (1981) 2 SCR 516....
security agreement
security agreement : an agreement which creates or provides for a security interest [perfect a security interest in collateral described in a security agreement] compare secured transaction ...
perfect
perfect : entirely without fault or defect: as a : satisfying all requirements [failed to make tender] b : free from any valid legal objection : valid and effective at law [having title to the property] compare imperfect [pər-fekt] vt : to complete or put in final conformity with the law: as a : to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements b : to put (one's security interest) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice esp. by filing a financing statement or taking possession of the collateral [was the first creditor to its security interest in the debtor's collateral, and, thus, was the first in priority for the collateral "Commercial Bank v. Pride Furniture, Inc., 877 P.2d 1222 (1994)"] compare attach vi : to make something (as a security interest) complete, in conformity with the law, or...
Perfect
Perfect, means to complete or put in final conformity with the law; as (a) to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements, (b) to put (one's security) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice exp. by filing a financing statement or taking possession of the collateral, Commercial Bank v. Pride Furniture, Inc., 877 P. 2d 1232 (1994)....
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